Bed Bath & Beyond (Union, N.J.) reported its latest numbers this past Wednesday, which included a decline in comparable sales by 1.4 percent. While the brand says it has “strong sales growth,” in e-commerce, it still had a loss of $253.8 million from a $194 million profit in the year-ago quarter, reports Retail Dive.
Its fourth quarter net sales also fell about 11 percent to $3.3 billion.
Wells Fargo (San Francisco) analysts, led by Senior Analyst Zachary Fadem, told Retail Dive, “While shareholder activism often brings hope and the promise of positive change, we believe fundamentals ultimately prevail, and [Bed Bath & Beyond’s] Q4 update provides little evidence that an inflection is near, or even possible.”
CEO Steven Temares reportedly defended the company’s “turnaround” on a conference call with analysts Wednesday, according to Retail Dive, and said the company’s development of concept stores and private labels are seeing superior sales.