US' Bed Bath & Beyond posts net sales of $1,463 mn in Q1 FY22

By channel, comparable sales reduced by 24 per cent in stores and 21 per cent in digital versus the fiscal 2021 first quarter. The company recorded GAAP gross margin of 23.9 per cent and adjusted gross margin of 23.8 per cent in the first quarter of fiscal 2022, the company said in a press release.

Sue Gove has been named interim chief executive officer, replacing Mark Tritton, who will leave his role as president and chief executive officer and as a member of the board.

"I step into this role keenly aware of the macro-economic environment. In the quarter there was an acute shift in customer sentiment and, since then, pressures have materially escalated. This includes steep inflation and fluctuations in purchasing patterns, leading to significant dislocation in our sales and inventory that we will be working to actively resolve. The simple reality though is that our first quarter's results are not up to our expectations, nor are they reflective of the company's true potential. The initiatives we are instituting today are just the first steps in putting our business on firm footing to drive our future success. I look forward to working with the board, the management team, and our Associates to immediately address our supply chain challenges, market share recapture, inventory and cash optimisation, and cost structure alignment,” Gove said.

The company expects sequential comparable sales recovery to occur in the second half of fiscal 2022 versus the first half of fiscal 2022 driven by inventory optimisation plans, including incremental clearance activity. Adjusted SG&A expense for fiscal 2022 is likely to be below last year, reflecting aggressive actions to align cost structure to sales.

Fibre2Fashion News Desk (RR)