New CEO Mark Tritton cautioned that Bed Bath & Beyond is experiencing “short-term pain” as it revealed sales decline over the holidays.
The home goods retailer reported a 5.4% decline in comparable sales over December 2019 and January 2020, driven primarily by declines in store traffic and inventory management issues, as well as increased promotional activity and markdowns. Product availability leading into the holiday period was also a contributing factor, as inventory within certain key categories was too low or out-of-stock during the period. The retailer said it’s immediately reforming its internal planning and inventory management procedures to “master the fundamentals.”
While comparable sales from stores declined nearly…
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