Bed Bath & Beyond will provide strategic update next week

Union, N.J. – The rumor mill has been whirling since Bed Bath & Beyond made its last public statement on July 14 at its annual shareholder meeting.

Late today, the company announced it will provide a preview next week of its transformation strategies and the changes being implemented across the enterprise to improve the business. The live call with investors will be publicly accessible and will be broadcast on Aug. 31 at 8:15 a.m. ET. A press release and related materials will be issued around 7:30 a.m. ET.

“We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported and strengthen our balance sheet,” said Sue Gove, director and interim CEO.

The company has reportedly found a new financing source to boast its liquidity, according to the Wall Street Journal. Next week’s presentation is also likely to include an update on its plans to rebalance the over-assortment of private label brands in the mix. Other pending matters include the potential sale of its buybuy Baby business as well as the company’s search for a permanent CEO.

The current fiscal year got off to a rocky start, with total first quarter sales tumbling 25% and net loss widening to more than $357 million. Comp sales at the Bed Bath & Beyond chain dropped 27% during Q1, which ended May 28.

Industry watchers looking for green shoots next week will also be listening for an indication of how the back-to-college season is performing. Bed Bath has traditionally had a sizeable market share there, and kicked of its marketing of BTC weeks earlier than usual this year.

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