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Bed Bath & Beyond sees a boost, Sheila Bridges’s new kicks, and more

It’s October, and whether or not you find yourself leaning into the spooky season, John Derian is—in a whimsical collection with Target, he’s designed 50 eerie accents and home decor pieces. No matter your mood, read on for headlines, launches and events, recommended reading, and more.

BUSINESS NEWS

Last week, Bed Bath & Beyond reported second-quarter earnings, and the results pleasantly surprised investors. The Motley Fool’s Howard Smith writes that the home retailer reported an increase in comparable-store sales for the first time since 2016, boasting an 89 percent growth spurt in its e-commerce division—despite foreboding cost cuts, store closures and other restructuring announcements a few weeks prior. “Bed Bath & Beyond’s successful quarter reflects the renewed interest in home improvement as consumers continue to spend more time working from home, and adding to the comfort of being at home,” he adds.

Fall High Point Market is just a week away, and the High Point Market Authority has announced that 70 percent of active exhibitors will open their doors for the event. Attendees will be able to plan their itineraries using an updated list of open vendors, available through the High Point Market app or on HPMA’s website.

LAUNCHES, COLLABORATIONS & PARTNERSHIPS

London-based decorative lighting brand Vaughan has kicked off its second “Made in the Shade” campaign in partnership with solar lighting nonprofit Watts of Love. All of the 30 participating designers, from Alessandra Branca to Kit Kemp, have been tasked with creating a unique lampshade for their favorite Vaughan lamp in their local showroom. For each social media post using the campaign’s hashtag before October 31, Vaughan will donate one dollar to Watts of Love. The lamps will be auctioned by Christie’s online through the platform Charitybuzz.

Office systems and furniture brand Knoll has launched its own

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Bed Bath & Beyond launch flash sales, tips, deals for the holidays

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With the holidays just around the corner, you’re probably shopping a lot on Amazon. Don’t make these common mistakes that’ll wind up costing you more money!

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Forget Black Friday. Bed, Bath &  Beyond says the holiday deals start now. 

For shoppers, whose lives have largely revolved around their homes during the COVID-19 pandemic, the retailer intends to offer tips, discounts, and special loyalty perks to woo shoppers.

“With home being the epicenter of all of our lives throughout the pandemic … gifts for (shoppers’) homes are some of the things on the top of the shopping list this year,’’ says Cindy Davis, Bed Bath & Beyond’s chief brand officer.

Starting Oct. 4, through Oct. 31 customers who join the Beyond+ loyalty program will get a bonus card whose $29 value matches the membership fee. The program gives members a 20% discount whenever they make a purchase, as well as early looks at holiday deals and free standard shipping.

All shoppers who spend $75 from Wednesday through Saturday will get $25 in My Funds Rewards that they can use any time in a 30-day period to purchase linen, kitchen accessories and other products.

Bed Bath & Beyond is closing 200 stores over the next two years. (Photo: Kelly Tyko, USA TODAY)

And shoppers who purchase $200 worth of merchandise online on Oct. 13 and 14 will earn $50 in My Funds Rewards.

The surge in online shopping as people stayed close to home during the global health crisis has apparently led to “some uncertainty and concern about not getting their items in time for the holidays’’ Davis says of some shoppers. So Bed Bath & Beyond is highlighting its options to buy online, then pick up in store, or the ability to pick up online orders curbside – services

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Bed Bath & Beyond turnaround under way, but analysts say outside forces are also giving the company a boost

Tonya Garcia

Bed Bath & Beyond Inc. is reaping the rewards of an ongoing turnaround, but analysts say the company is also getting a boost from a coronavirus-impacted environment that has been favorable to the home space.

Bed Bath & Beyond (BBBY) shares are soaring after second-quarter earnings beat expectations, with the company reporting the first same-store sales increase since 2016 (link). Shares were up nearly 9% in Friday trading, and have rallied more than 40% for the week.

Many research groups have raised their price target on Bed Bath & Beyond shares.

But UBS says the results need to be put in the context of a strong home furnishings category.

“It’s clear to us that the rising tide is lifting all boats,” analysts led by Michael Lasser wrote. “However, Bed Bath & Beyond also executed more effectively to take advantage of this tailwind.”

Read: Amazon will host its delayed Prime Day shopping event on Oct. 13 and 14 (link)

UBS rates Bed Bath & Beyond shares neutral with a $20 price target, up from $13.

“While we are impressed by the progress made, clearly the environment is helping with many of Bed Bath & Beyond’s key categories,” wrote JPMorgan analysts in a note. “This suggests ongoing share loss and there remains a lot of work to fix the company’s operating foundation while the COVID-induced nesting lap looms. As such, we remain neutral.”

JPMorgan moved its price target to $21 from $10.

Prior to the earnings announcement, retailers across the home design, home goods, and home improvement space were experiencing high demand from consumers who are spending more time in their houses due to the pandemic.

Watch: Why retail bankruptcies won’t necessarily create a ‘retail apocalypse’ (link)

RH (RH) was upgraded last week (link) on analyst expectation that high-end home

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Bed Bath & Beyond Inc. (BBBY) CEO Mark Tritton on Q2 2020 Results – Earnings Call Transcript

Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q2 2020 Earnings Conference Call October 1, 2020 8:00 AM ET

Company Participants

Janet Barth – VP, IR

Mark Tritton – President & CEO

Gustavo Arnal – CFO & Treasurer

John Hartmann – COO and President, buybuy BABY

Cindy Davis – Chief Brand Officer and President of Decorist

Conference Call Participants

Peter Benedict – Baird

Steven Forbes – Guggenheim Securities

Brad Thomas – KeyBanc Capital Markets

Michael Lasser – UBS

Simeon Gutman – Morgan Stanley

Kate McShane – Goldman Sachs

Bobby Griffin – Raymond James

Christopher Horvers – JPMorgan

Curt Nagle – Bank of America

Seth Basham – Wedbush Securities

Operator

Welcome to the Bed Bath & Beyond’s Fiscal 2020 Second Quarter Earnings Call. All participants will be in a listen-only mode until the QA portion of the call. Today’s conference call is being recorded. The rebroadcast of the conference call will be available via webcast found on the company’s Investor Relations website.

At this time, I would now like to turn the conference over to Janet Barth, Vice President of Investor Relations. Please, go ahead.

Janet Barth

Thank you, and good morning, everyone. Welcome to our fiscal 2020 second quarter earnings call. On the call with us today is President and CEO, Mark Tritton; Chief Financial Officer and Treasurer, Gustavo Arnal; Chief Operating Officer and President of buybuy BABY, John Hartmann; and Chief Brand Officer and President of Decorist, Cindy Davis.

Before we begin, let me remind you that our fiscal 2020 second quarter earnings release and slide presentation can be found in the Investor Relations section of our website at www.bedbathandbeyond.com and as exhibits to the Form 8-K we just filed ahead of this call.

This conference call and the slides we refer to may contain forward-looking statements, including statements about or

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Bed Bath & Beyond Posts Surprise Profit on Booming Online Business | Investing News

(Reuters) – Bed Bath & Beyond Inc

on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.

Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.

The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.

“The marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation,” Tritton said in a statement.

The company has benefited from consumers buying new furnishing and home decor online as many are expected to continue working from home and as several school and college begin classes online.

Gross margins also improved 1,000 basis points to 36.7%, driven by improved products prices, lower coupon expenses and fewer markdowns.

The company posted adjusted profit of 50 cents per share, while analysts were expecting a loss of 23 cents per share.

It reported net income of $217.9 million, compared with a loss of $138.8 million a year earlier. Net sales fell 1.2% to $2.69 billion, but beat estimates of $2.60 billion.

(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)

Copyright 2020 Thomson Reuters.

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