Bed Bath & Beyond CEO Resigns as 2022 Sales Plummet

Video Credit: Wibbitz Top Stories
Published on June 29, 2022 - Duration: 01:31s

Bed Bath & Beyond CEO Resigns as 2022 Sales Plummet

Bed Bath & Beyond CEO , Resigns as 2022 Sales Plummet.

Bed Bath & Beyond CEO , Resigns as 2022 Sales Plummet.

CNN reports that Bed Bath & Beyond CEO Mark Tritton will step down after only three years of leading the faltering retailer.

CNN reports that Bed Bath & Beyond CEO Mark Tritton will step down after only three years of leading the faltering retailer.

On June 28, the company announced a major change to its leadership while also reporting significantly low 2022 earnings.

Sue Grove, an independent director on the company's board, has been tapped to serve as Bed Bath & Beyond's interim CEO.

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We must deliver improved results.

Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success, Sue Grove, Bed Bath & Beyond interim CEO, via CNN.

We must deliver improved results.

Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success, Sue Grove, Bed Bath & Beyond interim CEO, via CNN.

The same day, Bed Bath & Beyond reported lower-than-expected earnings over the past quarter.

Sales had declined a significant 27% compared to the same time in 2021.

The announcement sent the company's stock tumbling as much as 20% in early trading.

The drop brings stock in Bed Bath & Beyond down about 65% for 2022.

According to analysts with Bank of America, Bed Bath & Beyond has reduced labor hours, scaled back utilities, cut operating hours and canceled remodeling projects.

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Analysts now expect that the company will soon announce more store closures and cancel openings of its planned Buy Buy Baby stores


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