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Bed Bath & Beyond to close 43 more stores, including 1 in Valley, by the end of February
Mike Mozart
Posted at 10:06 AM, Jan 08, 2021
and last updated 2021-01-08 12:06:55-05
Bed Bath & Beyond will close 43 locations by the end of February, including one in Arizona, as part of a previously announced plan to close 200 stores in the next two years.
USA Today reported that among the closures is the Peoria store at 24760 N. Lake Pleasant Parkway.
Bed Bath & Beyond had announced in July its plans to close 200 stores in the next two years under a real estate and fleet optimization plan. The store at Paradise Village Gateway at 10845 North Tatum Blvd. in northeast Phoenix was the only one the retailer closed in Arizona before the end of 2020. Prior to that closure, Bed Bath & Beyond had 24 stores in Arizona including 16 in the Valley.
Updated Jan. 7, 2021 3:06 pm ET
The coronavirus pandemic continued to erase Bed Bath & Beyond Inc.’s profits, though surging digital transactions helped offset some of the pain as it restructures.
Comparable in-store sales dropped 15% in the quarter ended in November, the company said Thursday. Digital sales were up 77% in the three-month period, including 94% digital growth for the company’s Bed Bath & Beyond banner. The home-goods retailer, based in Union, N.J., also operates the BuyBuy Baby, Harmon Face Values and Decorist brands.
Revenue slipped 5% year over year. The retailer attributed the revenue decline in part to permanent store closures and divestitures of some of its brands. Those moves, along with the greater emphasis on digital sales, are part of a longer-term company reorganization that the pandemic accelerated, Chief Executive Mark Tritton said.
Same-store sales for its entire business, which includes Buy Buy Baby and Harmon Face Values, rose 2%, climbing for the second consecutive quarter. Digital sales soared 77% from a year ago, fueled by online growth of 94% at Bed Bath s namesake banner.
Many Americans have been staying at home during the Covid pandemic, prompting them to do more cooking, cleaning, organizing and redecorating. Sales of home organization, kitchen food prep, bedding, bath and indoor decor represented two-thirds of Bed Bath s total sales during the quarter, the company said.
Here s how Bed Bath & Beyond did during its third quarter ended Nov. 28, compared with what analysts were expecting, based on Refinitiv data: