Bed Bath & Beyond's Turnaround Plan Is More Than Mere Buzzwords
There's an old adage within business circles: "A goal without a plan is just a wish." It's a poke at business leaders who fall into the trap of painting a compelling picture of the future with powerful words but fail to lay out the specific steps needed to reach those lofty goals.
It's possible this stumbling block was a contributing factor to the 20% plunge Bed Bath & Beyond (NASDAQ: BBBY) shares dished out a week ago following its earnings report. Yes, same-store sales fell 8.3% year over year, and the retailer swung from a per-share profit of $0.02 last year to a loss of $0.38 for the quarter in question. It may have been the lack of clarity regarding new CEO Mark Tritton's turnaround plan, however, that did much of the damage.
In short, the company is going to focus on "product, price, promise, place, and people" going forward, which is smart but obvious. As Envista's retail consulting director Zac Zalowitz put it to RetailWire, "This is a 'yeah, duh' approach."
Source Fool.com
