Will the Forced Shift to Digital Make Bed Bath & Beyond Stronger?
While Bed Bath & Beyond (NASDAQ: BBBY) reported weak fourth-quarter results last week, there was a silver lining in the morass of deteriorating numbers. CEO Mark Tritton reported that in the current fiscal first quarter, digital demand has increased, and digital sales in the beginning of April grew 90%.
This is great news for the company, who's inability to move toward digital has kept it from gaining market share over the past few years. The question at the end of the pandemic will be: Can Bed Bath & Beyond keep it up?
When activist investors ousted the housewares company's executive team at the end of 2019, one of the main grievances was its failure to catch the digital wave, instead remaining mired in outdated megastores that were overstuffed and difficult to navigate. While new CEO Mark Tritton has made it a goal to transition to an improved omnichannel strategy, that move has been slow, and sales have continued to decrease.
Source Fool.com
