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Bed Bath & Beyond Maintains FY22 Outlook - Update
(RTTNews) - While reporting financial results for the second quarter on Thursday, beleaguered home improvement retailer Bed Bath & Beyond, Inc. (BBBY) maintained its comparable sales guidance for the full-year 2022.
For fiscal 2022, the company continues to expect comparable sales decline in the 20 percent range.
For the second quarter, the company reported a 26 percent decline in comparable sales.
The company noted that its sales and profit results do not yet reflect the strategic and financial actions it initiated to change its performance. However, they do demonstrate sequential progress in several key areas.
These actions have lowered the company's cost structure by approximately $250 million in the second half of fiscal 2022, or an expected $500 million on an annualized basis.
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