Bidenflation: Analysts Say Bed Bath & Beyond Turning Down A/C, Closing Early to Cut Costs

[mystery-ak]

Bidenflation: Analysts Say Bed Bath & Beyond Turning Down A/C, Closing Early to Cut Costs

Amy Furr 28 Jun 2022

First inflation heated up. Now Bed Bath & Beyond stores may be hotter too.

Bed Bath and Beyond (BBBY) is cutting hours and scaling back on air conditioning as inflation persists, according to a note from analysts covering the company for Bank of America.

“From our channel checks and store visits, we believe that BBBY is trying to quickly trim expenses to align costs with comp declines,” the analysts said in a note to clients:

    Labor hours have been meaningfully cut, utilities (e.g. air conditioning) have been scaled back and store opening hours will be reduced starting in July (e.g. open at 11am instead of 10am). Remodels are being cancelled or delayed. We expect mgmt. to announce more store closures and halt its buybuy BABY store openings (vs. consensus est. 21 this year per Visible Alpha). BBBY‘s Beyond+ rewards program is being replaced with “Welcome Rewards.“

In April, the company was unable to resolve supply problems in its final quarter, saying the issues would continue into the upcoming year, according to the Associated Press (AP).

“It also reported a surprise loss in a quarter when many other retailers booked surging profits,” the outlet said. “The retailer has been unable to secure popular merchandise and it’s dragging down sales. For the three months ended Feb. 26, sales fell 22% to $2.05 billion.”

more
https://www.breitbart.com/economy/2022/06/28/bidenflation-analysts-say-bed-bath-beyond-dialing-back-a-c-closing-early-cut-costs/

[libertybele]

I really am saddened by all the brick and mortar stores that are struggling or out of business. I read that Kohls is the next to go.  So other than a few little shops around here and Target which has a limited selection there's no where to buy clothing other than on Amazon.  Last time I bought clothing from Amazon (my daughter had picket out a few things for her b'day) I had to return every single item.  The quality was horrendous and the fit was just as bad.

Gone are the days of spending an afternoon having lunch and then going shopping.  Sad. Sad. Sad.

[Cyber Liberty]

Bad, bad move, BB&B.  Melted wax that used to be intricately carved candles won't sell worth a crap.  Maybe they stopped selling those years ago, I dunno because I haven't been in one in ages.

[roamer_1]

Bad, bad move, BB&B.  Melted wax that used to be intricately carved candles won't sell worth a crap.  Maybe they stopped selling those years ago, I dunno because I haven't been in one in ages.

There's one here... But I don't remember that I have ever set foot in it... 

[Kamaji]

I went to the grocery store this evening, and at 9pm they turned some of the overhead lights off - grocery shopping by mood lighting.  I'm quite certain they did that to save on the electric bill.

[Hoodat]

Maybe they shouldn't have put politics ahead of business.

[Sighlass]

I went to the grocery store this evening, and at 9pm they turned some of the overhead lights off - grocery shopping by mood lighting.  I'm quite certain they did that to save on the electric bill.

@Kamaji

Some grocery stores do that to try to coerce customers to hurry up and get out of the store (so they can close on time). Do it quite often in these parts.

[Kamaji]

@Kamaji

Some grocery stores do that to try to coerce customers to hurry up and get out of the store (so they can close on time). Do it quite often in these parts.

The store in question doesn’t close until 11pm, and has never done the light thing before.  This is new. 

[GtHawk]

There's one here... But I don't remember that I have ever set foot in it... 

I haven't been in one in at least ten years, and that was just to pass through it taking my grandson to a trampoline venue. I found them overpriced and full of crap, they didn't have anything I could find cheaper elsewhere and have been circling the drain for a while now.

[Wingnut]

BB&B just fired their CEO. 

Mike Lindell is a happy man today.