I’m eager to start working more closely with our leaders and our Associates across all banners to make the necessary strategy adjustments and create a brighter future for Bed Bath & Beyond Inc.” Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success. We are committed to providing customers with a one-stop destination to meet their needs through our assortment, experience, and services, whether online or in stores. Our shareholders, Associates, customers, and partners all expect more. Bed Bath & Beyond now offering same-day delivery.

I look forward to working with the Board, the management team, and our Associates to immediately address our supply chain challenges, market share recapture, inventory and cash optimization, and cost structure alignment. The initiatives we are instituting today are just the first steps in putting our business on firm footing to drive our future success. “The simple reality though is that our first quarter’s results are not up to our expectations, nor are they reflective of the Company’s true potential. This includes steep inflation and fluctuations in purchasing patterns, leading to significant dislocation in our sales and inventory that we will be working to actively resolve,” said Gove in a statement. In the quarter there was an acute shift in customer sentiment and, since then, pressures have materially escalated. “I step into this role keenly aware of the macro-economic environment. Also, news reports in the US have indicated the brand has reduced some store hours and reduced air conditioning in some stores to cut down on costs.

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