Retail

Bed Bath & Beyond (BBBY) reports Q1 2020 loss, 200 store closures

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A shopper exits a Bed Bath & Beyond store in New York.

Michael Nagle | Bloomberg | Getty Images

Bed Bath & Beyond said Wednesday its sales tumbled nearly 50% during its latest quarter, even as online sales surged more than 100% during April and May, with consumers stocking up on cleaning supplies and home decor. 

The company said it plans to permanently close roughly 200 of its namesake stores over the next two years, starting later in 2020, as it works toward getting back to profitability against the backdrop of the coronavirus pandemic. As of May 30, it operated a total of 1,478 stores, including 955 Bed Bath & Beyond shops. 

Its shares were falling nearly 7% in after-hours…



Source cnbc.com

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