For the past 18 months all the news coming out of Bed Bath & Beyond has been pretty positive as the big retailer began the process of reinventing itself under new management. That all ended abruptly this morning when the company reported what could only be described as a disastrous second quarter, missing analysts’ estimates on the top and bottom lines by a mile. They blamed Covid, they blamed supply chain issues and costs and they blamed themselves for a “misfire” in their promotional efforts but this was clearly the first time CEO Mark Tritton has had to deliver bad news to investors. It wasn’t pretty. But I don’t think it’s Stupid. The basic plan to turn this thing around remains the company’s best shot to return to retail relevance.
But this was a big hit…very big. Here are more details in my new Forbes.com piece: https://www.forbes.com/sites/warrenshoulberg/2021/09/30/heres-what-caused-bed-bath–beyonds-big-miss-this-quarter/?sh=11ae1a37558b