Bed Bath & Beyond will close 200 of its namesake and other stores over the next two years, the company said in announcing its first quarter earnings Wednesday. The majority of those closures will be the company's signature domestic merchandise stores.
Bed Bath & Beyond has not yet announced which locations will close, but that it will save between $250 million and $350 million. Bed Bath & Beyond also operates World Market, Cost Plus World Market and buybuy BABY, among others.
The company said its net sales for the fiscal first quarter -- March April and May -- were down 49% from the same period in 2019 due to temporary store closures from the COVID-19 pandemic. Net sales from online were up 82% for the quarter and up more than 100% for April and May, but were down 77% at brick-and-mortar stores.
The company said it closed 21 Bed Bath & Beyond stores during the quarter. That's in addition to 14 stores it closed in late 2019, according to USA TODAY.
"From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility," Bed Bath & Beyond President and CEO Mark Tritton said in a statement.
The company said it is not providing financial guidance for 2020 due to the uncertainty of impacts related to the pandemic.
"We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet," Tritton said.
