Strong Digital Growth For BB&B

Bed Bath & Beyond Inc. (BB&B) had net sales of $2.6 billion for the fourth quarter of 2020, a decrease of 16 per cent over net sales in the fourth quarter of 2019. Comparable sales growth in the quarter was up four per cent year-over-year, with six per cent comparable sales growth for the BB&B banner. Digital growth was up 86 per cent compared to the prior-year quarter. The company had gross margin of 31.5 per cent, down 110 basis points compared to the prior-year period. Net earnings were $9 million, up $74 million over a net loss of $65 million in the 2019 fourth quarter. As part of its network optimization program, the retailer closed 144 BB&B stores during the quarter.