Slow Digital Sales Impact Bed Bath & Beyond Earnings

Bed Bath & Beyond Inc. had net sales of $1.98 billion for the second quarter of fiscal 2021, a decrease of 26 per cent over net sales of $2.69 billion in the second quarter of fiscal 2020. Comparable sales grew three per cent in stores and declined nine per cent in digital sales versus the 2020 second quarter. Comparable sales in key destination categories including bedding, bath, kitchen food prep, indoor decor, and home organization decreased six per cent year over year. Gross margin for the quarter was 30.3 per cent, impacted by higher freight costs due to global supply chain challenges. The company had a net loss of $73.2 per cent compared to net earnings of $217.9 million in the year-ago period.