Bed Bath Annual Meeting: Positive Outlook, Inflationary Concerns
MORRISTOWN, N.J.-Even as it said it expected to continue to outperform the marketplace, Bed Bath and Beyond at its annual meeting this morning voiced concern for possible rising prices due to increased costs of imported goods from China.
During the presentation at the meeting, which lasted a scant 13 minutes in typical brisk Bed Bath fashion, Len Feinstein, co-chairman, said the company "was pleased with what we accomplished last year and into the start of this year.
"We are confident we will increase our market share over time." He added that with the opening of a store in Hawaii this summer, the 50th state for BBB, the market has the potential for 1,300 Bed Bath stores eventually. Right now there are just under 1,000 units open.
In comments after the meeting, Steve Temares, chief executive officer, said Bed Bath is keeping a close eye on the cost of products imported from China. "We are not immune," he said. "We'll see how it works its way through the market place."
A key factor, he said, will be in how long this rising cost trend continues. "We will have to see to what degree it is sustained."
Temares said the situation could impact the amount of direct sourcing the company does as it looks for the best prices and that also there were concerns about goods getting out of China now that shipping capacity has been reduced.
"We're paying more attention to the situation, but the onus is on us."