Weather Hurts Bed Bath's Q4
UNION, N.J.-Bed Bath & Beyond joined the list of major retailers that have reported adverse impacts from the severe weather throughout the nation over the past few months.
The specialty retailer said same-store sales for its fourth quarter, which ended on March 1, were up 1.7 percent--below the 2 to 4 percent gain it had projected in its previous model for the quarter. Bed Bath & Beyond said in a statement that the weather's impact included 464 instances in which Bed Bath stores had to close for a full day, and 1,923 instances in which a Bed Bath store was closed for part of a day. The full impact of the closings translated into an effect of 2 percent to 2.5 percent on its same-store sales.
In spite of the weather, Steven Temares, Bed Bath's CEO, said the company was pleased with its fourth-quarter results. "Absent the disruptive weather, we believe we would have been comfortably within our sales and net earnings per share ranges of our model," Temares said. "We continue to make excellent progress on our omnichannel initiatives and stay on course for the execution of our long-term strategic plan."
Bed Bath said it expects to issue the full report on the fourth-quarter and fiscal-year results on April 9.