BB&B Has Slow Quarter

Bed Bath & Beyond Inc. had net sales of $1,437 million for the second quarter of 2022, a decrease of 28 per cent compared to net sales of $1,985 million in the second quarter of 2021. Comparable sales also decreased 28 per cent year over year, reflecting legacy merchandise assortment, out of stocks, and continued trends in customer traffic. Digital sales declined 22 per cent compared to the second quarter of 2021. Gross margin for the quarter was 27.7 per cent, down 260 basis points compared to gross margin of 30.3 per cent in the year-ago period. The company had a net loss of $168 million compared to adjusted earnings of $85 million last year.