Bed Bath & Beyond achieved a 6% sales increase in Q2 2020, its first growth since Q4 2016, driven by an 89% jump in ecommerce sales. The online growth offset a 12% decline in same-store sales, bringing net sales to $2.7 billion.
The retailer credited the improvements to its expansion of omnichannel offerings such as buy online, pick up in-store (BOPIS) and curbside pickup during the pandemic. The retailer also expects its same-day delivery service will further improve ecommerce performance in the future.
“Our growth strategy is unlocking improved financial performance, and the marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation and our efforts to build a modern, durable platform for success,” said Mark Tritton, President and CEO of Bed Bath & Beyond in a statement. “We’ve taken direct action to stabilize our business, including reducing our cost structure, enhancing our financial flexibility, and investing where it matters most to our customers.”
Bed Bath & Beyond recently doubled-down on its omnichannel efforts by hiring Wade E. Haddad as SVP of Real Estate and Construction. One of Haddad’s first missions will be to lead a team across all of the retailer’s banners that will establish a network to support omnichannel services.