Mattress Tub & Past is looking for backup.
The struggling retailer mentioned Wednesday that it was bringing on two prime administration consulting companies to assist it lower prices and enhance its merchandise. CEO Steven Temares didn’t title the companies.
The housewares retailer wants assist. Shares of Mattress Tub & Past (BBBY) plunged almost 25% Thursday to their lowest degree since March 2000 due to terrible gross sales in the course of the earlier quarter.
Clients have been avoiding its brick and mortar shops, and heading as a substitute to Goal (TGT) and TJX (TJX)-owned HomeGoods.
Neil Saunders, managing director of GlobalData Retail, famous in a report Wednesday that general “spending on homewares and home-related products has been strong.” With that in thoughts, he mentioned Mattress Tub & Past’s numbers “are little short of terrible.”
“The blunt truth is that Bed Bath & Beyond simply hasn’t been up to the job of converting the momentum seen elsewhere in retail,” Saunders wrote.
Mattress Tub & Past CFO Robyn D’Elia did say in the course of the convention name that the corporate was gaining momentum on-line. She referred to an analyst’s estimate that Mattress Tub & Past was getting 10% of its gross sales from digital as “a little light.”
However GlobalData Retail’s Saunders mentioned that the corporate must do much more on-line, citing competitors from Wayfair (W) and Amazon (AMZN), which he dubbed “savvy operators.”
“Trading online is far from easy. The bottom line is that we do not think Bed Bath & Beyond stands out here, and it needs to in order to thrive.”
CNNMoney (New York) First revealed September 27, 2018: 11:51 AM ET