On Wednesday morning, Jim Cramer shared his first take on the markets which included opinions on potential lockdowns, more layoffs, and if there is a buying...
https://finance.yahoo.com/news/bed-bath-beyond-overhauls-strategy-182737417.html
Bed Bath & Beyond overhauls strategy after closings, layoffs
Bed, Bath & Beyond, forced to shutter stores and cut thousands of jobs as a result of the coronavirus pandemic, is mapping out a new strategy as it continues to try to "win back customers."
The New Jersey-based company announced Wednesday that it would "deepen" its connections with five core customer segments as part of an overall "three-year growth strategy."
In doing so, the company plans on fine-tuning its selection of products by offering a better assortment of low-priced merchandise while also improving its supply chain.
The struggling retailer is also further investing in its omnichannel shopping experience, wherein it plans to build on the recent launch of its Buy-Online-Pickup-In-Store (BOPIS), curbside pickup and same-day delivery services.
These options have become critical during the pandemic for retailers, with online sales continuing to climb as coronavirus and flu concerns keep more people out of stores.
As the holidays approach, COVID-19 is projected to drive online spending even more with Adobe Analytics estimating that spending will reach $189 billion, representing 33 percent growth compared to a year ago.
“The $189 billion in online sales we’re expecting would account for two years’ worth of growth in e-commerce this holiday season,” said John Copeland, who is vice president of marketing and customer insights at Adobe.
For Bed, Bath & Beyond, these services have already helped "convert more than two million customers to shop more than one channel this year," the company said.
CEO Mark Tritton said that the company has "made tremendous progress this year to strengthen our financial position" and that this new three-year plan "further elevates the shopping experience, modernizes our operations," which is projected to increase cash flow and "strong and sustainable total shareholder return."
However, the transformation comes amid a rough stretch for the retailer.
The company announced earlier this summer it would be shuttering some 200 Bed, Bath & Beyond stores as part of the restructuring plan and that it would be cutting 2,800 jobs.
Adding to its list of woes, its parent company, Bed Bath & Beyond Inc., also disclosed that it will be shedding some of its brands, including the Christmas Tree Shops, in an effort to "further increase its financial strength" amid the economic downturn.
However, the company had been suffering even prior to the pandemic.
Back in February, Tritton announced that the company would spend $1 billion this year reinvesting in stores, upgrading technology, and on debt reduction and share buybacks to turn the struggling chain around.
The Associated Press contributed to this report.
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On Wednesday morning, Jim Cramer shared his first take on the markets which included opinions on potential lockdowns, more layoffs, and if there is a buying opportunity in stocks.Cramer on Lockdowns: While appearing on "Squawk on the Street," Cramer discussed the potential for lockdowns similar to what Europe has done."There's going to be a call for lockdowns."Cramer doesn't believe we will get a lockdown as our country believes in freedom and won't completely close down.Instead, Cramer thinks we'll have a "stay in place voluntarily."Related Link: European Markets Today: Stocks Hit Lows On Rising Coronavirus FearsBuying Opportunity? Markets are expected to open down significantly on Wednesday. The S&P 500 has an implied open down 65 points."If we had a stimulus, we would be focusing on earnings."Instead, Cramer said we're focusing on the rising virus figures and more layoffs: "Very hard to buy a lot of stocks when you see these numbers."Cramer said everyone is fearful.Some states have adopted their own rules on how to stop the spread of the virus said Cramer, which could impact how we control the rising number of cases. He thinks it's realistic that we get something done in terms of stimulus after the election."Buy those stocks tomorrow, not today."Price Action: The SPDR S&P 500 Trust ETF (NYSE: SPY) is down 2% in pre-market trading.See more from Benzinga * Click here for options trades from Benzinga * October 28 Is Best Trading Day Of Year Statistically, Kicks Off Best 6 Months For S&P 500 * What Happens To The MAGA ETF If Trump Loses The Presidential Election?(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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