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The management of Bed Bath & Beyond could well throw off a celebration because during the period of massive decline in sales, the company was able to achieve the exact opposite. For the first time in the last four years, and even in such an unusual period, the retailer's quotes climbed as much as 33.47%, reaching a level of $ 19.99. Shares have also risen, following the release of this strong second quarter report.
Like any other store, Bed Bath & Beyond relied on online sales that is quite logical in the context of the pandemic. Surprisingly, it provided an unprecedented jump in revenue, more than 80% of its usual earnings. This indicates that during the quarantine period, people equipped their homes, buying up all the goods necessary for coziness and comfort.
Their second quarter report said that the company attracted about 2 million new customers during the pandemic, which resulted in high sales amid low advertising costs.
Nevertheless, Bed Bath & Beyond executives did not make projections based on annual results, as apparently, they are frightened to drive off luck. The company does not even plan to relax despite the improving coronavirus situation, so not so long ago, it announced the development of a nationwide product delivery service, which is planned to be implemented in cooperation with Shipt and Instacart.
It also increased its management staff this year, but at the same time reduced some jobs and closed unprofitable outlets. Now, the company expects to save up to $ 350 million a year.
On October 2, Bed Bath & Beyond has a scheduled online investor meeting, and its purpose is to outline future plans for its business.
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