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Domestic merchandise retail chain Bed Bath & Beyond has decided to not provide financial guidance for fiscal 2020 due to the coronavirus (Covid-19) pandemic.
The decision has been taken as the company expects the pandemic to ‘unfavourably impact’ the first quarter and full-year 2020 results.
Bed Bath & Beyond president and CEO Mark Tritton said: “Our fourth-quarter performance was consistent with the market update we provided on 11 February 2020.
“These results strengthen our resolve to continue to make the necessary, bold and broad-based changes needed to modernise our business, and give us confidence about our ability to improve on this quarterly performance.”
The company has also taken various cost reduction measures to maintain financial stability during the crisis.
Last month, it temporarily closed all its retail banner stores in the US and Canada to curb the spread of Covid-19.
Earlier this month, it also extended the temporary closure of all its retail banner stores, other than buybuy BABY and Harmon Face Values stores, until 2 May.
In addition to this, the company is also planning to furlough the majority of store associates and a portion of corporate associates until the same period, a temporary reduction in salaries of its executive team by 30%.
Tritton added: “We are executing a clear plan to manage our business efficiently and effectively through the coronavirus pandemic, prioritising the health and safety of our customers and teams. Our financial position and contingency plans will allow us to retain the financial flexibility to make targeted investments that will deepen our connection with our customers and rebuild our authority in the Home space.”