Bed Bath & Beyond boosts store closure estimates to 60 by the end of 2019

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Signage is displayed outdoors of a Mattress Bathtub & Past Inc. retailer in Los Angeles, California, U.S., on Monday, Sept. 19, 2016.

Patrick T. Fallon | Bloomberg | Getty Pictures

Mattress Bathtub & Past will shut 60 shops by the tip of fiscal 2019, the corporate introduced in an earnings name Wednesday. It beforehand estimated it will shutter 40 shops.

Interim CEO Mary Winston stated the choice is a results of its work to optimize its fleet. “With this action we are increasing the profitability of our remaining portfolio, and believe that our remaining fleet will benefit from our renewed focus on driving traffic and operating efficiency,” Winston stated.

The corporate stated it’s going to shut about 40 Mattress Bathtub & Past shops, and 20 shops from its different ideas.

Additionally Wednesday, the corporate posted combined second-quarter earnings and its tenth straight quarter of same-store gross sales declines. It reported adjusted earnings per share of 34 cents, topping analyst estimates of 27 cents. Gross sales of $2.72 billion have been barely decrease than expectations of $2.752 billion.

The corporate has additionally been targeted on near-term priorities to show round its enterprise together with stabilizing gross sales and driving top-line progress, resetting its price construction, reviewing and optimizing its asset base, and refining its group construction.

Winston stated the corporate has been making good progress on attaining its priorities. The house items retailer additionally stated it “has made substantial progress toward identifying a permanent CEO” and expects that it’ll make an announcement quickly. Steven Temares resigned from the highest job in May, and was succeeded within the interim by Winston.

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