BBB: 1Q profit slips, enhanced multi-channel effort begins
Retail Editor 2 -- Home Textiles Today, June 27, 2013
Union, NJ - With the relaunch of the buybuy Baby ecommerce site earlier this month, Bed Bath & Beyond began rolling out its beefed up omnichannel effort, which will continue with the debut of the improved BBB site by the end of the second quarter.
"By upgrading our mobile sites and apps, by enhancing network communications in our stores as well as implementing point-of-sale improvements and by growing and developing of our IT, analytics and e-commerce groups to lead our omnichannel initiatives and evolve our marketing so as to take advantage of the opportunities to personalize our offers to our customers," ceo Steve Temares told analysts during the company's quarterly conference call yesterday afternoon.
During the first quarter, couponing - both in terms of higher redemption rates and average coupon amount - took a bite out of gross profit, which fell to 39.5% of net sales compared to approximately 40% of net sales in the year-ago quarter.
The company said the inclusion of World Market and Linen Holdings, both acquired during last year's second quarter, did not have a material impact the quarter's gross profit margin.
Net income for the quarter ended June 1 decreased 2.1% to $202.5 million, or 94 cents per share. Sales jumped 17.8% to $2.612 billion, with comps up 3.4%.
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