10.6 million new customers, online sales exceed $3 billion! Bed Bath & Beyond e-commerce is growing rapidly

Bed Bath & Beyond reported its fourth-quarter and full-year results on Wednesday .

It is understood that Bed Bath & Beyond 's comparable sales have increased for three consecutive quarters. In the fourth quarter of fiscal 2020, the company's total comparable sales increased by 4%, of which online sales increased by about 86% . Bed Bath & Beyond's banner advertising sales revenue increased by 6%, of which digital sales revenue increased by 99% .

Bed Bath & Beyond's combined sales in these five categories grew 12% , driven by bedding, bath, kitchen food preparation, interior and home organization categories .

In a year of unprecedented challenges, Bed Bath & Beyond demonstrated business agility and financial strength, laying a solid foundation for successful execution of its 3-year growth plan.

In 2020, its digital sales exceeded $3 billion. It added 10.6 million new digital customers, a 95% increase compared to fiscal 2019, of which 5 million were new to the brand.

"Fiscal 2020 was a year of rapid transformation, during which we reformed our past, overcame current extraordinary circumstances, and laid a strong foundation for the future, " said Mark Tritton, president and CEO of Bed Bath & Beyond.  

Mark Tritton also said: "We are excited to restart and scale in 2021 , with a healthier core business mix and stronger financial position, and execute the first phase of our three-year transformation journey. As our transformation continues, we will bring a different presentation to our customers through an enhanced omnichannel experience and modernized stores , new communication methods and differentiated private brands, which will enhance the shopping experience and make it easier to use the new Bed Bath & Beyond shopping."

Separately, Bed Bath & Beyond reaffirmed its fiscal 2021 sales outlook, noting that positive sales momentum has carried over into the current quarter. During the pandemic, many Americans turned to the company's website to buy cleaning supplies, kitchen appliances, bedding and other items for their homes.

Bed Bath & Beyond expects revenue of between $8 billion and $8.2 billion for the fiscal year, and analysts expect sales of $8.18 billion in fiscal 2021, according to Refinitiv data.

Bed Bath & Beyond

Performance

E-commerce development

Online Sales