Bed Bath & Beyond CEO Mark Tritton on Thursday expressed disappointment over the retailer’s supply chain problems in the third quarter and also suggested there was hope for success.
The company estimated third-quarter sales of about $ 100 million, which helps explain why Q3 revenue of $ 1.88 billion was below Wall Street’s $ 1.95 billion forecast.
“It really shows that the brand is alive and well and that we have a demand. The fact that we cannot satisfy him absolutely kills me. This is a real opportunity for Tritton told CNBC reporter Jim Kramer about Mad Money.
A couple of different client scenarios were revealed to have resulted in Bed Bath & Beyond’s $ 100 million valuation, Tritton said.
“A client comes to the Internet, he wants to buy an excellent product from us. He sees it in our range. He wants to buy it to pick up at his local store. The item is not in a location where it cannot be made available. It’s actually locked in a warehouse, “Tritton said.
He continued, “Or they want to buy it from us online, but it is not really replenishing because our suppliers are also short of this key inventory, so we did have the physical details of customers coming to our store and online and we cannot meet them. ”
Tritton, who took over as CEO in November 2019 to expand home furnishings retail, said Bed Bath & Beyond is committed to avoiding missed sales in the future.
“We see this as something that we need to double down and we will overcome the inventory challenges by establishing processes and procedures from now in the medium term to our full transformation at the end of the 22nd,” Tritton said.
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