UNION, N.J., June 2, 2021 /PRNewswire/ -- Bed Bath & Beyond (Nasdaq: BBBY) today announced that it will launch three new Owned Brands this quarter, continuing the Company's execution of its biggest product assortment change in a generation to rebuild its authority in the $180 billion home market. With the launch of the new Owned Brands in the coming weeks, the Company will have launched six Owned Brands in five months – which is ahead of its previously announced 6-month timetable and in advance of the important Back to College shopping season.
The Owned Brands that will launch in the market in the coming weeks and be available only at Bed Bath & Beyond include the following:
- Our Table™: A new line of modern kitchen and dining wares, created to help every home cook share more great meals with family and friends. From versatile serveware to durable cast iron cookware, Our Table is inspired by natural materials and time-honored craftsmanship. Designed using clean lines and simple forms, each piece ensures ease of use without ever pulling the focus away from the food or the company. The Our Table lineup will consist of more than 1,100 products across cookware, bakeware, food prep, kitchen gadgets & utensils, kitchen linens, dining & barware.
- Wild Sage™: A youthful, eclectic collection of stylish and free-spirited pieces for the home, Wild Sage helps customers express their unique personalities and bring their stories to life. With products influenced by current design trends from around the world, Wild Sage offers an always-evolving mix of creative and affordable finds. Our newest Owned Brand includes almost 600 stylish products for the bedroom, bathroom, dining room, and living spaces.
- Squared Away™: A new line of storage, organization, and cleaning solutions for the home. Useful for every room, Squared Away offers a smart and stylish set of products to keep a home looking great and functioning well. With nearly 300 products, the Squared Away assortment will include storage items for the kitchen, closet, bathroom, and organization throughout the home.
Mark Tritton, President & CEO of Bed Bath & Beyond, said, "I am pleased that we are ahead of schedule in delivering our Owned Brands plan, launching product assortments strategically sequenced to cover our core destination categories of bed, bath, kitchen & dining, indoor decor and storage & organization. Together with the Company's first opening-price-point Owned Brand, we are helping customers unlock the magic in every room while strengthening our leadership in the home market."
The introduction of at least 10 new Owned Brands is a key component of the Company's previously announced three-year transformation strategy and is expected to triple the sales penetration of Owned Brands from 10 percent to approximately 30 percent over three years while driving improvements in gross margins. The Company launched Simply Essential™, Haven™ and Nestwell™ last quarter, and is on track to have introduced a total of at least 8 Owned Brands when the 2021 fiscal year ends in February 2022.
Joe Hartsig, EVP, Chief Merchandising Officer of Bed Bath & Beyond and President of Harmon Stores, said, "Through the use of new, data-driven line reviews, we discovered there were significant opportunities to strengthen our assortment in our kitchen, home décor and storage and organization categories. We identified meaningful gaps where we could bring exceptional quality, style and value to our customers and help us address unmet customer needs with these exciting new lines only available at Bed, Bath & Beyond. The upcoming launches of Our Table, Wild Sage and Squared Away will be important new enablers as part of our broader room resets that help elevate our overall customer experience, particularly in these important destination categories."
As part of its recently introduced ESG strategy, the Company has made a commitment to ensuring that its Owned Brands strengthen its commitment to the Planet. Specifically, Bed Bath & Beyond is committed to integrating sustainable products and services across all Owned Brands categories at accessible prices, including ensuring that at least 50 percent of cotton and wood is responsibly or sustainably sourced, and that less than 50 percent of packaging weight in packaging is from virgin plastic. For more details, visit our ESG website.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
This press release contains forward-looking statements, including, but not limited to, the Company's progress and anticipated progress towards its long-term objectives, plans with respect to potential asset sales, as well as more generally the status of its future liquidity and financial condition. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, goal, and similar words and phrases, although the absence of those words does not necessarily mean that statements are not forward-looking. The Company's actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; risks associated with COVID-19 and the governmental responses to it, including its impacts across the Company's businesses on demand and operations, as well as on the operations of the Company's suppliers and other business partners, and the effectiveness of the Company's actions taken in response to these risks; consumer preferences, spending habits and adoption of new technologies; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors across all channels; pricing pressures; liquidity; the ability to achieve anticipated cost savings, and to not exceed anticipated costs, associated with organizational changes and investments, including the Company's strategic restructuring program; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; potential supply chain disruption due to trade restrictions, and other factors such as natural disasters, pandemics, including the COVID-19 pandemic, political instability, labor disturbances, product recalls, financial or operational instability of suppliers or carriers, and other items; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company's plans for new stores; the ability to establish and profitably maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to assess and implement technologies in support of the Company's development of its omnichannel capabilities; the ability to effectively and timely adjust the Company's plans in the face of the rapidly changing retail and economic environment, including in response to the COVID-19 pandemic; uncertainty in financial markets; volatility in the price of the Company's common stock and its effect, and the effect of other factors, including the COVID-19 pandemic, on the Company's capital allocation strategy; risks associated with the ability to achieve a successful outcome for the Company's business concepts and to otherwise achieve its business strategies; the impact of intangible asset and other impairments; disruptions to the Company's information technology systems, including but not limited to security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; reputational risk arising from challenges to the Company's or a third party product or service supplier's compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from third-party merchandise or service vendor performance in direct home delivery or assembly of product for customers; changes to statutory, regulatory and legal requirements, including without limitation proposed changes affecting international trade; changes to, or new, tax laws or interpretation of existing tax laws; new, or developments in existing, litigation, claims or assessments; changes to, or new, accounting standards; foreign currency exchange rate fluctuations; and the other factors summarized in the Company's reports filed with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update its forward-looking statements.
SOURCE Bed Bath & Beyond Inc.