Bed Bath & Beyond has fired Mark Tritton as the company’s chief executive, president, and board member after the retailer saw a 25% dip in Q1 sales.
In the interim, the company has appointed Sue Gove, an independent director on its board, as CEO.
“After thorough consideration, the board determined that it was time for a change in leadership,” said Harriet Edelman, independent board chair. “Today’s actions address company performance, the macroeconomic conditions under which we are operating, and the expectations of the board on behalf of shareholders. We are committed to addressing the urgent issues that have been impacting sales, profitability, and cash flow generation.”
Tritton previously worked as the chief merchandising officer (CMO) at Target and was hired as the company’s CEO in November 2019. In his role, he set out to execute a multi-year transformation initiative that focused on shuttering underperforming stores, sprucing up existing locations, and launching nearly ten private labels.
Under Tritton’s leadership, the company also made investments in improving its omnichannel experience and sold off non-core subsidiaries Christmas Tree Shops and Cost Plus World Market.
Despite the efforts, the company suffered significant losses in business. For the quarter ending May 28, 2022, the company saw its net loss widen to $358 million from $51 million in the same period last year. Meanwhile, sales declined from $1.95 billion to $1.46 billion, with same-store sales falling by 2% and online sales dropping by 21% year over year.
The company’s stock price is down more than 80% year over year, ChainStoreAge reported.
