Bed Bath & Beyond executives on Thursday touted comp sales increases and market share gains at a time when many in the industry have been particularly hard hit by the pandemic.
The home sector has been among the few beneficiaries of the past year as consumers spent more time in their households. Bed Bath & Beyond saw market share gains in the bed category “with improving trends in both bath and kitchen categories,” CEO Mark Tritton told analysts Thursday, citing data from The NPD Group.
However, the company’s overall figures “fall well short of total growth in the homewares market so, while the company is performing better in some individual categories, it is still losing share in the homewares market overall,” GlobalData Managing Director Neil Saunders said in emailed comments. He added that given the unique circumstances of the pandemic, the gains experienced right now may be the result of consumers actively seeking out products to outfit their homes rather than from changes Bed Bath & Beyond has made. “This means that once the music of elevated homewares growth stops, Bed Bath & Beyond’s performance could come crashing back down,” Saunders said.Retail Dive