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The Weekly Close: Bed Bath & Beyond Continues Executive Reshuffle and Gucci Launches Pet Collection

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It’s been another week with a lot more retail news than weather on the day. Here’s a breakdown of some things you may have missed over the week and are still thinking about.

From her 1,000th Target store makeover to Lindsay Lohan’s new ad with Allbirds, this is our wrap up for the week.

what you may have missed

Bed Bath & Beyond continues its executive reorganization

One day after announcing his The CEO and the merchandising director were dating the company Bed Bath & Beyond appointed a new accounting director and senior vice president of treasury and investor relations.

Laura Crossen, who has been with the company for more than two decades, will become chief accounting officer, replacing John Barresi, who resigned earlier this month to pursue another opportunity. Susie Kim will assume Crossen’s previous role as senior vice president of treasury and investor relations.

The executive changes at Bed Bath & Beyond this week come as sales continue to decline. The retailer’s first-quarter net sales fell 25% year-over-year to $1.5 billion, while comparable sales fell 23%.

Faced with lower-than-expected demand, HR reviews outlook

RH announced this week that it has lowered your financial outlook For the year. The home retailer expects fiscal 2022 net income to decline 2% to 5%, and adjusted operating margin to be 21% to 22%. That compares to previous estimates since the beginning of this month of net income growth of up to 2% at the high end and flat at the low end, and an operating margin of between 23% and 24%.

“The deteriorating macroeconomic environment has resulted in lower-than-expected demand since our previous forecast, and we are updating our outlook, particularly for the second half of the year,” Gary Friedman, president and CEO, said in a statement.

Contributing to the decline in demand are mortgage rates that were double last year’s levels, causing luxury home sales to fall 18% in the first quarter, Friedman said, adding that he expects demand to continue to slow. throughout the year.

5 years after store upgrade program, Target remodels 1,000th store

In search of a store remodeling strategy that started in 2017target just finished renovating its 1000th storethe retailer said in a blog post. The remodeled stores, which feature special lighting, updated signage and wood elements, generate a 2% to 4% increase in sales in the first year after renovation, according to the company.

Design of the remodeled Target store, showing the electronics section.

Target began its store remodeling strategy in 2017.

Courtesy of Target

Along with its store renovations, Target has also been rolling out in-store shopping experiences with companies like Starbucks, Ulta, Apple and Disney.

Although Target has reached a milestone, its renovations are far from over. The company plans to remodel nearly 200 stores in 2022 alone and is doing nearly 200 fulfillment remodels to add capacity for same-day services such as order pickup and drive-thru service. Target is also adding canopies to the entrance area at select stores.

Private Equity Owner Reportedly Expects To Sell Ganni For $500M To $700M

Private equity firm L. Catterton aims to sell Ganni, acquired in 2017for up to $700 million, Reuters reported, citing unnamed sources. The firm and brand declined to comment to Retail Dive on the report.

Offers are due by the end of this month and several buyers from China have already shown interest, according to Reuters. The 22-year-old Danish brand, known for its statement collars and other eye-catching takes on casual wear, has prospered in the years since L. Catterton acquired a majority stake for an undisclosed amount. Last year, the International Association of Department Stores listed the label as “a brand to watch.” calling him for his “storytelling”.

Ganni is headquartered in Copenhagen, with offices in Copenhagen, London, Paris, New York and Shanghai and sells through 600 retailers as well as 37 wholly-owned stores in Europe and the United States.

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