Outdoor shower bed Chief Executive Officer Mark Tritton on Thursday expressed disappointment over the retailer’s supply chain problems in the third quarter, while also hinting that there is a silver lining to be found.
The company estimates that it left around $100 million in revenue in the third quarter, which helps explain why Q3 revenue came in at $1.88 billion, lower than Wall Street’s $1.95 billion forecast.
“It shows that the brand is alive and well and that we have a need. Our inability to fulfill it completely kills me. It’s a real opportunity for me. [2022]”, Tritton said in an interview with CNBC’s Jim Cramer above “Crazy money. “
Tritton explains that a few different customer scenarios occurred to lead to Bed Bath & Beyond’s $100 million estimate.
“Customers come online, they want to buy a great item from us. They see it on our item. They want to buy it to pick up at their local store. No inventory. in the right place to be available. It’s really locked in a warehouse,” said Tritton.
He continued: “Either they wanted to buy it from us online and it really wasn’t replenished because our suppliers were also hungry for that critical inventory, so we actually had customer’s physical data comes to us in store and online and we can’t meet them.”
Tritton, person take over as chief executive officer next November 2019 revolves around a retailer of household goods, Bed Bath & Beyond is committed to not missing out on future sales.
“We see it as something that we have to double down on, and we’ll get through the inventory troubles as we build out the processes and procedures from here over the medium term to full transition. at the end of 22,” Tritton said.
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