![]() For example, our initial projections had anticipated recovery in Q4, driven by a return to a more normalized secular strategy. Our now-available-to-sell inventory remained high at 30% across key categories compromising our traffic generating recovery strategies. For perspective on a traditional November through January basis used by many of our retail peers, our quarterly comparable sales would have been only down high single-digits.įurthermore, through our own data tracking analysis, industry trends have continued to worsen since February as macro market volatility and overall consumer uncertainty has surged. This level of pressure continued toward the end of the quarter and throughout March. Sales through the fourth quarter suffered an impact of approximately $175 million or a high single-digit deficit as a result of the ongoing lack of in-stock and available to sell merchandise in our Bed Bath banner. Specifically, the lack of available inventory, which impacted us last quarter, has proved to be a continuing impediment.ĭespite our overall inventory levels, product not available for sale or held at ports indices remain at above normal highs. The core issues remain embedded in pervasive supply chain challenges, which led to fourth quarter comparable sales of minus 12%, and adjusted gross margins of 28.8%. There have been operational deficits in our near-term execution, and as we enter fiscal 2022, we are focused on stabilizing our business while navigating the headwinds that still persist. Internally, these factors have exposed more short-term to medium-term vulnerabilities that we did not see at this stage of our transformation as we completely rebuild the foundation of our business. Our business has been impacted by extraordinary macroeconomic factors, such as the derailing of the global supply chain, continued disruptions from the Omicron variant, unprecedented inflation, rising interest rates, and a turbulent geopolitical landscape which have also weighed on consumer confidence. Sales and gross margin during the fourth quarter did not reflect our team's hard work and execution against our long-term transformational efforts. As we close the first year of our comprehensive transformation, we're disappointed that our near-term results demonstrated a dislocation between our short-term operations versus our long-term strategy. Thank you, Susie, and good morning, everyone. The company undertakes no obligation to update or revise any forward-looking statements. Please refer to our most recent periodic SEC filings for more detail on these risks and uncertainties, including the Risk Factors section in our annual report on Form 10-K and our quarterly reports on Form 10-Q. All such statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say during the call today. This conference call on the slides we refer to may contain forward-looking statements, including statements about or references to our outlook regarding the company's performance, our internal models, and our long-term objectives. Before I begin, let me remind you that our fiscal 2021 fourth quarter earnings release and slide presentation can be found in the Investor Relations section of our website at and as exhibits to our related Form 8-K. Joining us today are Mark Tritton, our president and CEO and Gustavo Arnal, our chief financial officer. Welcome to our fiscal 2021 fourth quarter earnings call. There’s plenty to see beyond the city, too, with stunning Somerset countryside to explore, as well as attractions like Stonehenge, Avebury and Longleat Safari Park.Thank you, and good morning, everyone. Immerse yourself in Bath’s remarkable collection of museums and galleries, and enjoy year-round festivals, theatre, music and sports.īath's stunning honey-coloured Georgian architecture is straight from a Jane Austen novel – highlights include the iconic Royal Crescent and the majestic Circus. An elegant city full of traditional heritage, contemporary culture, green spaces and a few surprises.īuilt for pleasure and relaxation, beautiful Bath has been a wellbeing destination since Roman times. The waters are still a big draw, both at the ancient Roman Baths and the thoroughly modern Thermae Bath Spa, which houses the only natural thermal hot springs in Britain you can bathe in.īath’s compact, visitor-friendly centre is overflowing with places to eat and drink, plus some of the finest independent shops in Britain, making it the ideal city break.
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