Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q1 2019 Earnings Conference Call - Final Transcript

Jul 10, 2019 • 05:00 pm ET

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Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q1 2019 Earnings Conference Call - Final Transcript

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Executive
Janet M. Barth

payable on October 15th, 2019 to shareholders of record at the close of business on September 13th, 2019.

I will now turn the call over to Mary.

Executive
Mary Winston

Thank you, Janet, and thank all of you for joining us this afternoon. On today's call, I'd like to share my initial thoughts and observations about the business and speak to our four near-term priorities and areas of focus. Following my comments, I will turn the call over to Robyn for a review of the financial and operational highlights for the quarter as well as our outlook for the full year, and then we'll take your questions.

As you may know, I joined the Bed Bath & Beyond Board of Directors in early May, in connection with the company's transformation and refreshment of the Board's composition and governance structure. As a longtime customer, I believe Bed Bath & Beyond is a great brand with a strong customer affinity, and I was eager to join the Board and contribute to stabilizing and repositioning the business for future growth as a successful omni-channel retailer.

When the board then determined it was the right time to identify the company's next-generation of leadership, I was honored to step in as interim CEO. I am working closely with the Board and management leveraging my retail industry experience as well as my background in finance and corporate strategy during this transition period. I view my role as one where I can provide strategic leadership and help prioritize and drive forward the most meaningful initiatives to advance the work underway to improve our financial performance, enhance our competitive position and drive shareholder value.

I'll start today with my initial observations of the company. I've made a concerted effort over the past several weeks to meet with many associates across the organization gaining an understanding of the company's history, culture and the way we operate. I have visited many of our stores across multiple banners as well as one of our distribution facilities to ensure I saw firsthand the operations of our business. During these visits, I witnessed our associates' passion for customer service and the deep connection we have with our customers was obvious. It is also compelling to see our customers' enthusiasm and commitment to our brand. That said, it is also clear that the company has not kept pace with how the customer has evolved and how consumers shop today. We need to give our customers a reason to keep shopping in our brick-and-mortar stores. And in order to do that, we must update and enhance store experience. This will continue to be a priority for us.

Beyond enhancing our store experience, we must also transform the online shopping experience to engage our customers digitally. Both our stores and digital experiences will continue to be areas of focus for us. It's still early and there is much work to do to fully assess the business. Importantly, what I have seen and heard up to this point has validated