{"id":1791869,"date":"2023-01-01T07:20:27","date_gmt":"2023-01-01T12:20:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1791869"},"modified":"2023-01-01T07:20:44","modified_gmt":"2023-01-01T12:20:44","slug":"sec-probes-bed-bath-beyond-over-2021-annual-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-probes-bed-bath-beyond-over-2021-annual-report\/","title":{"rendered":"SEC Probes Bed Bath &#038; Beyond &#8211; 2021 Annual Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-probes-bed-bath-beyond-over-2021-annual-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1791869&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>FoxBusiness.com &#8211; What&#8217;s hot?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The share price <a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=BBBY\" target=\"_blank\" rel=\"noopener\">Bed Bath &#038; Beyond<\/a> dipped after the company revealed correspondence with the Securities and Exchange Commision pertaining to its 2021 annual report, Barron\u2019s first <a href=\"https:\/\/www.barrons.com\/articles\/bed-bath-beyond-stock-falls-after-disclosing-letter-from-the-sec-51672414268\" target=\"_blank\" rel=\"nofollow noopener\">reported<\/a> Friday.<\/p>\n<p>The two letters \u2014 one dated Nov. 7 from Bed Bath &#038; Beyond interim CFO Laura Crossen to the SEC and one dated Sept. 27 from the <a href=\"https:\/\/www.foxbusiness.com\/category\/sec\" target=\"_blank\" rel=\"noopener\">SEC<\/a> to the company \u2014 were released Friday. After that disclosure, the <a href=\"https:\/\/www.foxbusiness.com\/stocks\" target=\"_blank\" rel=\"noopener\">share price<\/a> According to the outlet, domestic merchandise retailer saw a drop of around 4% on Friday.<\/p>\n<div>\n<div id=\"embed\">\n<p><strong>Bed Bath &#038; Beyond<\/strong><\/p>\n<\/div>\n<p>.<\/p><\/div>\n<table class=\"stock-fundamentals\">\n<thead>\n<tr>\n<th class=\"ticker\">Ticker<\/th>\n<th class=\"security\">Security<\/th>\n<th class=\"last\">Last<\/th>\n<th class=\"change\">Change<\/th>\n<th class=\"percent\">Change %<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=BBBY\">BBBY<\/a><\/td>\n<td class=\"security\">BED BATH AND BEYOND INC.<\/td>\n<td class=\"last\">2.51<\/td>\n<td class=\"change neg\">-0.01<\/td>\n<td class=\"percent neg\">-0.40%<\/td>\n<\/tr>\n<tr><\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/bed-bath-beyond-names-new-ceo\" target=\"_blank\" rel=\"noopener\"><strong>BED BATH &#038; BEYOND NAMES NEW CEO<\/strong><\/a><\/p>\n<p>In its September letter, the SEC requested information about the 2021 annual reports. <a href=\"https:\/\/www.foxbusiness.com\/markets\/bed-bath-beyond-cut-jobs-close-underperforming-stores-part-turnaround-plan\" target=\"_blank\" rel=\"noopener\">Bed Bath &#038; Beyond<\/a> submitted in February, including inquiries about impacts the company faced in that fiscal year\u2019s latter six months due to supply chain issues.\u00a0<\/p>\n<p>The report stated that net sales increases in the first six months of 2021 were offset with traffic declines and disruptions to supply chains in the second six months.<\/p>\n<p>&#8220;Please specify whether these challenges have materially impacted your results of operations or capital resources and quantify, to the extent possible, how your sales, profits, and\/or liquidity have been impacted.&#8221; The letter was requested.<\/p>\n<p>The SEC also asked about potential risk mitigation strategies and requested certain information from the company. <a href=\"https:\/\/www.foxbusiness.com\/category\/earnings\" target=\"_blank\" rel=\"noopener\">quarterly earnings releases<\/a> and regulatory filings.<\/p>\n<p>Bed Bath &#038; Beyond reported in its November letter to SEC that it suffered a $275m unfavorable net sale impact in the second half of 2021 because of inventory availability problems due to supply chain challenges and delays. The net sales for fiscal 2021 was $7.868 billion. This is an approximate 14.8% decrease compared to fiscal 2020.<\/p>\n<p>Bed Bath &#038; Beyond also estimated that these issues had an impact on gross margin of 300-400 basis points because freight costs, detention, and demurrage were higher. In fiscal 2021, the gross profit margin declined by 2.2% to 31.6% from 33.8%.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/bed-bath-beyond-names-new-ceo\" target=\"_blank\" rel=\"noopener\"><strong>BED BATH &#038; BEYOND NAMES NEW CEO<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/12\/931\/523\/IMG_0094-1.jpeg?ve=1&#038;tl=1\" alt=\"Bed Bath &#038; Beyond store\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>Marlton, N.J.: October 29, 2022, Bed Bath &#038; Beyond Store<\/span><\/p>\n<\/div>\n<\/div>\n<p>The company pointed out in the letter that it does not see any material direct long-term impacts of the fiscal 2021 supply chain disruption because it is rebalancing its Owned Brand direct import strategy to pivot back to obtaining a greater share of product from domestic suppliers and shifting merchandise back to national brands \u2026 &#8220;thus no significant mitigation efforts have been undertaken,&#8221; The response was positive.<\/p>\n<p>Bed Bath &#038; Beyond said it would improve the consistency of some supplemental financial information in its news releases, quarterly reports, and annual filings. It has begun to include new language regarding supply chain-related risks in its quarterly reports.<\/p>\n<p>Bed Bath &#038; Beyond did no respond. <a href=\"https:\/\/www.foxbusiness.com\/\" target=\"_blank\" rel=\"noopener\">FOX Business\u2019<\/a> Request for comments on the matter before publication.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/markets\/bed-bath-beyond-touts-progress-turnaround-plan-losses-widen\" target=\"_blank\" rel=\"noopener\"><strong>BED BATH &#038; BEYOND TOUTS TURNAROUND AS LOSSES WIDEN<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/08\/931\/523\/Bed-Bath-Beyond.jpg?ve=1&#038;tl=1\" alt=\"Bed Bath &#038; Beyond\" \/><\/div>\n<div class=\"caption\">\n<p><span>The first Bed Bath &#038; Beyond store was opened in Miami, Fla. on June 29, 2022. Bed Bath &#038; Beyond Inc. has fired Mark Tritton, its CEO. Shares of the company have fallen more than 55% and almost 80% in the past 12 months.\u00a0<\/span><span> (Photo by Joe Raedle\/Getty Images \/ Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<p>Bed Bath &#038; Beyond reported that it had generated $1.4 Billion in net sales for its second quarter fiscal 2022. This was down 28% from the previous three-month period. Its net loss increased from $73million to $366million.<\/p>\n<p>It was revealed a month before. <a href=\"https:\/\/www.foxbusiness.com\/markets\/bed-bath-beyond-cut-jobs-close-underperforming-stores-part-turnaround-plan\" target=\"_blank\" rel=\"noopener\">turnaround plan<\/a> This included, among others, laying off some employees and closing stores that were not performing well.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/a><\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Jason Katz, UBS&#8217;s managing director and senior portfolio manger, discusses how China protests about COVID lockdown rules have an impact on U.S. stocks in &#8216;Varney &#038; Co.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>FoxBusiness.com &#8211; What&#8217;s hot? The share price Bed Bath &#038; Beyond dipped after the company revealed correspondence with the Securities and Exchange Commision pertaining to its 2021 annual report, Barron\u2019s first reported Friday. The two letters \u2014 one dated Nov. 7 from Bed Bath &#038; Beyond interim CFO Laura Crossen to the SEC and one &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1791872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5161,3888,12555,8398,5458,11243,3819,3618],"class_list":["post-1791869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-5161","tag-annual","tag-bath","tag-bed","tag-bongino","tag-probes","tag-report","tag-riot"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1791869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1791869"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1791869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1791872"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1791869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1791869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1791869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}