Bed Bath & Beyond CEO Mark Tritton has left his role and a Q1 earnings report reveals the retailer missed analysts' earnings and sales expectations.

Sue Gove, a board director, is serving as interim CEO.

"I step into this role keenly aware of the macro-economic environment. In the quarter there was an acute shift in customer sentiment and, since then, pressures have materially escalated. This includes steep inflation and fluctuations in purchasing patterns, leading to significant dislocation in our sales and inventory that we will be working to actively resolve. The simple reality though is that our first quarter's results are not up to our expectations, nor are they reflective of the company's true potential. The initiatives we are instituting today are just the first steps in putting our business on firm footing to drive our future success. I look forward to working with the board, the management team and our associates to immediately address our supply chain challenges, market share recapture, inventory and cash optimization, and cost structure alignment," Gove said in a press release regarding the retailer's earnings for the quarter.

Tritton had been hired three years ago to help revive the retailer's sluggish sales and draw new customers, according to a CNBC report.

Same-store sales dropped 24% in Q1 compared with a year ago — quite a bit more than the 20.1% drop analysts projected.

In its earnings report the retailer expects same-store sales to recover in the second half and has tapped a new chief merchandising officer, Mara Sirhal, who had been serving as general merchandise manager of health, consumables and beauty.

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