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Bed Bath & Beyond : hires Target executive as CEO

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10/09/2019 | 06:52pm EDT
The sign outside the Bed Bath & Beyond store is seen in Westminster

(Reuters) - Bed Bath & Beyond Inc on Wednesday hired Target Corp's Mark Tritton as chief executive officer, months after its long-time head, Steven Temares, left the company under pressure from activist investors, sending its shares up 23%.

Tritton joined Target in 2016 and is currently its chief merchandising officer. He takes over his new role at the houseware retailer in November, Bed Bath & Beyond said in a statement.

At Target, he was responsible for store revamps, private-label brands, product sourcing and design.

Tritton, who has 30 years of experience in the industry, also played a major role in doubling sales of department store chain Nordstrom Inc's private label business.

His appointment comes at a time when Bed Bath & Beyond is struggling to keep pace in a rapidly changing retail landscape, dominated by the popularity of online shopping.

Earlier this year, a group of activist investors had piled pressure on Bed Bath & Beyond, citing falling sales under Temares' leadership. Its sales have fallen in eight out of the past 14 quarters.

Since then, the company has cut jobs and eliminated key executive roles in its attempts to reduce costs.

Chris Kiper, managing director at Legion Partners Asset Management and one of the activist investors that pushed for a change at the company, cheered the appointment.

"We are so excited that he is joining (Bed Bath & Beyond)," Kiper said.

Tritton's focus at Bed Bath & Beyond will be to enhance store and online experience and improve its product offerings, the company said.

"While it remains to be seen if he is the right person for the job, the merchandise improvements at Target during his tenure have been impressive, particularly the repositioning within home and apparel," Gordon Haskett analyst Chuck Grom said.

Separately, Target named company veteran Michael Fiddelke chief financial officer and said two executives would assume interim leadership of the retailer's merchandising organization, which comes months ahead of the crucial holiday shopping season.

(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)

By Nivedita Balu

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Financials (USD)
Sales 2020 11 349 M
EBIT 2020 362 M
Net income 2020 -334 M
Debt 2020 502 M
Yield 2020 5,45%
P/E ratio 2020 -4,93x
P/E ratio 2021 6,40x
EV / Sales2020 0,18x
EV / Sales2021 0,25x
Capitalization 1 522 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 13,37  $
Last Close Price 12,37  $
Spread / Highest target 61,7%
Spread / Average Target 8,12%
Spread / Lowest Target -19,1%
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Managers
NameTitle
Mary A. Winston Chief Executive Officer & Independent Director
Patrick R. Gaston Independent Chairman
Robyn M. D'Elia Treasurer, Chief Financial & Accounting Officer
Virginia P. Ruesterholz Independent Director
Johnathan B. Osborne Independent Director
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