Bed Bath & Beyond on Thursday said sales plunged by 28% in the fiscal second quarter, as the home goods retailer struggled to draw customers.
Bed Bath reiterated its full-year outlook, saying it anticipates comparable sales to decline by about 20% as its business improves in the back half of the fiscal year.
Interim CEO Sue Gove said in a news release Thursday that the company is fixing inventory problems by speeding up markdowns of some merchandise.
Gove said the company's loyalty program, Welcome Rewards, has grown by more than 1.3 million since the end of August, bringing it to a total of 6.4 million members since it launched this summer.
She said it is lowering costs by about $250 million for the second half of the fiscal year, as it works to ramp up sales.
In late August, Bed Bath got some relief by securing more than $500 million of new financing, including a $375 million loan.
Bed Bath's liquidity is $850 million after repayments and borrowing that took place before the second quarter began, the company said Thursday.