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Bed Bath & Beyond CEO talks labor shortage, turnaround, meme stock status
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After kicking off the company's three-year transformation, Bed Bath & Beyond CEO Mark Tritton is looking to build upon the housing retailer's strong first quarter sales and stock performance.
BED BATH & BEYOND TURNAROUND BOOSTS STOCK
Tritton told FOX Business that the launches of Nestwell, a new bedding and bath label; Haven, a spa-inspired product line; and Simply Essential, an everyday basics line including over 1,200 products across bedding, bath, kitchen, storage and organization and indoor decor, have helped boost the company's home category market share.
"We saw overall that the market was around 23% in our home categories as an owned brand ratio and we were only at 9%,"Tritton said. "We launched those in the middle of every month, March, April, May, and that had a positive impact on the quarter, increasing our market share penetration almost double to what it was prior and well on our way to our 20% goal by the end of [the fourth quarter]."
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