Bed Bath & Beyond Announces Leadership Changes, Lower 2023 Outlook Amid Internal Control Review
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Leadership Changes Interim CEO and CFO appointed amid internal review of financial reporting controls and incentive plan metrics.
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Lower 2023 Financials Estimated $6B in net sales (down from $6.8B in 2022) and net loss between $225M-$235M (compared to $578M net income in 2022).
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Cash Position Maintained $1.2B in cash and cash equivalents at end of 2023, up from $1.1B at end of 2022.
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Earnings Release Delayed Release of Q4 and full-year 2023 results delayed due to internal control review.
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Ongoing Investigations Audit Committee continuing investigations with independent counsel into working capital management practices and related incentive plan impacts.