BED BATH & BEYOND INC

Description

Bed Bath and Beyond Inc is a US-based omnichannel retail chain which offers a variety of home furnishings and domestic merchandise to its customers. It was founded in the year 1971 and its headquarters are situated in New Jersey, United States. The company is listed and traded on the Nasdaq stock exchange (Nasdaq: BBBY) and is also a part of the S&P 600 index. It also holds a position among the Fortune 500 companies, as well as falls under the Forbes Global 2000 ranking. It is also listed on the London Stock Exchange (LSE: OHMI). Bed Bath and Beyond Inc has many subsidiaries, which include Buy Buy Baby, Christmas Tree Shops, Harbor Linen LLC, Harmon Stores Inc, Linen Holdings LLC, and Decorist Inc etc.

The company has over 1,500 stores across US, Canada, and Mexico. The product categories it offers include bedding, bath, kitchen, dining, storage & cleaning, curtains & windows, furniture, home décor, beauty & fitness, and baby products etc. It also offers gifting services and registries for all occasions, such as wedding, housewarming, baby, and college. The website of the company is designed to enhance the experience and increase the convenience of customers, by providing options for same day deliveries and finding the nearest store based on the current customer location.

Bed Bath and Beyond offers a range of services and solutions to its customers, which include interior decorating services, events, gift packaging, and gift cards. RangeMe is an online platform offered by the company which enables the suppliers to showcase their products to the buyers in an easy way. The B2B concept of the company is known as Business Direct, which offers high quality customer service, product assortment, distribution, and delivery in the Canadian and US markets. The industries served by Business Direct include hospitality, healthcare, educational facilities, commercial properties, non-profit organisations, as well as bed & breakfast. The other brands of Bed Bath and Beyond include Buy Buy Baby, Face Values, and Decorist.

Bed Bath and Beyond Inc follows a well-defined framework of corporate governance and has a separate nomination and corporate governance committee, along with audit and compensation committees. It has a policy for ethical standards for business conduct and endorses a culture of trust, transparency, and accountability. Apart from fulfilling all its corporate responsibilities, the company also fulfils its environmental and social responsibilities. It has a comprehensive Environmental, Social, and Governance (ESG) framework in place and complies with international best practices and guidelines to create a sustainable business. It aims to minimize the impact of its business activities on the environment and create long-term value for the business as well as the wider community.

According to the 2019 CSR report of the company, it has implemented energy saving measures under its energy management program, to bring in LED lighting in its stores, which saves around 18% energy utilised for lighting purposes per store. As per the report, the company began solar installations in 2010 in its New Jersey office, and since then over 41 sites in 6 US states have been provided with rooftop solar installations. The company also focuses on energy-efficient logistics and transportation, sustainable paper procurement and product packaging etc. to bring a positive change while maximising its financial returns.