BBB: Hurricane Won't Hurt Business
By Cecile B. Corral -- Home Textiles Today, 9/26/2005
Union, N.J. — Bed Bath & Beyond does not expect Hurricane Katrina's effects to disrupt its business, the company said during its second quarter conference call last week.
“At this time, with facts as we now know them to be, we believe Katrina and its aftermath will not have significant impact on our results,” said Steven Temares, president and CEO. “The ultimate full effects on operating results are not presently determinable. But we do know that we have a strong balance sheet and are achieving exceptional long-term operating results.”
Two units in the affected region — in Metairie, La., and Gulfport, Miss. — will remain closed for an indefinite period pending resolution. But all of the remaining stores in the area have resumed operations after varying periods of disruption,” he said.
“The geographic distribution of our stores and the relatively small number of stores in the Gulf Coast region are expected to mitigate any financial impact resulting from Katrina,” Temares added.
Several of the company's associates from the area were forced to relocate to temporary housing, some of them requiring continuing assistance, “which we will provide. Our company will continue to do what needs to be done to aid our associates.”
In other news, co-chairman Warren Eisenberg said BBB sees an opportunity to grow, “well over 1,100 Bed Bath & Beyond stores in the U.S.”
The company also said it expects to continue to expand or otherwise upgrade a growing number of its existing units in years ahead.
