Bed Bath & Beyond Inc. (BBBY) posted a fourth quarter comparable sales decline of 12% impacted by ongoing supply chain and inventory availability challenges. Bed Bath & Beyond banner comparable sales were down 15%, for the quarter. The buybuy BABY banner delivered positive growth with comparable sales increasing in the low-single digits. Fourth quarter adjusted gross margin was 28.8%, reflecting a 360 basis point negative impact from transient supply chain headwinds and a 40 basis point decrease in merchandise margins compared to last year. Excluding the supply chain cost escalations, adjusted gross margin was 32.4%, for the quarter.
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