Bed Bath & Beyond reported positive movement for its brand-new private brand launches this year. The company reported its second-quarter financial results that showed a slight dip in same-store sales for the quarter, due to low traffic volumes, but the private brand launches are on track for high levels of market penetration.
The report for June through August showed three of its new owned brands demonstrating 20% sales penetration for fiscal year 2021 and more than 25% sales penetration in its remodeled stores.
The home goods chain has been heavy into private brands, releasing its seventh of eighth to come fiscal year 2021. The company said during its Q2 financial call that it will launch 10 Bed Bath & Beyond owned brands over the next three years, with an eye on 30% market penetration.