Mattress Tub & Past is looking for backup.
The struggling retailer mentioned Wednesday that it was bringing on two high administration consulting companies to assist it lower prices and enhance its merchandise. CEO Steven Temares didn’t title the companies.
The housewares retailer wants assist. Shares of Mattress Tub & Past ( plunged almost 25% Thursday to their lowest degree since March 2000 due to terrible gross sales in the course of the earlier quarter. )
Prospects have been avoiding its brick and mortar shops, and heading as an alternative to Goal ( and )TJX (-owned HomeGoods. )
Neil Saunders, managing director of GlobalData Retail, famous in a report Wednesday that general “spending on homewares and home-related merchandise has been sturdy.” With that in thoughts, he mentioned Mattress Tub & Past’s numbers “are little wanting horrible.”
“The blunt fact is that Mattress Tub & Past merely hasn’t been as much as the job of changing the momentum seen elsewhere in retail,” Saunders wrote.
Mattress Tub & Past CFO Robyn D’Elia did say in the course of the convention name that the corporate was gaining momentum on-line. She referred to an analyst’s estimate that Mattress Tub & Past was getting 10% of its gross sales from digital as “a bit of gentle.”
However GlobalData Retail’s Saunders mentioned that the corporate must do much more on-line, citing competitors from Wayfair ( and )Amazon (, which he dubbed “savvy operators.” )
“Buying and selling on-line is much from straightforward. The underside line is that we don’t suppose Mattress Tub & Past stands out right here, and it must in an effort to thrive.”
CNNMoney (New York) First printed September 27, 2018: 11:51 AM ET