Bed Bath Annual Meeting: Positive Outlook, Inflationary Concerns
June 29, 2010,
MORRISTOWN, N.J.-Even as it said it expected to continue to outperform the marketplace, Bed Bath and Beyond at its annual meeting this morning voiced concern for possible rising prices due to increased costs of imported goods from China.
During the presentation at the meeting, which lasted a scant 13 minutes in typical brisk Bed Bath fashion, Len Feinstein, co-chairman, said the company "was pleased with what we accomplished last year and into the start of this year.
In comments after the meeting, Steve Temares, chief executive officer, said Bed Bath is keeping a close eye on the cost of products imported from China. "We are not immune," he said. "We'll see how it works its way through the market place."
A key factor, he said, will be in how long this rising cost trend continues. "We will have to see to what degree it is sustained."
Temares said the situation could impact the amount of direct sourcing the company does as it looks for the best prices and that also there were concerns about goods getting out of China now that shipping capacity has been reduced.
"We're paying more attention to the situation, but the onus is on us."