Bed Bath & Beyond to invest $1 billion in buybacks and store upgrades in a bid to turn around business

Bed Bath & Beyond is beginning to test changes in stores that it eventually could roll out to hundreds of locations if it can draw shoppers in. The big-box retailer said Tuesday it plans to spend up to $400 million on store remodels and supply chain upgrades, along with about $600 million this fiscal year on share repurchases and debt reduction. The company has a “track record” of spending money and not reaping any returns, CEO Mark Tritton said in an interview with CNBC. But he said he is trying to change that. Top of mind for Tritton, who just took the reins in November after a successful stint as chief merchandising officer at Target, is fixing Bed Bath & Beyond’s stores. It has roughly 1,500, including under its other banners, such as Christmas Tree Shops, World Market and buy-buy Baby. The company is currently testing, with a small batch of three Bed Bath & Beyond locations, various remodeling strategies that consist of slashing inventory by as much as 20% and adding more marketing signage. Tritton said same-store sales at those locations are up 2% to 4% compared with Bed Bath & Beyond’s entire fleet. Click to read more at