UNION, NJ, February 11, 2021 /PRNewswire/ — Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced that it has selected Oracle as its enterprise resource planning (ERP) technology provider. Oracle Cloud will deliver real-time finance, supply chain and merchandising solutions, replacing the company’s suite of legacy technology systems and providing new data, insights and planning capabilities.
John Hartman, COO of Bed Bath & Beyond and President of buybuy BABY, said, “We are building authority in home, baby, beauty and wellness through a digital approach to first, omni-always and customer-driven. Oracle’s proven leadership and state-of-the-art technologies will enable us to better serve our customers and improve the efficiency and effectiveness of our business. Additionally, the agile partnership will enable continuous innovation and improvement as our business evolves.
The deployment of ERP is the first key element of the company’s strategy $250 million technology investment roadmap to deploy industry-leading solutions that enhance customer experience and improve efficiency across the enterprise. These technology investments will enable the use of analytics and automation to support improvements in merchandising and inventory management, product lifecycle management, retail space planning and optimization. retail, the launch of a range of exciting proprietary brands and real-time monitoring of the execution of goods within the supply chain. Oracle Cloud ERP will also provide real-time financial and operational information to support strategic planning decisions.
“Having the right retail technology in place is fundamental to Bed Bath & Beyond’s transformation strategy and Oracle is proud to support them on this journey,” said Mike Webster, senior vice president and general manager, Oracle Retail. “By adopting Oracle Cloud, Bed Bath & Beyond will be better able to manage its ever-changing inventory, plan margins, and improve sales forecasting in a digital shopping environment.”
About Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc. and its subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The company sells a wide assortment of merchandise in the home, baby, beauty and wellness markets. Additionally, the Company is a partner in a joint venture that operates retail stores in Mexico under the name Bed Bath & Beyond.
Oracle offers integrated application suites and a secure, self-contained infrastructure in Oracle Cloud. For more information about Oracle (NYSE:ORCL), visit oracle.com.
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This press release contains forward-looking statements, including, but not limited to, the Company’s progress and anticipated progress toward its long-term goals, plans regarding potential asset sales, as well as generally the status of its future liquidity and financial resources status. Many of these forward-looking statements can be identified by the use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, aim and similar words and phrases , although the absence of such words does not necessarily mean that the statements are not forward-looking. The actual results and future financial condition of the Company may differ materially from those expressed in these forward-looking statements due to numerous factors. These factors include, but are not limited to: general economic conditions, including the housing market, a challenging global macroeconomic environment and related changes in the retail environment; risks associated with COVID-19 and government responses thereto, including its impacts on the Company’s business on demand and operations, as well as on the operations of the Company’s suppliers and other business partners, and the effectiveness of the measures taken by the Company in response to these risks; consumer preferences, consumption habits and adoption of new technologies; demographics and other macroeconomic factors that may affect the level of spending on the types of merchandise sold by the Company; civil unrest and terrorist acts; unusual weather conditions and natural disasters; competition from existing and potential competitors across all channels; price pressures; liquidity; the ability to achieve anticipated cost savings, and not exceed anticipated costs, associated with organizational changes and investments, including the Company’s strategic restructuring program; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, materials and other fees and expenses; potential supply chain disruption due to trade restrictions and other factors such as natural disasters, pandemics including the COVID-19 pandemic, political instability, labor disputes, product recalls , financial or operational instability of suppliers or carriers, and other factors; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company’s plans for new stores; the ability to cost-effectively establish and maintain the appropriate mix of digital and physical presence in the markets it serves; the ability to evaluate and implement technologies in support of the Company’s development of its omnichannel capabilities; the ability to effectively and timely adjust the Company’s plans in the face of rapidly changing business and economic environments, including in response to the COVID-19 pandemic; uncertainty in financial markets; the volatility of the Company’s common stock price and its effect, as well as the effect of other factors, including the COVID-19 pandemic, on the Company’s capital allocation strategy; risks associated with the ability to achieve a positive outcome for the Company’s business concepts and otherwise execute its business strategies; the impact of intangible assets and other impairments; disruptions to the Company’s information technology systems, including, but not limited to, security breaches in systems protecting consumer and employee information or other types of cybercrime or cybersecurity attacks; reputational risk arising from challenges to the compliance of the Company or a third-party provider of products or services with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; reputational risk arising from the performance of sellers of third-party goods or services in delivering direct to homes or assembling products for customers; changes in legal, regulatory and legal requirements, including, without limitation, proposed changes affecting international trade; changes or new tax laws or the interpretation of existing tax laws; new or developments in existing litigation, claims or assessments; changes or new accounting standards; exchange rate fluctuations; and other factors summarized in the Company’s reports filed with the United States Securities and Exchange Commission. The Company undertakes no obligation to update its forward-looking statements.
SOURCE Bed Bath & Beyond Inc.