January 13th, 2023, Joshua Kennedy
Domestic merchandise retailer Bed Bath & Beyond's stocks are seeing a significant uplift after the company reported it was mulling filing for bankruptcy. The retailer has reported significant losses in the fiscal third quarter.
How has the 50-year-old retailer performed over the last year?
According to YouGov BrandIndex - which tracks consumer sentiment towards thousands of brands daily - Bed Bath & Beyond saw its brand performance decline across different metrics since January 2022.
The retailer’s Index score - which measures average Impressions, Value, Quality, Reputation, Satisfaction, and Recommendation scores for the brand - dropped from a net score of 31 on 1 January 2022, to a net score of 23 on 4 January 2023, around the time the company announced it was contemplating a bankruptcy filing.
The New Jersey-based company’s Satisfaction score - which reflects how satisfied or dissatisfied customers are with the brand - has followed a similar trajectory. The Satisfaction score fell from a net score of 32, at the start of last year, to a net score of 25 at the start of January 2023.
The brand has also seen its Consideration score - which represents if customers would consider making a purchase from the brand the next time, they are in the market to purchase products - decline over the last year. In January 2022, one in three (30%) customers said they would consider purchasing from Bed Bath & Beyond. By January 2023, slightly fewer (26%) of consumers responded similarly.
The brand’s Current Customer score - which measures if customers have made a purchase from the brand in the past three months has declined as well. The score went from one out of 10 in January 2022 to one out of 11 in January 2023.
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Methodology: YouGov BrandIndex collects data on thousands of brands every day. Bed Bath and Beyond’s net Index score is based on the Average Impressions, Value, Quality, Reputation, Satisfaction, and Recommendation scores for the brand. The scores are delivered as a net score between -100 and +100.
The Brand’s Satisfaction score is based on the question: "Of which of the following brands/stores would you say that you are a "SATISFIED CUSTOMER"? / Of which of the following brand/stores would you say that you are a "DISSATISFIED CUSTOMER"?" The scores are delivered as a net score between -100 and +100.
The Consideration score is based on the question: "When you are in the market next to purchase products such as furnishings and home goods, from which of the following would you consider purchasing?" The scores are delivered as percentages.
The Current Customer score is based on the question: “Have you purchased products such as furnishings and home goods from any of the following brands/stores in the past 3 months?" The scores are delivered as percentages. Scores are based on an average daily sample size of 1740 US adults between 1 January 2022 and 10 January 2023. Figures are based on a 4-week moving average. Learn more about BrandIndex.
Picture credits: Lumensoft on Unsplash