BBBY - Earnings call transcript Q1 2022 | 20230930-DK-Butterfly-1, Inc.

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Operator

Welcome to the Bed Bath & Beyond’s Fiscal 2022 First Quarter Earnings. My name is Sylvia and I’ll be your operator for today’s call. [Operator Instructions] As a reminder, the conference is being recorded. I will now turn the call over to Susie Kim, Head of Investor Relations. Susie Kim, you may begin.

Susie Kim

morning, good and you everyone. Thank fiscal Welcome quarter call. first to our earnings XXXX

Arnal, Edelman, today of Director Interim and us are Independent Sue and Financial Gustavo Officer; Executive Joining Harriet Chief Gove, Directors; Chair our Officer. Chief of our Board

section subject actual uncertainties, more we me presentation XX-Q. risks as the we could slide refer our our our fiscal Please what to materially conference on release be including website and from The and This Form Form refer section exhibits our slides All of forward-looking update that found uncertainties these no references and XX-K related in periodic at report internal objectives. company results for you detail XXXX on on Before recent remind may that call and quarter to statements, to first our let earnings Relations or in bedbathandbeyond.com say most begin, can the annual and undertakes statements the differ to risks forward-looking SEC are X-K. obligation including our reports statements. during call contain cause we any our Form to and company’s Risk filings models to and or such about long-term outlook our regarding performance, quarterly the revise today. to statements the Factors our Investor

measure certain with exclude in principles. financial information included excluding have that directly that – of contains accordance the generally are discuss most adjustments measures amounts today the in accounting subject that effect Additionally, comparable the we will accepted or amounts to prepared are

to earnings to in to comparable most with our Harriet. in now Form accordance a later I exhibit turn filed included our would GAAP, call like our please on to the today. refer the For available an and to over website presented X-K as reconciliation measures table release the

Harriet Edelman

today. joining everyone. and Thank good us you, you morning Susie Thank for

is financial announced results we will Gove, spend been Strategy quarter’s a transition. actions this She insightful, and experience quick experienced since of given XXXX has deep member the Chief we few the executive this covers insight I transformation the minutes changes Chair closely action. Director Executive Sue enable in and appointed been Independent years. board has significant in leadership the leaving worked influential Joe is will the Sue and I Leading Merchandising overseeing of significant deeply our a business company corporate no Hartsig, Gustavo the transition has Interim decisive Before named Today, know into operating company. Tritton, during together announcement Committee, I strong her has Mara a Sirhal and retail strategic on and executive who senior on our to we a over And financial, will is impact. quickly Committee Officer board Mark earlier. Officer and detail, for shared an intelligent is team. the this Chief Strategy a her longer served has and she company. take make across leader. number roles. swift the few for role have and potential past pivotal replacing in taking Sue making of sure who Sue with

and contributions health, and for launching Harmon, over Mara, omnichannel the years. President she the technology Vice as retaining repositioning while digital infrastructure, planning for brands, driving and On position thank her General Manager brand BABY strategies introducing consumables company’s our investing be Mark’s Beyond’s served of his the and strategy, business. entire and and include As General transformation the X.X most in Senior I for having omnichannel accomplishments Board, also buybuy Mark & for want as owned Bath behalf and to merchandising, capabilities. our recognize past responsible Bed beauty building many out recently owned will for Manager

he addition, hard led and work to the customers, COVID-XX I’d thank and also and Joe served. company dedication product associates, through for owned communities and In like to brands. our pandemic and in the and safe was strategy, developing keeping in our particular, overall dedicated his implementing

in foremost are to that a A them a against now serial We first came business making founding. my the experience it because performance business. is we as as not Our believe will deliver operate The we the achieving also Gustavo minutes comments the regarding of should on our our for deep options to the is on much few we reflective be the at our what the factors improved amongst macro more. convergence the Still, Board consumer so many to our by adjustment to and requires here and changes serve mentioned of growth how challenges company, do. environment operational premise in will members customers, and today unparalleled our of few a management discuss Strategy our an share Committee. banners opportunity we strategy value nature our of update execution. results and a right I The are provided basic unlock its will And that focus years in capabilities presents was customers’ today recognize, and important and results of sector. earlier. number in potential. and compelling that is unique of drive place our be

sees to value market business’ properly Strategy and That advisers It strong with that Committee BABY. a significant for important buybuy assess As BABY. and been and The buybuy the options our is a committee board evaluating ongoing highly with relevant is favorable banner potential. closely it you is value working financial know, strategic inherent has the demographics. in position underscore is work to both

company that I value we behind for near-term board priorities Sue, needed the the are close her the will and on in Before this create behalf I who more will over shareholders. united priorities to of turn discuss to stabilize emphasizing by detail,

to Now, the over I’d Sue? some for call quick to remarks. Sue introductory turn like

Sue Gove

weekend was I need a weeks checklist team I areas and college ahead. the evaluating remarks brief and thinking & share on to role. potential Thanks, have Board to their beginning I Harriet Bed that Harriet’s this months the working you lead have I deep a want to in meeting and for by banners of near-term in associates, for everyone. daughter. customer and Today, into all of of to on comments my how of our and loyal & improvement. I moment. how trust the amount today. forward drive me expect placed in the hear as with time this begin priorities. want and I the saying We our stakeholders Beyond us been has through heritage significant spent echo and am Bed past our business lean the us you honored Directors board Bath of about and at We I commitment shareholders stores to since the critical respect some partners and a our the can I that for good morning, to firm from a Bath appreciate myself Beyond more company our am this look my joining to and results

for say, some the history. in through commitment thank most the to to I been some a Mark dedicated on, That his remains suffice Before I priority company’s and keeping go priorities, I but leaves step associates His into our of into remarkable. customers jump through leadership near-term too times volatile the role. of our meaningful counsel want pandemic has as and Mark and could care a impact. safe oversight I to top this

Harriet retail our peers, is Like our nor are facing Bed mentioned, of difficult environment. our are up not As expectations Bath results & our reflective many a macro they of potential. to Beyond

more agree We However, all from customers periods challenge, industry-wide and couldn’t even partners results. during must these our and shareholders, associates, us better more. deliver I of expect

have that important can have categories positioned we for We of and across focus meet and areas are which to in improve. identified resilient we products needs customers

to wants. offerings need Our our customer what balance and better brands

Our needs inventory position refinement.

areas these has in of some have of particularly From a points new the assortment, address working areas price introduction include: opening and been effective place to Essential. be the owned working focus, our I I to within been where have now, with that have brands we not. label Simply right a sit While others consider like

pleased we As where BABY positioned see are and already exciting potential. with discussed, have buybuy we is

and Our BOPIS omnichannel and customers. such digital the capabilities have our grown same-day delivery in needs of evolving services as answers

week In the what we and near-term, program, test early We about very seeing we in where days. improving we excited our are must new launched for clear priorities see Rewards, we Welcome also these have last results. loyalty are

on resources stores make we to to platforms. sure focusing have and we First, driving digital traffic are

near-term profitable expect done work balance these a will and the prioritizes serving the customers are become lot sheet. and more efficient Gustavo we we lower must chain, mantra in in a share. must also that back-to-basics interact must believe this topics delivering We future. this they business. on more company’s but recapture the prioritize inventory they strengthen on stabilize the best front, a efforts customer of our I Equally, We and reduce how with costs, wherever us. have to deserve much market is supply on experience more knowing

BRG, to this cash, later We must hire an quickly. move forward to sheet also sharing leading That’s have why to focus advisory do summer. transformation, are Therefore, and firm, adjustments as to many we on look inventory it balance our there in have through lot do and decided update the we retail on simultaneously. a a we understand We optimization. we happening progress

am not our These to the without all efforts to very available home. will the our call and about work we on Gustavo? to continue easy progress continued confident the future efforts turn with in and drive would to and improvements of optimistic who stakeholders. urgency the feel associates XXXX work I maximize of the beyond. finding financials. over it customers tireless opportunities to company I possible I leaders our With for to of make initiatives value address are to and focused in that, with its and interact We ability a am serve the Gustavo and in sense to at best be these

Gustavo Arnal

Thank morning good everyone. you, Sue and

comp decline quarter, be reflects to XX% versus was which call last the year. first throughout decline approximately and as quarter-to-date quarter. were net earnings This $X.X sales billion, the our on total April our decline trends with sales challenged sales XX% a For a shared we consistent comp of continue of

continued store channel, XX%, program, store while now divestitures. than prior comp our digital anniversaried to is in As a non-core impact By quarters. completed fully sales net year. impact our sales from have down versus last although reflect declined were Also, we the smaller reminder, the sales fleet optimization XX%

was Bath Bed comparable banner, digital Beyond decreased mid and of Our By higher product year. market & XXX XX% costs GAAP approximately net gross impacting channel margin single-digits, buybuy chain which of margin offset the total adjusted last basis negatively basis. year-on-year, points sales positive Supply BABY XX.X% points comps. Harmon versus quarter comparable on adjusted trends an remains and for XX decreased by than with remain gross sales sales. XX% more delivered XX.X% elevated, net margin. consistent basis

costs Additionally, transient to chain a from we had port-related fees. supply and markdown negative impact inventory reserves point XXX basis related

XX.X%. transient these adjusted quarter, the in gross Excluding was margin costs

As inventory. cost, capital and, announced particular, aggressive taking on are immediate this we on in actions morning, and we spending

approximately while unit XX% than sales During year, This times percentage worth lead with $X.X QX, XX% This delayed almost demand. is the sharply in with led more cash. of lower arrival XX between same sales of was long time, were billion inventory lower. met delta the higher to points versus at last receipts inventory and of

taken now quarter, charge excess aggressively work to intend the exhibited As face. that inventory this the the inventory industry to we and clear by we

SG&A will below Additionally, following occupancy remained $XXX capital million year, to cost due expense last store fleet a million. approximately dollar $XXX reductions and primarily lower minimum by we our expenditures planned of program. and to rent expense reduce optimization

of are higher, more costs, given as taking actions today. is why sales was which we even revenues, aggressive lower percentage SG&A announced However, as on

to led excluding when aforementioned million million, performance a adjusted approximately adjusted margin. Our $XXX which of sales $XXX loss gross of of costs that margin EBITDA negative gross was impacted transient the

operations systems as continue key in the Turning as certain our million. used remodels. Capital IT expenditures within million were approximately for balance cash cash $XXX investments $XXX supply well to sheet and with net chain and we initiated as flow, quarter approximately was

$X.X a this for to through with asset-based As we XX% I billion. $X $X.X will against billion negative total working the facility. share borrowings revolving updated progressed, quarter of outlook partially in liquidity continue and our credit the capital which balance funded We cash quarter, the investment will of this comp be range. commentary ended billion sales quarter second trend in and in year, $X.X to our At approximately billion our qualitative. the now continue point, with

based second SG&A half driven As negative by we we today, sharing expense progress to activity; comp incremental $XXX from minimum inclusive we are $XXX news $XXX through million the for plans, reflecting improve by to now to the fiscal we sales cost on we in million year below the announced are and sales, planned the announced of year of optimization the align inventory year, structure aggressive program; expenditures are ready reducing million actions $XXX sequentially full ‘XX, ‘XX. expense questions. of to including fiscal last million for capital following: optimization Operator, previously clearance a finally,

Operator

comes go from first Matuszewski from you. question Jonathan ahead. Instructions] Thank And Please [Operator Jefferies. our

Jonathan Matuszewski

transition. Difficulty] [Technical

You permanent mentioned a CEO for search is underway. the

you go-forward from search prior Thanks. my how the on different emphasizing is curious search? Just first this the That’s criteria question. are

Harriet Edelman

answering. This is you. Thank Harriet

So focus execution, retailing, merchant and sheet. cost clearly, skills, we effectiveness modern on balance and emphasis but want skills omni digital operations and on sharp a capabilities,

Jonathan Matuszewski

we it. question expense reduction. follow-up like million on new with a little elaborate Got bit a more you on? learned be And aggressive to you be then much. taking for rationalization fixed so stance sounds going just it Can and expense the cost Thanks discretionary are much. about on so a areas more operating quarter, Last will Thanks rationalization, program you that focused costs. $XXX

Gustavo Arnal

on, stone all not It’s have that unturned, store margin leaving our spend profitability, trends. rate. SG&A need supply variable working optimizing of we improve here. and fleet gross deeper going sales frankly, chain some into costs, any to or any recent about right-size started areas Gustavo our the like according both Jonathan, our indirect and We to the optimization, forward cost to improve business already Hi,

Sue Gove

to Yes. the just Sue. to focusing results. are be is resources drive And to would going this our I that, on that that immediate add going we are things

opportunities. So as cost we will prioritizing in near-term that our be prioritize we

Jonathan Matuszewski

Best Thank of you. luck.

Sue Gove

Thank you.

Operator

question Our go comes Please from next from UBS. Michael ahead. Lasser

Michael Lasser

time necessary raise if approach right Thanks preserve morning. question. you Gustavo, my at point, to transformation? taking have to will Bath company How a make Good need really that do lot enough capital, the allow what a think do where its chain And you and you investments capital? Bed be systems supply capital And does for the it the to on best to complete now? needs

Gustavo Arnal

capabilities, we’re Hi, challenging access the and the a it why that working are facility seasonality advisers, to our Yes. increase need with capabilities year, important spending to matter capital, protect by very business. liquidity We company. And supply do that BRG, to sufficient working quarters capital Michael, terms further the the speak. capital million the two our focused in within and world, capital working will look, elements financial there related navigate cycle, seen of you’ve we’re through our think particularly decisive liquidity plan the on to to from first, our million On in as million. third that $XXX of to modernize which given is exploring with we next still your technology in bringing spending, it capabilities, the of in within a dynamic is is for have as we’re change Sue now question we already a credit living look, $XXX and most, there system $XXX chain capabilities, down because said, areas this very our avenues even

take out. and confident manage balance So liquidity, invest the we are where we to focused be costs and very ability where we cash, on sheet our strengthen

Michael Lasser

experience Understood. this a stores. it and to the and My faith customers, is, respect, with in hard challenging retailer a it due with question gets can different? be reengage when precarious be situation into vendor is like partners, maintain your all to the difficult of to this, maintain it Why follow-up can be the situation hard can

Sue Gove

Sue. this is And Yes.

You’re right.

strengthening be going assortment, our focusing sheet. on managing our inventories, to We’re our our lowering balancing balance costs,

critical. think relationships, strong importantly, our we’ve back going offering And want most the them Our we stores be they we’re are to focusing got that place. place. those partnerships on got be the and customer team relationships that in a our to in into them getting to And product We’ve vendor going and vendor see.

Michael Lasser

you Thank luck. and very much good

Operator

next The question Please Baird. Kleber comes from ahead. from Justin go

Justin Kleber

on margin Yes. I of Hey, about color ask guys. gross provide for wanted you and to could taking Thanks Gustavo, the trajectory question. the going forward. just kind any

fade I effectively Or of the mentioned That’s the that You of of first XQ? the into during does in year? do to my transitory points balance those mean, the costs linger quarter. here basis expect we first some XXX question.

Gustavo Arnal

Yes.

the right? wanted significant show is the what in charge as Those exactly inventory, a Justin, we in this you to on We just those part reason quarter. costs said, to quarter did of right? first fourth we separately right, transient, took are

will The this a to it. But significant big that, of intervention. a very world working We was was that’s say through one-off. is hard that It’s this. continue But dynamic. portion and

I case. the The and in – second any was in And other the QX fees. penalties material was port said QX quarter. expect my call fees, a port-related this quarter, don’t in that We the that’s dynamic. last

the focused but supply the excluding margin, keenly margin. driving cost gross and not those product increases increases, freight on supply chain the ongoing we’re out, So items, – offsetting chain

Justin Kleber

you of clearance the from goal largely seems function clearing have, way the you’re of for kind And inventory the targeting? could half Any inventory. top about It you year? maybe it’s size in in like the half of Thanks related, impact through the year. then a improvement you back And do talked the line of across somewhat I back guess, Okay. that. a year-end comps

Gustavo Arnal

an have inventory We Justin. goal. do Yes, internal

quarter. quarter month objectives by have by We month,

point inventory point, to through right, that November the protect but seasonality. intervening, our down a bloated, still is – at I aggressively the cyclicality we’re inventory We in through you we need of and in the would right? areas business, is important December. where There and there flavor season the a little we’re bit We’re need feel we’re the while addressing at holiday declaring right? a we not is give still season, – levels where this back-to-college Other in to

business. reduction the our So to inventory year just the nature the of the more expect into of later fiscal cycle come is

Justin Kleber

Alright. Thanks so much.

Operator

Our next Please America. Bank Jason of Haas question go from ahead. comes from

Jason Haas

morning questions. for and my good taking thanks Hi,

first, Or to comments BABY business. still regarding on wanted findings is the a I curious, the this Strategy you business. then path off the are curious the So that to that will is the sale the remain strategic for at follow-up table? considering that if with your point, BABY the buybuy is it clarify for division? regarding just buybuy that And Committee’s language, what I’m – guys company,

Sue Gove

Yes. This is Sue.

And its stated. The potential the business. strong attractive in great of interest. and very remains date as a on value. to deal has is alone work today not Strategy business, evaluating is of the we’re We the we there business the Committee business know So a appreciating done

said, is So of future to continue potential. we’re I work the work process. a still going options to But build as and evaluate the we unlocking know that in there to interest. business the It’s on

Jason Haas

follow-up then Great. question, maybe Gustavo. for as a you. Thank And

clearance – that extent is think quarter-to-date XX% seeing out what inventory the To mid-down you On number? benefiting quarter-to-date I a the comp. called still

Gustavo Arnal

within the all is Jason. mix, It

part trends So second or related by the be impacted clearance. will quarter, we’re Those inventory sales working right. within the

Jason Haas

Got it.

Okay.

some way. Because guess like sounds benefit I from to it that inventory, So but think it? that some I is the it’s not there quantifying way under guess already Is it, correct? about benefit. there right you’re is

Gustavo Arnal

Yes.

Jason Haas

you. thank Okay,

Operator

Casella Our from next question Carla comes Please ahead. go JPMorgan. from

Carla Casella

sheet. related balance is question my to the Hi,

going XXXX now a up, changes flow, you’ve and how got about maturity how on a you start issue? that given and lot You’ve got negative to cash you think address mean, would I coming of do

Gustavo Arnal

planning. course, of is Hi, Yes, of capital here. Carla, structure Gustavo our part this

said the this of XXXX. only and the fee ‘XX before, are but fiscal and on have quarter-to-quarter, fiscal at looking not immediate as ‘XX, I fiscal We maturity also year,

and that, at not have anything to deal with capacity specific point. declaring we’re We this

Carla Casella

there been lot then should for Or few we is be of questions for quarters? make and do use talk inventory. to port still source on – the you capital a have lot Okay. so the coming the a would expect a next Great. so it in And cash year? But of it to more inventory large working

Gustavo Arnal

source be at the in look It of when of next a Yes. cash particularly QX because – dynamic seasonality we and the mentioned. won’t QX, I

be more of dynamic. will So QX it a

Operator

comes ahead. Seth our Thank And you. next from Wedbush. Basham go Please from question

Seth Basham

Thanks plan forward? more in areas question color a some lot. us you Can is you’re morning. is first assortment as what inventory. which on My Good bloated going to and give the what

Gustavo Arnal

Yes.

between of now – that lot immediate for a mismatch we’re so industry the contracting We’re And imported long the brands, to challenges supply a we last One, products when demand, supply time. softer mostly earlier, these categories chain a actions in was the there compounded a seeing the it. demand when right? have in taking by was as And reasons of are speak. as home and with lead actually there we now the are the owned related year, we’re couple back spoke estimated, happened, in is

So or there demand chain mismatch supply that the current on on consumption. is dynamic and

in overextended, strategy, speak. – adjusted. to brands Sue and be we as subcategories our provide color owned that it. is we’re as it important some we that said, is, on and There can needs other addressing but brand within Sue The some perhaps are more

Sue Gove

to balance brands. an wants of brands, We and more see company-owned customer think that national direct-to-consumer Yes. the of brands optimal

focused on focus and our driving at that. to of stores the we’re So customer mix with category the improving traffic the

Seth Basham

traffic losing you’re marketing driving job website? And the and struggled you that share. helpful. circling stores a driving adjust guys your traffic going on Thanks. forward, the That’s to plan to to plan marketing have your are you do How market somewhat going and then better

Sue Gove

Yes.

there now. positioning continue a with pretty we about college feel Traffic capitalizing with high in college tackle back right the our marketing our acceptance introducing We in of so today. on critical is that. We’re momentum. school, that We May, will to event area, and marketing our positively to made some the timing plan early shifts back-to-college in

We’re going to be monitoring the data and results.

test. launched just as our loyalty also We a program

We’re very term. early the and you giving in and updates about we’re excited to that the be on near going reads, talking

Seth Basham

you. Thank

Operator

question from Fernandez Group. from next Advisory comes Cristina Our go Please Telsey ahead.

Cristina Fernandez

good brands the morning. to on strategy. private follow-up wanted I Very Thanks question. my taking for

lead Given perhaps brands times, you when to make the there of national I guess, your like some long you in impactful do think can more consumers stores? and add that would see back change a those

Sue Gove

Yes.

is team down on immediately focused. merchant heads Our this right now. They are

As role to They’ll we day vendor today, merchandising, with assortments. a stepping immediately Mara very working very announced looking near-term. her with vendor of are the and at with we be the the in having she’ll into leadership closely evaluate the group, team be engaging

we’re immediately. area on heads focused that it, down on So

Cristina Fernandez

the the on escalating press quarter. in commented my the as second seeing month from that, question, or And within more last biggest in are Can areas it patterns so. you you what contraction? pressures to materially in on what relates purchasing date consumers, the home second release, then quarter the you’re comment the about you seeing fluctuations to by And the first

Gustavo Arnal

we pressures Yes. quarter-to-date. Cristina, visibility was the quarter, our the spoke or talk when that escalating month March Gustavo of provided here. own last through we trends for we Look, on is the mid-April

gotten more significantly least the and to saw or interest release, escalating. at after challenging of environment But Our has It’s trends the escalating, rate remain. many inflation it. retailers the just we our visibility macro results

question. me. part was the to. I Remind we for that’s So that. the referred second of what apologize There

Cristina Fernandez

in purchasing It’s patterns, like – around Thank home. and wellness the the within home you. changes the

Gustavo Arnal

you. Yes, yes, Thank Thank you. yes. Cristina. Thank you,

Bed Those growth look, had are Kitchen, declined started measure categories. April, about digit. we in of categories revenue. home XX% Bed look the So which closely data, are double Bath X digits. we you – And to ago, months When of now declining declined X seen those & May, see the declining at the categories aggregate Bath months since very past rates those – March, the the double three

again, revenues. for still our explanation challenges. the have But we of part it’s internal also our challenging own So

Operator

We for Susan, have please from ahead. Riley. comes more from time Anderson That Susan question. one go question B.

Susan Anderson

increase question. around can we appropriately Hi, also good the you how inventoried? look just in the then Thanks Bed maybe as if college, store look was taking Thanks. back given you’re wondering morning. Bath about there? Do thinking And inventory your penetration. as are about my you we you especially for base, you’re thoughts levels to forward how – I digital that the think give feeling into

Gustavo Arnal

Yes.

on First business we omni-channel front, the store as our continue seeing business. an

there stores and complement our between is So business. the digital

We’re with our business. happy digital

significantly have revenue. our the today, and We capabilities on XX% digital, of improved

continue So and be will it to remained has important so.

with plan higher stores. process dynamic a to will a store, the significantly dispersion with For process. now from our front. trends a as continue just of stores, buy on but at profitability what a an we But complement they supply doing, where the on sense It’s four-wall see even of urgency. sales stores And we up the more at up this a said, or our us accelerated look that come basis Sue takes them, drive look geographic our revised will to – less, dynamic these of is pick customers online

Okay.

Susan Anderson

And try you’re on that into appropriately front, if there Thank some just inventory heading to back the sales? and Great. you. you inventory of college the feel capitalize to too, hopefully on

Gustavo Arnal

Yes. we’re mentioned That’s focused keenly on. what Sue

was about Our XX%. It available has the in stocking distribution to Last were of not sell. We within improved. area past inventory at we our – that spoke, time we’ve spoken centers.

XXs. We’re low now in the

also of availability stores but not only in-stock in tracking items, We’re key digitally.

college, November, are back as part general, holidays in to It’s And improvement. and and I some May in for we seeing second of said, are quarter latter We July gradual. for preparing and for the our August, right, December.

Susan Anderson

Thanks Great. so much.

Sue Gove

Thank you.

things all Thank traffic, the sales, your sharing our the balancing wrap several to action want and you are much. just be the look balance progress so we’ve up that time. driving going months around talked We on today. inventory, immediate us to these really I costs, appreciate to items about critical with for assortment, next our sheet, you that, take to forward again, So stating with

Operator

and this Ladies for Thank concludes you gentlemen, you. participating. today’s Thank conference.

You may disconnect. now

20230930-DK-Butterfly-1 (BBBYQ) 29 Jun 222022 Q1 Earnings call transcript