April 12 (UPI) -- Bed Bath & Beyond will close dozens of stores this year but open several others in new locations, the company said in its earnings call this week.
The company said at least 40 stores will close, though their locations were not initially reported.
"This number will grow unless we are able to negotiate more favorable lease terms with our landlords," Robyn D'Elia, chief financial officer for Bed Bath & Beyond, said during the call Wednesday.
The company also operates Buy Buy Baby, Harmon Face Values and World Market outlets. The New Jersey-based company opened three stores in the fourth quarter of last year and closed 21.
D'Elia said most of the closings will involve Bed Bath & Beyond outlets. The company reported a net loss of $1.92 per diluted share in the fourth quarter and $1.02 for last year.
"We have been driving significant foundation change across our business," CEO Steven Temares said. "The pace of our transformation accelerated [in] 2018 and we made measurable progress."
The company said the closures and openings are part of a multi-year effort to achieve fiscal goals.