Bed Bath & Beyond Acquires One Kings Lane
Bed Bath & Beyond Inc. said it acquired One Kings Lane Inc., a flash-sales website focused on home furnishings and decor that once was one of the hottest e-commerce startups.
The Union, N.J., retailer's chief executive, Steven H. Temares, said the One Kings Lane acquisition "will serve as a cornerstone for Bed Bath & Beyond's growing offerings in furniture and home decor."
One Kings Lane, which focuses on home goods, designer and vintage items, also offers interior-design services at its two design studios, in San Francisco and New York.
Bed Bath & Beyond has been beefing up its so-called omnichannel strategy, selling across the web, in stores and on mobile. Those efforts have put additional pressure on margins already hurt by sales promotions.
The retailer, which sells items from bedding and kitchen appliances to vacuum cleaners, said the deal closed after the end of its latest quarter ended May 28.
The company expects the purchase of One Kings Lane will slightly reduce its per-share earnings for its fiscal year ending in February.
During April, Bed Bath & Beyond reported holiday-quarter results that topped its lowered expectations as the company also announced an initial quarterly dividend.
The company plans to release its financial results for its latest quarter on June 22.
Its shares, which have declined 39% in the past 12 months, were inactive in recent after-hours trading.