Bed Bath & Beyond posted its first meaningful revenue growth in nearly five years on Monday, sending the stock surging more than 25% in after-hours trading.
The e-commerce retailer reported Q1 revenue of $247.8 million, up 6.9% from $231.7 million a year earlier. That beat the Wall Street consensus of $240.1 million. CEO Marcus Lemonis called it “the first quarter of significant revenue growth in 19 quarters.”
Bed Bath & Beyond $BBBY posted its 1ST revenue growth in 19 quarters, with Q1 sales up 6.9% to $248 million, or up 9.4% excluding Canada. Net loss narrowed to $16 million from $40 million a year ago, while average order value rose to $205 from $194. pic.twitter.com/t8XDi31bbK
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The company reported a net loss of $16.4 million, or 24 cents per share. That compares to a loss of $39.9 million, or 74 cents per share, in the same quarter last year. Analysts had expected a loss of 24 to 28 cents per share, depending on the measure.
The stock closed Monday’s regular session down 4.8% at $5.34, before jumping to around $6.83 in after-hours trade. The stock is still down 2.2% year-to-date and well off its meme-stock peak above $90 in 2021.
Lemonis said average order values have increased and that returning customer behavior is strengthening. The company reported 3,951 active customers in the quarter, down from 4,779 a year earlier, but net revenue per customer rose to $268 from $260.
The company announced plans to acquire The Container Store in a $150 million deal. Under the arrangement, Container Store locations would relaunch under the name The Container Store + Bed Bath & Beyond.
BBBY also reached an agreement to acquire F9 Brands, the owner of Cabinets to Go and Lumber Liquidators. Lemonis said these deals are part of a broader push to expand its lines of business and build a unified technology system.
“Many of these businesses have strong underlying fundamentals but we believe have been constrained by duplication, overhead, and complexity,” Lemonis said.
The company expects to drive $60 million in cost savings over the next nine months. Lemonis said BBBY is now operating with its lowest cost structure in more than 12 years.
BBBY named Kyla Robinson as its new Chief Technology Transformation Officer. Robinson will report to President Amy Sullivan and previously led digital commerce and direct-to-consumer work at Spanx.
The company is continuing its push to rebrand as the “Everything Home Company.” That effort includes home financing, retail brokerage, home services, and blockchain-based home technology.
The current version of Bed Bath & Beyond came to life after Overstock acquired the failed retailer’s intellectual property in 2023. An earlier attempt to rescue The Container Store in 2024 fell through.
Over the past 12 months, BBBY stock is up 28.7%.
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