Omni-channel retailer Bed Bath & Beyond Inc (NYSE:BBBY) reported second-quarter financial results Tuesday after market close.
• Bed Bath & Beyond shares are retreating from recent levels. Why are BBBY shares down?
Here are the key highlights.
Bed Bath & Beyond Q2 Earnings
Bed Bath & Beyond reported second-quarter revenue of $361.16 million, up 28% year-over-year. The revenue total missed a Street consensus estimate of $362.38 million, according to data from Benzinga Pro.
The company said this was its second straight quarter of year-over-year revenue growth, which follows 19 quarters of declines.
Active customers were up 47% year-over-year in the quarter to 6.4 million. Orders delivered were up 117% year-over-year to 2.8 million in the quarter.
The growth came from the company’s base business and including acquired brands.
The company reported a loss of 53 cents per share, missing a Street estimate of a loss of 26 cents per share.
Bed Bath & Beyond ended the quarter with cash and cash equivalents of $126 million.
What’s Next for Bed Bath & Beyond
The company is rebranding as Neighborhood Intelligence, with a planned move to the Nasdaq under ticker NXH. The company is also relocating its corporate headquarters to Nashville, Tennessee.
"Our second quarter results show that the transformation of this business is taking hold," Bed Bath & Beyond Inc CEO Marcus Lemonis said.
Lemonis said the company is seeing better customer engagement and more frequent orders per person.
In the quarter, the company closed its acquisition of The Brand House Collective. The acquisitions of The Container Store, Elfa and Closet Works closed in July.
Agreements to acquire Fathom Holdings and F9Brands are also in place.
"We are acquiring capabilities and active customers while eliminating infrastructure we no longer need."
Lemonis said the company believes it can cut $50 million in annualized costs over the next 12 months as the acquisitions close and companies are integrated together.
"We would not call it cost cutting; we would call it finishing the merger."
Bed Bath & Beyond Stock Price Action
Bed Bath & Beyond shares are down 7.2% to $5.16 in after-hours trading Tuesday versus a 52-week trading range of $4.26 to $12.65.
Photo by Retail Photographer via Shutterstock
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