Bed Bath & Beyond reports Q1 EPS (24c), consensus (25c)

Reports Q1 revenue $247.8M, consensus $245.0M. “Our first quarter results show that the work we’ve been doing to stabilize and rebuild the business is taking hold,” said Marcus Lemonis, Executive Chairman and Chief Executive Officer. “We delivered real year-over-year revenue growth, something we haven’t seen meaningfully in several years, while continuing to take costs out of the business and operate more efficiently. That combination matters. Our omnichannel retail brands remain the front door to the customer,” Lemonis continued. “We’re seeing better engagement, stronger conversion and improvements in average order value, which tells us the customer is responding to the investment we’ve made. Our product categories and home services initiatives are the engines that drive demand. When you connect that with our digital and financial capabilities, you start to build an ecosystem that keeps the customer engaged longer and increases lifetime value. Our improving results and strategic advancements, including our most recent announcement to acquire The Container Store, Elfa and Closet Works, will position us well to deliver long-term shareholder value aligned to our Everything Home 3 pillar ecosystem.”