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00:02Bed Bath & Beyond narrowed its first quarter loss and returned to revenue growth as its
00:07turnaround efforts progressed, according to The Wall Street Journal.
00:11CEO Marcus Limonis said,
00:13Customer acquisition, engagement quality, and owned channel performance improved,
00:18and average order values increased. The company reported an adjusted loss of $0.25 per share
00:24on $247.8 million in revenue, compared with expectations of a 24-cent loss and $240.1
00:32million in revenue. The company said revenue rose 6.9%, marking its first quarter of revenue growth
00:39in 19 quarters. The home retailer is operating with its lowest cost structure in more than 12 years
00:44and expects $60 million in cost savings over the next nine months. Active customers declined,
00:50while revenue per customer increased. Shares rose 28% after hours on Monday.
00:56For all things money, visit Benzinga.com.
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