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00:02Bed Bath & Beyond shares fell after the company reported second quarter results that missed Wall Street estimates, according to
00:08Benzinga.
00:09The company posted an adjusted loss of $0.53 per share on revenue of $361.16 million, missing analyst expectations
00:17on both metrics.
00:18Net loss widened to $39 million due to $21 million in acquisition, restructuring, and store closure costs.
00:25The company still delivered its second straight quarter of year-over-year revenue growth after 19 consecutive quarters of declines.
00:31Management said it plans to generate more than $50 million in annualized cost savings over the next 12 months by
00:37consolidating operations and streamlining supply chains.
00:40The company also announced a corporate transformation to Neighborhood Intelligence, a headquarters move to Nashville, and a planned NASDAQ listing
00:47under the ticker symbol NXH.
00:49The stock is near its 52-week low of $4.26, according to Benzinga Prodata.
00:54For all things money, visit Benzinga.com.
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