Bed Bath & Beyond Q1 Loss Narrows

(RTTNews) - Bed Bath & Beyond, Inc. (BBBY) Monday reported first-quarter net loss of $16.4 million or $0.24 per share, compared to a loss of $39.9 million or $0.74 per share last year.

First-quarter net revenue was $247.8 million, representing an increase of 6.9% year-over-year compared to $231.7 million. Net revenue excluding the impact of exiting Canada increased 9.4% year-over-year.

"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."