BBBY Stock Soars After Reporting First Revenue Jump In Nearly Five Years

• The company announces a strategic partnership with Bilt .
• Reports Q1 revenue at $247.8 million, beating expectations of $245 million. 
• Two out of seven analysts rate the stock ‘Buy’ and five rate ‘Hold.’ 

Bed Bath & Beyond (BBBY) stock soared 26% after-hours after the company reported its first quarterly revenue jump in nearly five years, which also beat analyst expectations. 

BBBY stated that this marked its first quarter of revenue growth in 19 quarters. Excluding the impact from its exit from Canada, net revenue 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. Our omnichannel retail brands remain the front door to the customer," Lemonis continued. 

BBBY also announced a strategic partnership with Bilt to build a more connected “everything home” experience, now including Bed Bath & Beyond, The Container Store, Kirkland’s, Overstock, and buybuy BABY. 

Bilt operates as a fintech and loyalty platform, enabling residents to accrue rewards on rent and housing expenditures for redemption toward travel, lifestyle experiences, and daily benefits.

Lemonis in a letter to shareholders added, “The business is still in the process of rebuilding, but the trajectory is clear and reflects a model that is beginning to scale.”

“Bed Bath & Beyond is also operating with its lowest cost structure in more than 12 years,” he added. The company plans to save $60 million in costs in the next nine months.

Retail View 

Sentiment on Stocktwits was ‘extremely bullish’ with ‘extremely high’ message volumes. 

One user was bullish on the stock and said the earnings showed this wasn’t like “the old bed bath and beyond”
https://stocktwits.com/americanpharoah/message/651567966

Another user expressed caution, suggesting taking profits.

The stock has lost 2% year-to-date.