Beyond reports Q1 adjusted EPS ($1.22), consensus (87c)

Reports Q1 revenue $382.28M, consensus $389.26M. Reported Q1 orders delivered of 2.2M, an increase of 27% year-over-year. Reported Q1 active customers of 6.0M, an increase of 26% year-over-year. Reported cash and cash equivalents totaled $256M at the end of the first quarter. “2024 has begun with a strong strategic focus on building a portfolio of profitable brands designed to drive high customer affinity and lifetime value,” said Marcus Lemonis, executive chairman. “We are now 120 days into this new era for the company, building a foundation that will cause the next ten years to look materially different from the last ten, while deepening my conviction in our vision: to become the ‘AAA of Home’ – offering solutions for everything within the four walls of your home and extending to the four corners of your property. That foundation consists of three powerful brands: Bed Bath & Beyond, Overstock, and now Zulily, and we believe each of them has the potential to become a billion-dollar-plus revenue brand in its own right. That foundation requires us to have the right team, the proper brand positioning, and the most efficient process to profitably grow… We are halfway through the plan outlined last quarter to reduce expenses by $45M on an annualized basis and will aim to continue to eliminate unnecessary fixed costs and create a more variable cost structure. We believe these actions, in combination with soft launching Overstock and soon Zulily, will yield sequential improvements in our margin profile. As we move through the balance of the year we will continue investing in our foundation and refining the processes that we believe will enable profitable growth for the long term.”