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MURRAY, Utah - Beyond, Inc. (NYSE:BYON) shares soared 17.8% after the company reported better-than-expected first quarter earnings, despite a significant revenue decline, as restructuring efforts showed signs of progress.
The owner of Bed Bath & Beyond (OTC:BBBYQ), Overstock, and buybuy BABY reported an adjusted loss of $0.42 per share for the first quarter, beating analyst estimates of a $0.63 loss. Revenue fell 39.4% YoY to $232 million, missing the consensus estimate of $288.13 million, as the company eliminated non-contributory SKUs and vendors.
Despite the revenue drop, Beyond highlighted improvements in profitability metrics. Gross margin expanded 560 basis points YoY to 25.1%, while sales and marketing expenses as a percentage of revenue improved 430 basis points. The company reported a net loss of $40 million, a 46% improvement YoY, and adjusted EBITDA loss narrowed by 72% to $13 million.
"Our first quarter results illustrate our team’s progress against the mandate to return to profitability including margin optimization, SKU rationalization, and fixed cost restructuring," said Marcus Lemonis, Executive Chairman and Principal Executive Officer.
Beyond believes it is less than 60 days from transitioning out of restructuring and into revenue growth. The company ended the quarter with $166 million in cash, cash equivalents, restricted cash, and inventory.
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