Bed Bath & Beyond Q1 revenue up 6.9% YoY, first growth in 19 quarters; net loss improves $24M

First quarter net revenue was $248 million, representing an increase of 6.9% year-over-year. Net revenue excluding the impact from our exit from Canada (non-GAAP) increased 9.4% year-over-year. Notably this was the first quarter of significant revenue growth in 19 quarters, signaling strong brand awareness among customers and improved assortment and realization of investments in customer experience. Gross profit was $59 million, or 23.9% of net revenue. Sales & Marketing expense was $32 million, or 13.0% of net revenue, a 50 basis point reduction year-over-year. Technology and general and administrative expense declined to $36 million compared to $41 million in the prior year, a $5 million improvement year-over-year. Net loss was $16 million, a $24 million improvement year-over-year.