Beyond Posts Narrower Loss in 2Q, Cites "Progress"

Dow Jones07-30

Beyond narrowed its loss in the latest quarter and said it expects its financial performance to improve over the balance of the year on the back of the progress made during the period.

U.S.-listed shares of the company rose 6% in premarket trading on Tuesday.

The location-based online retailer on Monday posted a second-quarter net loss of $43 million, or 93 cents a share, compared with a loss of $73.5 million, or $1.63 a share, for the same period a year earlier.

Stripping out one-time items, the company's losses per share came in at 76 cents. Analysts surveyed by FactSet had forecast adjusted losses per share of 78 cents.

Revenue fell 5.7% to $398.1 million. Wall Street had forecast revenue of $381.7 million. Beyond said that orders delivered rose 8% to 1.9 million as its customer base increased 35% to 6.2 million.

Executive Chairman Marcus Lemonis said the company's building each of its brands to leverage its legacy strengths while leaning into vast white space, which would allow it to incrementally monetize these assets.

Beyond's portfolio includes Bed Bath & Beyond, Overstock and Zulily. Each has the potential to become a billion-dollar-plus revenue brand in its own right, Lemonis said in May.

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