Bed Bath & Beyond Inc. (BBBY - Get Report) , the household-goods retailer, swung to a fiscal-first-quarter net loss from a year-earlier profit, booking an impairment of goodwill as well as costs related to severance and shareholder activity.
The shares were 2.8% higher at $11.84 in late trading as the company reported adjusted profit of 12 cents a share, the high end of its guidance.
For the quarter ended June 1, Bed Bath & Beyond posted a loss of $371.1 million, or $2.91 a share, against earnings of $43.6 million, or 32 cents, in the year-earlier period.
Analysts surveyed by FactSet had estimated the company earned 7 cents a share, or an adjusted 8 cents, in the quarter.
Sales fell 6.6% to $2.57 billion. FactSet's consensus estimate was $2.58 billion.
Comparable-store sales fell 6.6% in the quarter.
Bed Bath & Beyond said in its earnings report that it had set out four key short-term priorities: "stabilizing and driving" revenue growth, "resetting the cost structure, reviewing and optimizing the [asset] base, including our portfolio of retail banners, and refining our organization structure."
For the fiscal year, excluding the impairments and costs, Bed Bath & Beyond is guiding to the lower end of its previously provided ranges of $2.11 to $2.20 of profit and $11.4 billion to $11.7 billion for net sales.