Bed Bath & Beyond, while posting a second-quarter sales gain with a larger-than-expected loss, announced a change of the corporate name to Neighborhood Intelligence and a move of its headquarters from Salt Lake City to Nashville.
Marcus Lemonis, the company executive chairman and CEO, said the planned corporate name change to Neighborhood Intelligence reflects the company’s application of technology and broader approach to serving homeowners. The company, in concert with the name change, plans to switch stock exchanges from the New York Stock Exchange to Nasdaq with the new ticker symbol NXH. The name change will be formally instituted when the move to Nasdaq is official.
Net loss was $39.5 million, or 53 cents per diluted share, versus a net loss of $19.3 million, or 34 cents per diluted share, in the prior-year quarter, Bed Bath & Beyond maintained.
Bed Bath & Beyond did not post adjustments to its net loss figures for the 2026 second quarter but recorded a net loss adjusted for one-time events of $12.7 million, or 22 cents per diluted share, in the year-past period, the company reported.
A Zacks Investment Research analyst consensus estimate was for a second-quarter loss of 30 cents per diluted share and revenues of $360.2 million.
Net revenue was $361.2 million versus $282.3 million in the quarter a year before. Bed Bath & Beyond noted that the revenue gain represented the company’s second consecutive quarter of year-over-year growth in the metric following 19 quarters of decline. Sales were supported, the company reported, by strength in its base online marketplace business, improved assortment, the realization of investments in the customer experience and the inclusion of The Brand House Collective, owner of the Kirkland’s and Kirkland’s Home brands.
Operating loss was $42.9 million versus an operating loss of $12.4 million in the year-previous quarter, according to Bed Bath & Beyond.
The company reported the number of active customers increased to 6.4 million, up 47% year-over-year, and orders delivered increased to 2.8 million, up 117%, the result of growth in the base business and the inclusion of acquired brands. Orders per active customer advanced to 1.79 from 1.32 in the year-earlier period, an increase of 36%.
During and following the second quarter, the company asserted, Bed Bath & Beyond continued assembling capabilities that support its strategy. After the company’s Brand House Collective transaction closed, the acquisition of The Container Store, Elfa and Closet Works closed on July 8. In addition, during June and July, Bed Bath & Beyond announced definitive agreements to acquire retail brokerage firm and title business Fathom Holdings and F9 Brands, which operates Cabinets To Go and Lumber Liquidators among other operations. Bed Bath & Beyond noted it expects continued revenue growth in its base online marketplace business together with gains in total revenue and active customer count during the coming quarters
In a conference call, Lemonis said Bed Bath & Beyond would go to lengths, even in the case of its recent acquisition of a real estate brokerage and title company, to build a business that provides the full range of goods and services for home seekers and homeowners. He said the company aims to continue improving its use technology, services and omnichannel retail to make establishing and operating households easier.
“What we can do is attack the friction and unnecessary costs around it, help first-time buyers prepare, help a family understand the full monthly obligation, make insurance and title more transparent, offer products at better values, plan projects more intelligently, and complete installations more reliably,” Lemonis said.
Lemonis added, “Every business we brought into, the company came with subject matter experts who have spent decades understanding one part of the home and one stage of the homeowner’s journey. From storage design and organization to decor to flooring, kitchens, installation, brokerage, mortgage, title and all the things in between. We’re assembling operators who know how these businesses work and understand the value of connecting their expertise to a larger platform. That distinction matters. We are not collecting companies. We are not a roll-up. We are assembling capabilities, expertise, and relationship around the economics of home ownership.”
In announcing the second-quarter financial results, Lemonis said, “Our second-quarter results show that the transformation of this business is taking hold. After eight quarters of meaningful operating improvement, we have now delivered two consecutive quarters of revenue growth following 19 quarters in the other direction. Two quarters is not a victory and we have no intention of treating it as one, but it is strong support that the direction of this business has changed. We are growing revenue and active customers while continuing to take cost out of the business and operate more efficiently, and that combination matters.”
Lemonis added, “Our omnichannel retail brands remain the front door to the customer. We are seeing better engagement, stronger conversion and more frequent orders per customer, which we believe tells us the customer is responding to the investments we have made.”
As it proceeds, Bed Bath & Beyond is bringing capabilities on board and building active customers “while eliminating infrastructure we no longer need,” Lemonis said. “As revenue ramps, we believe that over the next 12 months we can remove more than $50 million of annualized cost by bringing our businesses together onto one platform, eliminating non-performing assets, consolidating disciplines and shared resources, improving the cost of our supply chain infrastructure, and eliminating or consolidating duplicative third-party services, software agreements and locations. We would not call it cost cutting. We would call it finishing the merger.”
In a letter to shareholders on Bed Bath & Beyond’s development, Lemonis stated: “Our mandate through all of it has remained remarkably simple: build a company that makes homeownership simpler and more affordable while creating long-term value for our shareholders. Those objectives have never been viewed as competing priorities, because we believe they reinforce one another: the better we serve homeowners, the stronger our business becomes and every acquisition, every investment, every organizational change and every operational decision has been measured against that mandate.”
Lemonis said in discussing the corporate name change that Neighborhood Intelligence “is much more than our new corporate identity, because it encompasses the data we collect, the technology we build, the intelligence we apply, the workflows we redesign, the trusted brands we operate, the financial infrastructure we continue to expand, the blockchain and tokenization capabilities we believe will become increasingly important to the future of ownership, and, most importantly, the people who bring all of those capabilities together every day. Internally, it helps us eliminate unnecessary infrastructure, simplify workflows, improve decision-making, modernize operations and operate more efficiently. Externally, it connects products, services, financing, information and expertise into a seamless experience that helps make homeownership simpler, more transparent, and more affordable.”
As for the move to Nasdaq and Nashville, Lemonis added, “Our decision to move to Nasdaq reflects our long-term commitment to innovation, technology and data, and our decision to relocate to Nashville reflects the culture we are building and the talent we intend to attract. Nashville is already home to several of our largest businesses and provides an outstanding environment for entrepreneurship, technology, creativity, and collaboration. Those decisions are not departures from our past; they are investments in our future.”
