Bed Bath & Beyond (NASDAQ: BBBY) reported Q1 EPS of $0.12, $0.04 better than the analyst estimate of $0.08. Revenue for the quarter came in at $2.57 billion versus the consensus estimate of $2.58 billion.

Comparable sales in the fiscal 2019 first quarter declined approximately 6.6%.

GUIDANCE:

Bed Bath & Beyond sees FY2019 EPS lower end of $2.11-$2.20, versus the consensus of $1.98. Bed Bath & Beyond sees FY2019 revenue lower end of $11.4-11.7 billion, versus the consensus of $11.48 billion.

Mary A. Winston, Interim CEO, stated, "Bed Bath & Beyond is an iconic brand with tremendous opportunity and we recognize that there needs to be a fundamental change in our approach to executing the Company's business transformation. We have set four key near-term priorities that include stabilizing and driving top-line growth; resetting the cost structure; reviewing and optimizing the Company's asset base, including our portfolio of retail banners; and refining our organization structure. The Board and management team are aligned on these priorities, and we are committed to completing a deep review of the business to prioritize and drive forward the most meaningful initiatives to improve performance. As we execute against these near-term priorities, our focus will re

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