with Cohen's firm, RC Ventures, by agreeing to add new board members and explore whether it should spin off or sell its BuyBuy Baby business, which has been one of its bright spots.
The company's net loss grew to $159 million, or $1.79 per share, from net income of $9 million, or 8 cents a share, a year earlier. Excluding one-time items, it lost 92 cents a share. Analysts surveyed by Refinitiv had expected earnings per share of 3 cents. Digital sales declined by 18% compared with the year-ago period, which partially reflects the shift back to stores and normalizing e-commerce levels.
Along with executing on its turnaround efforts, Bed Bath must compete for shoppers' dollars as inflation is at. Consumers are also weighing other spending priorities, such as summer vacations and spring wardrobes, which may direct their attention outside of the home.