Dive Brief:
- Bed Bath & Beyond Inc. is changing its corporate name to Neighborhood Intelligence and will begin trading on the Nasdaq under the ticker symbol NXH, effective Aug. 17. As a result, the company’s last day trading on the New York Stock Exchange will be Aug. 14.
- The company is also relocating its headquarters from Murray, Utah, to Nashville, Tennessee, according to a Tuesday announcement.
- The changes underscore the company’s three-pillared turnaround strategy, focused on omnichannel retail and commerce; digital, financial, insurance and blockchain services; and beyond home, which includes an AI-powered home operating system.
Dive Insight:
The corporate name change and headquarters relocation mark the latest moves from the company to establish the next era of Bed Bath & Beyond.
CEO Marcus Lemonis reiterated the company’s ambitions to move beyond being a retailer, hoping to be a part of customers’ lives in every aspect of their home — from flooring to insurance.
“Retail can only introduce us to the customer. Home services allow us to deepen that trust. Quite frankly, it's where the real margin exists,” Lemonis said on a call with analysts Tuesday. “When a customer invites us across the threshold, they're trusting us with an expansive and disruptive project inside of their home where their families live.”
Lemonis called out recent acquisitions — like Closet Works and Lumber Liquidators, as well as real estate brokerage firm Fathom — as helping it to build out the service component for customers.
The company’s plan to expand beyond retail has “some merit,” according to GlobalData Managing Director Neil Saunders. “We are concerned that the vision is too lofty in aspiration and too lacking in detail and precision. And ultimately, that might prove its undoing – especially in terms of how it’s presented to the customer,” he said.
Bed Bath & Beyond on Tuesday also reported second quarter earnings results. Revenue in the period increased 28% year over year to $361 million, which the company said marks its second consecutive quarter of year-over-year revenue growth after 19 quarters of declines.
“While two quarters are not a victory, and the work is far from finished, what matters is that the operating model is now producing measurable evidence that it is working — revenue growth, order growth, margin expansion and early integration results from the businesses we've acquired,” Lemonis said.
Though much of that growth is thanks to the acquisitions Bed Bath & Beyond made, particularly the deal to acquire The Brand House Collective (formerly Kirkland’s Home), which closed in the second quarter.
Last year, when The Brand House Collective was a stand-alone business, the company reported Q2 2025 net sales of $75.8 million. “If that's factored in, growth for the two combined businesses comes in at a much less impressive 0.9% on a simple pro forma basis,” Saunders said in emailed comments. “The periods are not perfectly aligned, but the calculation provides a much better indication of the underlying performance which, honestly, isn’t all that impressive given it comes in below overall market growth.”
The recent acquisitions also increased the company’s active customer base to 6.4 million, up 47% year over year, and orders delivered to 2.8 million. But Bed Bath & Beyond’s net loss expanded in the quarter, reaching $39 million from $19 million a year ago.
“The proof point in whether this vision can successfully come to life will ultimately come from being able to generate sustained top line growth with some good profitability – which will also rely on finding high synergistic cost savings,” Saunders said.
Looking ahead, the company expects Q3 revenue to be between $505 million and $525 million, with margins expected to be around 30%.
