NASHVILLE, Tenn. – Bed Bath & Beyond Inc. has a new corporate name and address.
The company – which has been morphing into an “everything home company” providing merchandise, finance, and artificial intelligence in service of the home as an operating system and the customer as the asset holder – will now be known as Neighborhood Intelligence.
It will relocate its corporate headquarters from Murray, Utah, to Nashville.
It also said it will begin trading on Nasdaq under the ticker NXH, with its last day on the NYSE on August 14 and its first day on Nasdaq on August 17.
In a letter to shareholders, executive chairman and CEO Marcus Lemonis said the changes reflect the company “we have become and continue to build.”
“The new corporate identity also helps align the market’s perception of the business with its current reality: a diversified platform built around home ownership, home services, and omnichannel retail,” Lemonis wrote. “While Bed Bath & Beyond remains one of our most recognized consumer brands, the parent company’s new identity better reflects the breadth of capabilities that now exist across the enterprise.”
Lemonis said the company’s consumer brands, including Bed Bath & Beyond, The Container Store, Kirkland’s, Overstock, BuyBuy Baby, Cabinets To Go, and Lumber Liquidators, remain at the core of the business.
The moves came as the company reported its second-quarter financial results on August 4. Bed Bath & Beyond posted revenue of $361 million up 28% from a year earlier.
It reported a net loss of $39 million, compared with $19 million a year earlier. The current period includes $21 million of special items, primarily acquisition-related costs, restructuring costs, and non-cash store-closure impairments.
Active customers increased 47% to 6.4 million. The number of orders delivered increased 117% from a year ago to 2.8 million.
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