Investing Basics So, no, very, very good set of questions. And so, as you'd expect, the larger QSRs, some of them are doing quite well, particularly those with drive-through.But it's the smaller regional chains that don't have drive-thrus or the mom-and-pops that are struggling so much.
(RTTNews) - Bed Bath & Beyond Inc (BBBY) will host a conference call at 5:00 PM ET on July 8, 2020, to discuss Q1 20 earnings results. Before discussing our first quarter results, I’d like to comment on the COVID-19 global health crisis. They’ve been helping us to understand that market and the consumer. Thanks for the question.Two quick ones. Net income was $1.8 million or $0.03 per common diluted share, as compared to a net loss of $6.6 million or $0.95 per common share in Q1 last year.The strong improvement was primarily the result of the increase in net revenues and gross profit as well as operating expense leverage compared to the first quarter of 2020. You actually captured all of it, including my follow-on, so I'll leave it here.
Growth in net revenues for the second quarter of 2020 was primarily driven by an increase in volumes sold, partially offset by lower net price per pound as we implemented our strategy to offer more aggressive pricing and promotional programs amid temporary dislocations in the animal protein market.In aggregate, although our Q2 net price per pound of $5.69 was down only 3% year over year and 2% sequentially, this number was heavily influenced by the significant mix shift from foodservice toward retail sales channels that we experienced. Do you feel comfortable that’s enough? The 1,200 basis point year-over-year improvement in gross margin was primarily due to an increase in the volume of products sold, production yield improvements, direct materials and packaging cost savings, and improvements in direct labor and other variable overhead costs relative to the first quarter of 2019.The combination of these factors led us to achieve the company’s best ever quarterly cost of goods sold per pound and reinforce our belief in our long-term goal to take cost out of our manufacturing operations and narrow the price gap of our products relative to animal protein. And I just think people don’t want to hear that right now. Our strong Q1 results largely reflect demand that exceeded our expectations in January and February, followed by softer results in March as we experienced a deterioration in sales to foodservice customers as domestic and international stay-at-home orders became more widespread. None of them have indicated that there’s going to be any change and decision to move forward with us or continue to expand with us. You have new procurement — new raw material supply agreements on pea protein isolate. Given the enormous need, particularly during COVID-19, we feel strongly it is part of our brand ethos to be of service when we can. Usually, it's my fault, but not this time.
So I think we take the marketing first.
Included in cost of goods sold during the quarter was $5.9 million of expenses related to product repacking activities due to COVID-19.As mentioned earlier, we experienced a sudden and significant shift in demand from our foodservice to our retail business, prompting our decision to convert a meaningful portion of our foodservice inventory into retail product items. You’ve given us an update pretty much each quarter about what the receipt purchase numbers look like. Are you able to quantify that? And by when should we actually expect to start to see some of the products in the Starbuckses [Phonetic] in China?Oh, it’s been great. And so discounting was pretty low in the first quarter. And the thing that was most stunning to me was around this shift that the team was able to accomplish from roughly a 50/50 foodservice to retail distribution in the beginning of the year to this 88% retail, 12% foodservice and to move all the lines and the products over that way. But I think you’ll see the most — if I had to guess, the most traction right now out of — near term out of Amazon Fresh.And I’m not showing any further questions at this time. I think it was about 550 basis points.
Some economies are recovering more quickly, right? So, can I ask about the share trends in -- particularly on the fresh patty side? Please note that on today's call, management will refer to adjusted EBITDA, adjusted gross profit and adjusted net income or loss, which are non-GAAP financial measures. I mean there are so many different moving pieces there. So, I guess I'm a little surprised to see it kind of lagging the restaurant sector.And I wanted to know, are you seeing anything within those chains that indicates that maybe consumers are just buying their old favorites during this time frame? In addition, and particularly noteworthy as it relates to continued advancement of our poultry platform, we recently initiated a limited time promotion of Beyond Fried Chicken with KFC in Southern California.KFC Beyond Fried Chicken was available in more than 50 restaurants throughout Southern California in a six- or 12-piece combo meal for planned one month sneak peek. And so we need to do that in the parts of the world, where we can be most relevant. So are you kind of saying — or let’s say, by saying that the margin in Q2 would be lower kind of given that volume deleverage, which would be coming from foodservice, not retail, that Q2 revenue in foodservice would actually decline year-over-year, right?
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