Beyond Inc has reported a significant improvement in its net loss for the first quarter, which management attributed to the ongoing restructuring.

For the quarter ended March 31, net loss reduced 42 per cent to $40 million, while adjusted EBITDA improved 72 per cent.

Net revenue decreased 39.4 per cent to $232 million, which was due to the previously disclosed decision to eliminate non-contributory SKUs and vendors 

“Our first quarter results illustrate our team’s progress against the mandate to return to profitability, including margin optimization, SKU rationalization, and fixed cost restructuring,” said Marcus Lemonis, executive chairman and principal executive officer.

“The consistency we saw in the final weeks of the quarter through today in sales performance and marketing efficiency marks a tipping point,” Lemonis added.

Beyond believes it is less than 60 days from transitioning out of restructuring and into revenue growth.

The company owns Bed Bath & Beyond, Overstock, BuyBuy Baby, and other related brands and websites.