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Jun 30, 2021
Beyond Q2 2021 Earnings Report
Delivered growth and profitability in Q2 2021, lapping the start of the pandemic.
Key Takeaways
Overstock.com reported a 4% year-over-year increase in net revenue, reaching $795 million. The company also reported income from continuing operations of $82 million and diluted earnings per share of $1.72. They released $47 million of their tax valuation allowance, and recognized a $228 million net gain from discontinued operations.
Total net revenue was $795 million, an increase of 4% year over year.
Gross profit was $175 million, representing 22.0% of total net revenue.
Income from continuing operations was $82 million.
Diluted earnings per share was $1.72.
Forward Guidance
Overstock expects the furniture and home furnishings market to benefit from strong and sustained demand, and to continue to migrate online over time. Overstock remains well positioned to capture market share and sustain its profitable trajectory through the remainder of 2021 and beyond.
Positive Outlook
- Strong and sustained demand in the furniture and home furnishings market.
- Continued migration of the market online.
- Overstock is well positioned to capture market share.
- Expectation to sustain profitable trajectory through the remainder of 2021 and beyond.
- Release of $47 million of tax valuation allowance illustrates confidence in the ability to continue to deliver sustainable, profitable market share growth.
Challenges Ahead
- The duration of the COVID-19 pandemic and its ultimate impact on our business and results of operations.
- Adverse tax, regulatory or legal developments.
- Competition, including how such factors will be impacted at such time as the pandemic subsides throughout the country and globally.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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