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Jun 30, 2023
Beyond Q2 2023 Earnings Report
Announced second quarter 2023 financial results and completed acquisition of Bed Bath & Beyond brand.
Key Takeaways
Overstock reported a decrease in total net revenue to $422 million, a gross profit of $94 million, and an operating loss of $4 million. The company's net loss was $73 million, with a diluted net loss per share of $1.63. However, adjusted EBITDA remained positive at $8 million, representing 2.0% of net revenue.
Total net revenue decreased by 20% year-over-year to $422 million.
Gross profit was $94 million, representing 22.4% of total net revenue.
Operating loss was $4 million.
Net loss was $73 million, with a diluted net loss per share of $1.63.
Forward Guidance
Overstock anticipates future growth from the Bed Bath & Beyond brand acquisition, expecting to scale its business in the U.S. and Canada. They are focused on the Bed Bath & Beyond U.S. launch, targeted for early August.
Positive Outlook
- Acquisition of Bed Bath & Beyond brand completed.
- Successful launch and early performance in Canada.
- Strong balance sheet with over $300 million in net cash.
- Asset-light operating model.
- Targeting early August for Bed Bath & Beyond U.S. launch.
Challenges Ahead
- Intensely competitive environment.
- Need to win Bed Bath & Beyond customers.
- Need to retain existing loyal customers through the transition.
- Work remains to be done.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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