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Overstock.com, Inc. (NASDAQ: OSTK) is a prominent online retailer specializing in home furnishings and furniture. Based in Salt Lake City, Utah, Overstock has recently undergone a significant transformation by acquiring the beloved consumer brand, Bed Bath & Beyond. This strategic move has revitalized the Bed Bath & Beyond brand, merging the strengths of both companies into a single, comprehensive online shopping destination under the Bed Bath & Beyond name.
Overstock's rebranding initiative reflects its commitment to evolving with the times. The new Bed Bath & Beyond offers an extensive range of high-quality home products, including furniture, décor, area rugs, bedding, bath items, lighting, and home improvement essentials. Customers can now enjoy a seamless shopping experience through the newly launched BedBathandBeyond.com and its mobile app, which feature millions of products at competitive prices.
Jonathan Johnson, CEO of the new Bed Bath & Beyond, highlighted the rebranding's significance, stating, “This is a historic day for Bed Bath & Beyond and Overstock – and for the broader ecommerce industry.” The rebranding aims to modernize the business model, making Bed Bath & Beyond an asset-light, ecommerce-only retailer with a broader assortment of home furnishings and furniture.
One of the notable achievements post-rebranding includes the successful launch of bedbathandbeyond.ca in Canada on June 29, 2023, and bedbathandbeyond.com in the U.S. on August 1, 2023. These launches have garnered positive responses, with increased customer engagement and year-over-year order growth.
Financially, the company is on a positive trajectory. Recent updates indicate substantial growth in active customers, improved website visits, and better conversion rates. The company has also embraced a fixed cost restructuring plan to enhance long-term shareholder value, aiming for annualized cost savings of approximately $25 million.
Additionally, Bed Bath & Beyond has introduced an innovative gift registry platform in partnership with MyRegistry. This digital-first registry offers seamless social sharing, real-time gift feeds, pricing integration, and built-in gift management, providing a modernized experience for gift-givers and registrants alike.
Overstock, now operating as Bed Bath & Beyond, continues to post regular updates about its business and financial performance on its Newsroom and Investor Relations pages. The company’s strategic direction, technological innovations, and customer-centric approach position it as a key player in the ecommerce space, dedicated to connecting consumers with products they love.
Overstock (NASDAQ:OSTK) will participate in an investor event hosted by Wedbush Securities on November 9 at 12:00 p.m. ET. CEO Jonathan Johnson and CFO Adrianne Lee will engage in a discussion and Q&A session, aiming to enhance their visibility within the investment community following a robust third-quarter performance. The virtual fireside chat underscores Overstock's commitment to investor engagement. Known for its e-commerce platform that offers a variety of home products, Overstock is also a pioneer in blockchain technology, having accepted cryptocurrency since 2014.
Overstock.com (NASDAQ:OSTK) reported impressive Q3 2020 results, with a net income of $23 million and total net revenue of $732 million, reflecting a 111% year-over-year increase. Gross profit rose to $171 million, accounting for 23% of total revenue. Diluted earnings per share improved to $0.50, marking a $1.39 increase from the previous year. Retail customer growth soared by 141%, with mobile device orders representing 50% of gross sales. Despite challenges from the COVID-19 pandemic, the company maintained strong liquidity, with cash and equivalents totaling $530 million.
tZERO has partnered with Tynton Capital to develop a digital infrastructure technology fund, aiming for a $300 million offering on the Tezos Blockchain. This partnership is set to enhance liquidity for private companies by providing innovative investment opportunities. The CEO of tZERO, Saum Noursalehi, expressed enthusiasm about the collaboration, which aligns with their mission of democratizing access to private capital markets. The fund seeks to foster growth in digital businesses and leverage the value of sovereign data. Investors should be aware of associated risks.
On October 28, 2020, Overstock.com (NASDAQ:OSTK) announced that its blockchain subsidiary, Medici Ventures, made an $8 million equity purchase in Barbados-based Bitt. This move grants Medici a controlling interest in Bitt, enabling it to accelerate digital currency adoption in developing nations. Bitt, which provides a digital financial ecosystem in the Caribbean, aims to facilitate secure transactions through blockchain technology. This investment builds on previous equity purchases made in 2016 and 2018, supporting Bitt's mission of enhancing financial access and innovation in the digital currency space.
tZERO announced a successful technology integration with Sterling Trading Tech, facilitating trading for two broker-dealer clients on the tZERO ATS. This collaboration enhances access to digital securities, aligning with tZERO's goal of democratizing private capital markets. Sterling Trading Tech, supporting over 100 clients and touching over 5% of daily U.S. equity volume, enhances investor participation on the tZERO platform. tZERO has six active subscribers and three additional agreements with broker-dealers for trading digital assets, signaling growth in this sector.
Overstock.com (NASDAQ:OSTK) has made free shipping on all orders a permanent offer, eliminating the need for subscriptions or minimum purchase thresholds. This initiative, initially launched during the pandemic to ease financial burdens, applies to all products sold on the platform. The move aims to enhance customer satisfaction, as shipping costs are a major purchase driver. Overstock previously offered free shipping only on orders over $45 or for loyalty program members. The company emphasizes its commitment to affordability as it approaches the holiday shopping season.
tZERO, a leader in financial innovation, launched tZERO Markets, a retail broker-dealer registered with the SEC, to facilitate digital securities trading via its online platform. Initially, it will support trading of TZROP, OSTKO (Overstock’s Digital Voting Series A-1 Preferred Stock), and ASPD. U.S.-based individual investors can start onboarding, with plans for expansion to other domestic and international investors. CEO Saum Noursalehi highlighted the improved customer experience and ongoing enhancements to the trading platform.
Overstock.com, a leading ecommerce retailer and blockchain advocate, will release its third quarter financial results on October 29, 2020, before market opening. A conference call is scheduled for 8:30am ET to discuss the results and address participant questions. Interested parties can access the live webcast via the company’s investor relations page.
Overstock has made significant strides in the ecommerce market, offering a wide range of products and being a pioneer in cryptocurrency acceptance. The company continues to emphasize its role in blockchain technology through Medici Ventures.
FAQ
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