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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.com (NASDAQ:OSTK) reported its Q1 2023 financial results, revealing a total net revenue of $381 million, a 29% year-over-year decrease. Despite the revenue decline, the company achieved a gross profit of $90 million, representing 23.5% of total revenue. Overstock faced a net loss of $10 million, equating to a diluted net loss per share of $0.23. The adjusted EBITDA for the quarter was $3 million, or 0.9% of net revenue. Notably, Overstock maintained a strong cash position of $375 million at quarter-end. Leadership highlighted a slight improvement in home revenue trends and ongoing marketing efforts aimed at strengthening brand positioning in a competitive market.
SALT LAKE CITY, April 21, 2023 — Pelion Venture Partners is set to host the 2023 Medici Ventures Day on May 31, 2023, from 1:00 p.m. to 4:00 p.m. ET, in a virtual format. The event will provide insights into the Medici Ventures Fund, featuring an overview by Matt Mosman, General Partner. Opening remarks will be made by Jonathan Johnson, CEO of Overstock.com (NASDAQ: OSTK). Johnson expressed confidence in Pelion's strategy for enhancing shareholder value through targeted investments in their portfolio. The event will include interviews with leaders from the Medici Ventures portfolio companies, such as tZERO, GrainChain, SettleMint, and PeerNova. Interested parties can register for the webcast and submit questions through April 30. A replay will be available post-event.
Overstock.com (NASDAQ:OSTK) announced the release date for its first quarter financial results for 2023, scheduled for April 27, 2023. The earnings report will provide insights into the company's performance for the period ending March 31, 2023. A conference call is set for 8:30 AM ET on the same day, where executives will discuss the results and answer questions from participants. Interested parties can also pre-register for the conference call to receive dial-in details. A replay of the call will be available two hours after it concludes. Overstock continues to focus on its position as a leading online retailer of furniture and home furnishings, serving millions of customers each month.
FAQ
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