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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) has announced its participation in the UBS 12th Annual Global Consumer and Retail Conference, scheduled for March 15, 2023, at the Lotte New York Palace Hotel. CFO Adrianne Lee will engage in investor meetings to discuss the company's strategic direction as it marks its first full year as a home-only online retailer. Despite uncertainties in the economic landscape, Overstock aims to enhance its topline performance through key growth initiatives. The company's website features millions of products, making it a leading e-commerce platform in the furniture and home furnishings sector.
On March 2, 2023, Overstock.com, Inc. (NASDAQ:OSTK) announced the appointment of Joanna Burkey as an independent director on its Board. Burkey, currently the Chief Information Security Officer at HP, Inc., brings over 25 years of expertise in cybersecurity, digital strategy, and risk management. Her leadership experience includes transformational roles at major corporations like Siemens and Hewlett-Packard. Overstock's Chairwoman expressed excitement about Burkey's diverse experience, specifically in technology and governance, which is expected to enhance the Board's capabilities. With her addition, Overstock's board comprises eight members, with seven being independent.
Overstock.com (NASDAQ:OSTK) reported its Q4 and full year 2022 financial results, showcasing a 34% decline in quarterly net revenue to $405 million and a 30% decrease for the year at $1.9 billion. Despite the challenging market, the company achieved a gross profit of $90 million (22.1% margin) in Q4 and $443 million (23% margin) for the year. The operating loss was $3 million in Q4, with a net loss of $16 million. Overstock's strategic shift to a home-only retailer appears to be progressing, with an increase in home product offerings by over 50%, although active customers decreased by 36% year-over-year.
Overstock.com (NASDAQ:OSTK) announced its participation in a $29 million funding round for GrainChain, a Medici Ventures portfolio company. Overstock’s $10 million investment, alongside $10 million from Pelion Venture Partners, aims to support GrainChain's growth in the AgTech sector, with expectations for market leadership due to its blockchain and IoT solutions. GrainChain reported a compounded user growth rate of 125% and revenue growth of nearly 400% since 2020. This strategic partnership enhances Overstock's potential returns as GrainChain advances its digitization of the agricultural supply chain.
CNO Financial Group (NYSE: CNO) announced the nomination of Archie Brown and Adrianne Lee as directors for election at the annual meeting on May 10, 2023. Brown, CEO of First Financial Bancorp, brings extensive finance and risk management experience, while Lee, CFO of Overstock.com, adds expertise in financial planning and e-commerce. The nominations come as Ellyn Brown and Fred Sievert retire from the board. Board Chair Dan Maurer expressed confidence in the new nominees' ability to enhance the board's perspective on growth priorities. CNO Financial serves middle-income America with life and health insurance services.
CNO Financial Group, Inc. (NYSE: CNO) has announced the nomination of Archie Brown and Adrianne Lee to its Board of Directors for election during the May 10, 2023 annual meeting. Archie Brown, CEO of First Financial Bancorp, brings extensive experience in finance and risk management, while Adrianne Lee, CFO of Overstock.com, offers significant financial planning and e-commerce expertise. Their appointments fill the vacancies left by retiring directors Ellyn Brown and Fred Sievert, who have served since 2012 and 2011, respectively. The nominations aim to enhance board perspectives as CNO pursues its growth strategy.
Overstock.com, Inc. (NASDAQ:OSTK) will announce its fourth quarter and full year financial results for 2022 on February 22, 2023, before the market opens. A conference call will be held at 8:30 AM ET to discuss these results, with a live webcast available for participants. Interested parties can access the call by pre-registering online. A replay will be available on the company's investor relations website shortly after the live call. Overstock specializes in online furniture and home furnishings, showcasing millions of products that attract tens of millions of customers monthly.
Overstock (NASDAQ: OSTK) has launched a new partnership with Citi Retail Services to introduce the Overstock Mastercard, enhancing rewards for its Club O members. Starting February 7, 2023, cardholders can earn:
- 5% back on Overstock.com
- 3% on apparel and department stores
- 2% on gas
- 1% on all other purchases
The card features no annual fee, special financing up to 60 months, and security alerts, aiming to boost customer loyalty and spending. CEO Jonathan Johnson emphasizes this initiative as a step toward delivering greater value and enhancing the overall shopping experience for Overstock's customers.
Overstock.com (NASDAQ:OSTK), an online furniture and home furnishings retailer, will participate in the Credit Suisse 26th Annual Technology Conference on November 29, 2022. CEO Jonathan Johnson and CFO Adrianne Lee will attend the event in Scottsdale, AZ. Johnson noted that despite economic uncertainties, Overstock achieved its tenth consecutive quarter of profitability in Q3 2022, thanks to its asset-light business model. The company looks forward to engaging with the investment community during the conference.
Overstock.com (NASDAQ: OSTK) has been awarded the Compassionate Business Award by PETA for its commitment to cruelty-free products. The recognition is highlighted by Overstock's recent ban on cashmere and other animal-derived materials, including various furs and exotic skins. PETA commended Overstock for its leadership in animal-free commerce and its collaborative efforts to remove cashmere products from its website by the end of 2022. CEO Jonathan Johnson reaffirmed the company's dedication to animal protection and sustainable practices.
FAQ
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