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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 reported its Q3 2022 financial results, revealing total net revenue of $460 million, a 33% drop year-over-year. The company posted a gross profit of $107 million, or 23.3% of revenue, and a loss from continuing operations of $37 million. Despite these challenges, Overstock ended the quarter with over $400 million in cash and documented its largest sales day of 2022 during the Labor Day event. Active customers decreased by 33% to 5.8 million, but the average order value increased by 13% to $243.
Overstock.com has launched a new national campaign titled “C’mon, Get Comfy,” emphasizing their commitment to quality home furnishings at affordable prices. The campaign aligns with their vision of making dream homes accessible to all budgets, showcasing a wide array of products available on Overstock.com. The campaign's debut commercial features relaxing scenes, set to the iconic Partridge Family theme song, reinforcing the ease of creating a dream home. Partnerships with six prominent design influencers aim to enhance brand visibility and attract new customers through engaging content.
Overstock.com (NASDAQ:OSTK) plans to release its third quarter financial results for the period ending September 30, 2022, on October 27, 2022, before market opening. A conference call is scheduled for 8:30 AM ET on the same day, where company representatives will discuss the financial results and answer questions from participants. Interested parties can access the live webcast, presentation slides, and replay on Overstock's investor relations website. The press release also contains forward-looking statements regarding the company's financial outlook.
Medici Ventures, L.P., a blockchain-focused fund, announced its participation in SettleMint's Series A funding round, which raised approximately $16 million and closed on September 22, 2022. Overstock.com (NASDAQ:OSTK) is the sole limited partner of Medici Ventures. CEO Jonathan Johnson highlighted SettleMint's capability in integrating blockchain solutions into existing systems. The funds will primarily support expansion efforts in Europe, MEA, India, and Japan, along with plans to hire 60 new team members.
XY Labs has launched trading of its Class A Common stock on tZERO’s Automated Trading System (ATS), marking a significant milestone for the company. This development follows a successful funding round in 2018, where XY Labs raised around $22 million from over 23,000 investors. The trading will enhance shareholder access to liquidity and transparency. tZERO CEO David Goone expressed excitement about expanding digital securities trading. Moreover, XY Labs utilizes Ethereum blockchain-based smart contracts for its digital securities, further emphasizing its commitment to advanced technology in trading.
Overstock.com (NASDAQ:OSTK) announced its participation in two major upcoming investor conferences. CEO Jonathan Johnson and CFO Adrianne Lee will engage at the Piper Sandler Growth Frontiers Conference on September 13, 2022, in Nashville, TN, followed by the Raymond James Consumer Conference on September 15, 2022, in New York, NY. Johnson emphasized the company’s commitment to growth amid current economic challenges, focusing on long-term strategic goals and cost management. Overstock.com continues to provide a wide range of home products online, attracting millions of customers monthly.
Overstock.com (NASDAQ: OSTK) has successfully completed a $15 million investment in tZERO Group, marking its commitment to blockchain technology in capital markets.
This investment includes a first tranche of $7.5 million funded in February 2022, followed by a final tranche on August 22, 2022. Overstock's total ownership in tZERO now stands at approximately 55%, with a direct minority interest of 29%. tZERO aims to democratize access to capital markets by enhancing market efficiency and transparency.
Overstock.com reported its Q2 2022 financial results, with total net revenue hitting $528 million, a notable 34% decline year-over-year. The company achieved a gross profit of $121 million (22.9% of revenue) and diluted EPS of $0.12. Despite challenges like weak consumer sentiment and macroeconomic pressures, Overstock maintained profitability for the ninth consecutive quarter and ended with $443 million in cash. Significant operational highlights include a 29% drop in active customers but an 18% increase in net revenue per active customer.
Overstock.com (NASDAQ:OSTK) expressed support for the addition of Jim Shinn and Erik Bethel to Bitt’s executive team, enhancing its position in the central bank digital currency (CBDC) space. Overstock, as a limited partner in the Medici Ventures Fund, indirectly owns approximately 84% of Bitt. CEO Jonathan Johnson highlighted the strategic value this move brings, indicating a focus on advancing Bitt's capabilities while allowing Overstock to concentrate on its core e-commerce business. This aligns with their ongoing commitment to innovation in financial technology.
FAQ
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