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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) plans to release its second quarter financial results for the period ended June 30, 2022, on July 28, 2022, prior to market opening. A conference call is scheduled for 8:30 AM ET that same day, where the company will discuss the results and answer participant questions. Interested individuals can access the live webcast and follow-up replay through the investor relations section of Overstock's website. The company emphasizes its role as a leading e-commerce retailer of home products, featuring a vast selection of items and a significant customer base.
tZERO has appointed Edwin Marcial, former CTO of Intercontinental Exchange (ICE), and Michael Blaugrund, COO of the New York Stock Exchange, to its Board of Directors. This strategic move follows a significant minority investment from ICE and the appointment of David Goone as CEO. Both appointees bring extensive capital markets expertise, enhancing the company's ability to innovate within blockchain technology.
tZERO aims to democratize access to capital markets with stronger leadership and a focus on efficiency and transparency.
Overstock.com has successfully completed the conversion of its Digital Voting Series A-1 Preferred Stock (OSTKO) and Voting Series B Preferred Stock (OSTBP) into common stock (NASDAQ:OSTK), simplifying its capital structure.
The conversion moved from three classes of stock to a single class, fulfilling investor demands. As of June 10, 2022, the preferred stocks ceased trading, and the common shares are now available through the company's transfer agent.
Overstock.com (NASDAQ:OSTK) announced shareholder voting results from its annual meeting on May 12, 2022. Shareholders re-elected Barbara H. Messing, Robert J. Shapiro, and Joseph J. Tabacco to the Board of Directors. Additionally, they approved the conversion of Series A-1 (OSTKO) and Series B (OSTBP) preferred stock into common stock (OSTK), simplifying the company's capital structure. The conversion process will begin and is expected to be finalized by June 10, 2022, when the preferred shares will cease trading. KPMG LLP was ratified as the independent auditor for fiscal year 2022.
Overstock.com (NASDAQ:OSTK) announced its participation in the Needham 17th Annual Technology & Media Conference on May 17, 2022, at the Westin Grand Central Hotel in New York. CEO Jonathan Johnson and CFO Adrianne Lee will engage in a fireside chat and investor meetings. Johnson highlighted the company's agile business model and consecutive eight quarters of profitability, demonstrating strong financial health with minimal debt. Overstock, an online retailer based in Salt Lake City, offers a wide range of home products, accepting cryptocurrency since 2014.
Pelion Venture Partners is hosting Medici Ventures Day on May 10, 2022, from 11:00 a.m. to 4:00 p.m. ET. The virtual event will showcase the Medici Ventures Fund and feature key presentations from portfolio companies including tZERO, Bitt, and GrainChain. Jonathan Johnson, CEO of Overstock (NASDAQ: OSTK), will also speak at the event, which aims to highlight innovative applications of blockchain technology. Attendees can register for the live webcast and submit questions.
Overstock.com reported its financial results for Q1 2022, marking the eighth consecutive quarter of profitability despite a 19% year-over-year revenue decline to $536 million. Gross profit stood at $125 million, representing 23.4% of total net revenue. The company reported income from continuing operations of $10 million and diluted earnings per share of $0.21. As of March 31, 2022, cash and cash equivalents totaled $493 million. Overstock's active customer base fell by 26%, although net revenue per active customer increased by 26%.
Overstock.com (NASDAQ:OSTK) will release its first quarter financial results for the period ending March 31, 2022, on April 28, 2022, prior to market opening. A conference call and webcast are scheduled for 8:30 AM ET on the same day for discussion and Q&A. Investors can access the live webcast at Overstock's investor relations webpage. A replay will be available post-call. Overstock is a prominent online home furnishings retailer known for accepting cryptocurrency payments. Caution is advised regarding forward-looking statements in the PR.
tZERO has announced the commencement of trading for digital securities representing equity in Spot @ Myra Park, a real estate development project in Dallas, Texas. This marks the first security trading on the tZERO ATS following the launch of its self-clearing operations, enhancing the asset onboarding process. The project, managed by MarketSpace Capital, involves a 250-unit active adult community, with a completion target set for Q4 2022. MarketSpace Capital has a significant investment record of over $480 million in real estate.
Overstock.com (NASDAQ:OSTK) announced its participation in two key investor conferences: the Bank of America 2022 Consumer and Retail Technology Conference on March 8-9, 2022, and the D.A. Davidson 5th Annual Consumer Growth Conference on March 10, 2022. CEO Jonathan Johnson and CFO Adrianne Lee will represent the company at both events, discussing Overstock's strategy focusing on a 100% home assortment to enhance market share and profitability. Overstock continues to thrive in the e-commerce sector, attracting millions of monthly visitors with a diverse range of home products.
FAQ
What is Overstock.com, Inc. known for?
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