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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) is set to announce its third quarter financial results for the period ending September 30, 2021, on October 28, 2021, before the market opens. A conference call will be held at 8:30 AM ET to discuss the results and answer questions. Interested parties can submit questions in advance via email. The call will be accessible via webcast and telephone, with a replay available post-event. Overstock continues to thrive as an e-commerce home furnishings retailer, known for accepting cryptocurrency as payment.
Overstock.com (NASDAQ:OSTK) partners with Mercy Housing, a non-profit focused on affordable housing, to support individuals and families with low incomes. This collaboration includes product donations, employee volunteer opportunities, and customer donation facilitation on Overstock's website. Since its inception in 1981, Mercy Housing has managed over 24,000 affordable homes nationwide. Overstock is committed to enhancing community welfare and accessibility through this initiative, aligning with its vision of creating Dream Homes for All.
Overstock.com, a leading e-commerce retailer (NASDAQ:OSTK), will participate in the D.A. Davidson & Co. 20th Annual Software & Internet Conference. CEO Jonathan Johnson and CFO Adrianne Lee will engage in a fireside chat on September 9 at 11:00 a.m. ET. Johnson expressed confidence in the company’s growth and profitability in Q2 2021, thanking D.A. Davidson for the opportunity to share their progress. A live webcast of the event will be available on Overstock’s investor relations website.
Overstock.com has announced a stock repurchase program of up to $100 million aimed at enhancing shareholder value and mitigating the dilutive effects of recent stock issuances. The company plans to utilize existing cash balances and cash generated from operations to fund the buyback. CEO Jonathan Johnson expressed confidence in Overstock's business and its sustainable profit growth. The program's repurchase timing and amount will be determined by a designated committee and has a termination date of December 31, 2023.
Overstock.com, a leading e-commerce retailer, achieved the second spot on the National Retail Federation's Hot 25 Retailers list, recognizing the fastest-growing retail companies in the U.S. This ranking is based on a remarkable 75% sales growth, with revenues rising to $2.5 billion in 2020 from $1.5 billion in 2019. CEO Jonathan Johnson highlighted the company's strategic focus on home furnishings and the team's effort during a challenging year. This recognition underscores Overstock's growing market share and potential for ongoing success in the retail sector.
Overstock.com reported second-quarter 2021 results, revealing a 4% year-over-year increase in net revenue, totaling $795 million. Gross profit was $175 million, representing 22% of total revenue. The company achieved $82 million in income from continuing operations and a diluted earnings per share of $1.72. Active customer count grew by 31% to 9.2 million. Notably, Overstock recognized a $228 million gain from its transaction with Pelion Venture Partners.
Overstock.com (NASDAQ:OSTK) will announce its second quarter financial results for the period ending June 30, 2021, on July 29, 2021, before the market opens. A conference call and webcast to discuss the results will occur at 8:30 am ET. Interested parties may submit questions in advance via email. The live webcast can be accessed on Overstock's investor relations website, and a replay will be available shortly after the call. The company continues to highlight its position as a major online retailer in home furnishings, with a wide product range and a notable history of accepting cryptocurrency payments.
Overstock.com (NASDAQ:OSTK) announces its participation in the Piper Sandler 41st Annual Consumer Marketplace Conference on June 4, 2021, at 12:50 p.m. ET. CEO Jonathan Johnson and CFO Adrianne Lee will engage in a fireside chat to discuss the company's recent positive transformations. Johnson expressed gratitude to Piper Sandler for the opportunity to share Overstock's story with investors. A live webcast and replay will be accessible on Overstock's investor relations website. Overstock is a prominent e-commerce retailer specializing in home furnishings, known for accepting cryptocurrency as payment.
SALT LAKE CITY, May 14, 2021 (GLOBE NEWSWIRE) -- Overstock.com (NASDAQ:OSTK) announced participation in the Needham & Co. 16th Annual Technology & Media Conference. CEO Jonathan Johnson and CFO Adrianne Lee will engage in investor meetings and a fireside chat. Johnson emphasized Overstock's commitment to sustainable growth and thanked Needham for the opportunity. The conference will be held virtually and webcasted on May 19. Overstock is known for its e-commerce platform offering a wide range of home products and was one of the first major retailers to accept cryptocurrency.
FAQ
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