Overstock.com Inc (OSTK, Financial) released its Q3 2023 financial results on October 26, 2023. The company reported a net revenue of $373 million, marking a 19% decrease year-over-year. The gross profit stood at $70 million, or 18.7% of the total net revenue. The company posted an operating loss of $41 million and a net loss of $63 million. The diluted net loss per share was $1.39, with an adjusted diluted net loss per share (non-GAAP) of $0.61. The adjusted EBITDA (non-GAAP) was ($24) million, representing (6.4)% of net revenue.
Impact of Bed Bath & Beyond Brand Acquisition
Overstock.com Inc (OSTK, Financial) acquired the Bed Bath & Beyond brand and intellectual property in June 2023. The acquisition has resulted in nearly 300,000 quarter-over-quarter active customer growth and positive year-over-year order growth. The company's CEO, Jonathan Johnson, stated,
Over the last three months, we have accelerated efforts to build a company with a bigger, brighter, and bolder future."He further added that the acquisition has positioned the company for long-term growth.
Financial Statements Summary
Overstock.com Inc (OSTK, Financial)'s balance sheet shows that the company had total assets of $770,784 thousand as of September 30, 2023, compared to $878,546 thousand as of December 31, 2022. The total liabilities stood at $254,600 thousand, while the total stockholders' equity was $516,184 thousand.
The company's consolidated statement of operations shows a net revenue of $373,313 thousand for the three months ended September 30, 2023, compared to $460,279 thousand for the same period in 2022. The net loss for the period was $63,049 thousand.
The consolidated statement of cash flows shows a net decrease in cash, cash equivalents, and restricted cash of $45,984 thousand for the nine months ended September 30, 2023.
Outlook and Future Plans
Overstock.com Inc (OSTK, Financial) is in the early stages of capitalizing on the recent acquisition of the Bed Bath & Beyond brand. The company has been successful in acquiring new customers and reactivating past customers since the launch of the new Bed Bath & Beyond in the U.S. on August 1, 2023. The company looks forward to providing a detailed update on its Q3 2023 performance during the earnings call.
Explore the complete 8-K earnings release (here) from Overstock.com Inc for further details.
