Overstock.com (NASDAQ:OSTK) gained ground at first Thursday on the back of weaker-than-expected revenue. Overstock.com saw $373.3 million in the third quarter, notably missing the $396-million consensus estimate of analysts polled by FactSet.
Gross profit was $70 million of total net revenue, while the operating loss turned out to be $41 million, with a net loss of $63 million. Adjusted EBITDA pointed to a loss of $24 million, representing 6.4% of net revenue. Cash and cash equivalents totaled $325 million at the end of the third quarter.
To quote CEO Jonathan Johnson, “Over the last three months, we have accelerated efforts to build a company with a bigger, brighter, and bolder future. On June 28, we acquired the Bed Bath & Beyond brand and intellectual property – a brand ranked in the top five most recognized home brands in the U.S. Within hours of closing the deal, we revived the brand in Canada, and in just thirty-three days we relaunched the brand in the U.S. under our asset-light operational model.”
Overstock.com is a technology-focused innovator based in Midvale, Utah and owner of the Bed Bath & Beyond brand and other intellectual property related to the brand. Bed Bath & Beyond is an online home furnishings and furniture retailer in the United States and Canada.
Its shares began the session ahead 50 cents, or 3.3%, to $15.80.
