Overstock announces Q3 financial results
SALT LAKE CITY, Oct. 27, 2022 (GLOBE NEWSWIRE) — Overstock.com, Inc. (NASDAQ:OSTK) today reported financial results for the quarter ended September 30, 2022.
Third Quarter 2022 Financial Highlights, from continuing operations
- Total net revenue of $460 million, a decrease of 33% year over year
- Gross profit of $107 million, or 23.3% of total net revenue
- Loss from continuing operations of $37 million
- Operating income of $6 million
- Diluted net loss per share of $0.81; Adjusted diluted earnings per share (non-GAAP) of $0.13
- Adjusted EBITDA (non-GAAP) of $15 million, which represents 3.2% of net revenue
- Cash and cash equivalents totaled $428 million at the end of the third quarter
“Despite a challenging retail environment, our business continues to be profitable for the tenth consecutive quarter, and we ended the quarter with a strong balance sheet and cash position,” said Overstock CEO Jonathan Johnson. “Our sales trends improved in late-Q3, including a successful Labor Day event that culminated into our biggest sales day of the year thus far. We improved gross margin by leveraging our differentiated asset-light business model, supported our vendor partners to move through ample inventory, and continued to provide smart value to our customers in a highly promotional time. We accomplished this while navigating shifting consumer spending preferences, high inflation and macro headwinds that put pressure on our industry.”
“We launched our new national brand campaign in early October centered around our vision of ‘Making Dream Homes Come True’,” continued Johnson. “This campaign supports our efforts to increase the association of Overstock’s high brand-name awareness with ‘home’ and positions us well to grow market share into the future. We are managing through near-term challenges while focusing on efforts that I expect will help drive long-term growth. I am pleased with the team’s ability to balance both. I look forward to providing a full update on our third quarter 2022 performance during our earnings call.”
Third Quarter 2022 Operational Highlights*
- Active customers of 5.8 million, a decrease of 33% year over year
- Last Twelve Months (LTM) net revenue per active customer of $369, an increase of 14% year over year
- Orders delivered of 1.9 million, a decrease of 41% year over year
- Average order value of $243, an increase of 13% year over year
- Orders per active customer, measured as LTM orders divided by active customers, of 1.62, a decrease of 4% year over year
- Orders placed on a mobile device were 50% of gross merchandise sales
*Certain terms, such as active customers, LTM net revenue per active customer, orders delivered, average order value, and orders per active customer are defined under “Supplemental Operational Data” below.
Earnings Webcast and Replay Information
Overstock will hold a conference call and webcast to discuss its third quarter 2022 financial results on Thursday, October 27, 2022, at 8:30 a.m. ET. To access the live webcast and presentation slides, go to http://investors.overstock.com. To participate in the conference call via telephone, please register at the link available at http://investors.overstock.
A replay of the conference call will be available at http://investors.overstock.com, starting two hours after the live call has ended.
About Overstock.com
Overstock.com, Inc. (NASDAQ:OSTK) is an online furniture and home furnishings retailer and technology-focused innovator based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new home products at low prices, including furniture, décor, area rugs, bedding and bath, home improvement, and more. The online shopping site features millions of products that tens of millions of customers visit each month. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
