Utah

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 sales of $460 million, down 33% year over year
  • Gross profit of $107 million, or 23.3% of total net sales
  • 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, representing 3.2% of net sales
  • Cash and cash equivalents totaled $428 million at the end of the third quarter

“Despite a challenging retail environment, our business has continued to be profitable for the tenth consecutive quarter, and we ended the quarter with a strong balance sheet and liquidity,” said Jonathan Johnson, CEO of Overstock. “Our sales trends improved late in the third quarter, including a successful Labor Day event that culminated in our biggest sales day of the year to date. We’ve improved gross margin by leveraging our differentiated asset-light business model, helping our supplier partners to sift through extensive inventory, and continuing to provide intelligent value to our customers during an era of high advertising volume. We have achieved this while dealing with changing consumer preferences, high inflation and macroeconomic headwinds that are putting pressure on our industry.”

“We launched our new national branding campaign in early October, centered on our vision of ‘Making Dream Homes Come True,'” Johnson continued. “This campaign supports our efforts to increase the association of Overstock’s strong brand awareness with ‘home’ and positions us well to increase our market share in the future. We’re tackling short-term challenges while also focusing on efforts that I expect will help drive long-term growth. I’m happy with the team’s ability to balance the two. I look forward to providing you with a full update on our performance in Q3 2022 during our results conference call.”

Operational highlights in the third quarter of 2022*

  • 5.8 million active customers, down 33% year over year
  • LTM net revenue per active customer of $369, up 14% year over year
  • 1.9 million orders shipped, down 41% year-on-year
  • Average order value of $243, up 13% year over year
  • Orders per active customer, measured as LTM orders divided by active customers, of 1.62, down 4% year over year
  • Orders placed via a mobile device accounted for 50% of gross merchandise sales

*Certain terms such as Active Customers, LTM Net Sales per Active Customer, Orders Fulfilled, Average Order Value and Orders per Active Customer are defined under “Supplemental Operational Data” below.

Earnings Webcast and Replay Information

Overstock will host a conference call and webcast on Thursday, October 27, 2022 at 8:30 am ET to discuss third quarter 2022 financial results. To access the live webcast and presentation slides, go to http://investors.overstock.com. To participate in the conference call, please register using the link at http://investors.overstock.en/events. Registrants receive dial-in information and a unique PIN to access the live call. Questions can be emailed to before the call [email protected].

A replay of the conference call will be available at http://investors.overstock.com and will begin two hours after the end of the live conference call.

About Overstock.com

Overstock.com, Inc. (NASDAQ:OSTK) is an online furniture and home furnishings retailer and technology-driven innovator based in Salt Lake City, Utah. Its leading e-commerce site sells a wide range of new home products at low prices, including furniture, décor, carpets, bedding and baths, home improvement and more. The online shopping site offers millions of products that are visited by tens of millions of customers every month. Overstock periodically posts information about the Company and other related matters on the Newsroom and Investor Relations pages of its Overstock.com website.

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