Overstock.com ( NASDAQ: OSTK ) plunged in early trading on Wednesday after reported a wider loss than anticipated for Q4 .
Revenue fell 34% year-over-year during the quarter to $405M with the company seeing a 36% drop in active customers from a year ago. On the bright side, OSTK pointed to strong sales performance during Cyber 5 in strategically positioned relevant giftable inventory.
Gross profit was down 35% year-over-year to $89.6M. OSTK said it d elivered Q4 and full year gross Margin in line with committed target despite elevated promotions in a highly competitive landscape.
The online retailer ended the quarter with a cash position of $371M vs. $503M a year ago
CEO outlook: "2023 will mark our first year as a 100% on-line home retailer, since going public over 20 years ago,” said Johnson. “We know we must focus our efforts on improving topline performance. While the economic environment remains uncertain, our asset-light business model and strong balance sheet position us well for success – both in the short- and long-term."
Shares of Overstock.com ( OSTK ) fell 8.59% premarket on Wednesday to $19.25 following the earnings miss.
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Overstock.com drops 9% after loss for holiday quarter