2023-07-27 09:56:00 ET
Overstock.com ( NASDAQ: OSTK ) rallied in early trading on Thursday after topping revenue, EPS, and EBITDA expectations with its Q2 earnings report . Revenue was down 20.1% year-over-year to $422.2M and EPS was -$0.02 vs. -$0.09 consensus.
Overstock.com's key metrics: Active customers of 4.6 million, a decrease of 29% year-over-year; last Twelve Months net revenue per active customer of $361, a decrease of 1% year-over-year; orders delivered of 1.8 million, a decrease of 16% year-over-year; average order value of $234, a decrease of 5% year-over-year; orders per active customer of 1.56, a decrease of 5% year-over-year; orders placed on a mobile device were 51% of gross merchandise sales.
Notably, Overstock.com ( OSTK ) highlighted that the acquisition of the Bed Bath & Beyond brand is the beginning of a new phase of growth for the company. CEO Jonathan Johnson said the successful launch and early performance of the Bed Bath & Beyond business in Canada have been encouraging and called the Bed Bath & Beyond brand strong overall.
On Wall Street, D.A. Davidson said it was were encouraged by the better-than-expected sales and profits given the challenging macroeconomic environment especially, in the home e-commerce category. The firm kept a Buy rating on OSTK.
Shares of Overstock.com ( OSTK ) soared 22.48% to $38.08 and swapped hands at a new 52-week high of $38.16 earlier in the session.
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Overstock.com rallies 22% after better-than-feared earnings, early Bed Bath & Beyond success