2023-04-28 10:47:26 ET
Overstock.com (NASDAQ: OSTK) shareholders were beating the market this week as the stock gained 13% through the close of trading Thursday. That compares to a roughly flat result for the S&P 500 , according to data provided by S&P Global Market Intelligence . The e-commerce retailer's stock has now returned to positive territory for 2023, but still trails the wider market's 8% year-to-date increase.
The rally in the stock was sparked by the company's improving operating trends even as consumer demand in its core home furnishings segment shrinks.
On Thursday, Overstock announced its first-quarter results. Sales fell by 29%, and the company posted a slight net loss as demand continued to contract following soaring sales during the pandemic. Overstock and its peers now face a glut of excess inventory related to that previous demand spike and the subsequent pullback, which started in late 2022.
For further details see:
Why Overstock.com Shares Jumped This Week