Overstock.com Provides Update On New Bed Bath & Beyond: What's Going On?
Portfolio Pulse from Adam Eckert
Overstock.com Inc (NASDAQ:OSTK) shares are trading lower after the company provided a business update for Bed Bath & Beyond's Q3, which it acquired in June. Overstock expects Bed Bath & Beyond's revenue to decline in the mid-teens percent range YoY, while orders are expected to be up in the mid-single digit percent range. The company had over 4.8 million active customers as of Sept. 4. Overstock's CEO, Jonathan Johnson, noted that website traffic and conversion rate have improved, and the company's mobile app is outpacing other platforms on sales.
September 06, 2023 | 3:35 pm
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Overstock.com's shares are trading lower after the company provided a Q3 update for Bed Bath & Beyond, which it acquired in June. The company expects Bed Bath & Beyond's revenue to decline, but orders are expected to be up.
Overstock.com's shares are trading lower due to the expected decline in Bed Bath & Beyond's revenue. However, the increase in orders and active customers, as well as the improvement in website traffic and conversion rate, could potentially offset the negative impact in the long term.
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