The Zacks Consensus Estimate for OSTK’s second-quarter 2023 loss per share is pegged at 9 cents, indicating a year-over-year decline of 147.37%. The company expects to deliver positive adjusted EBITDA for second-quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.įor second-quarter 2023, Overstock expects revenues to decline in the low-20% range compared with the year-ago quarter. This Zacks Rank #3 (Hold) company believes that the challenging economic conditions and shifts in consumer spending patterns have led to intense competition in the promotional and marketing landscape. Shares of OSTK have gained 31.9% year to date compared with the Zacks Retail and Wholesale sector’s rise of 13.6% in the same period. With the acquisition of Bed Bath & Beyond, Overstock should get a considerable boost in growth prospects.
Before the pandemic, Bed Bath & Beyond was the most prominent home goods retailer in the United States. Though sales have drastically declined, it is still higher than pre-pandemic numbers. Home goods retailers were flourishing during the pandemic. Wayfair’s expertise lies in high-end home goods. It offers smart value to its customers with home goods expertise, whereas Amazon and Walmart offer good value for money and are a departmental store generalist. Overstock has a unique market position compared with its competitors. OSTK is one of the largest online home furnishing companies in terms of revenue generation in the United States. The company has demonstrated resilience by maintaining a strong balance sheet with minimal debt, ample cash reserves and engaging in attractive venture investments.
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However,, a smaller company compared with the industry leaders like ( AMZN Quick Quote AMZN - Free Report), Wayfair ( W Quick Quote W - Free Report) and Walmart ( WMT Quick Quote WMT - Free Report), has managed to remain profitable despite market obstacles. Quote Overstock’s Unique Market Position to Aid Top Lineįurniture retailers have faced significant challenges in the past years as the pandemic subsides, impacting their financial stability. Bankruptcy Court for the District of New Jersey, approving the company's successful bid during a sale hearing on Jun 27, 2023. The acquisition was authorized by the U.S. Overstock has obtained a range of Bed Bath & Beyond IP assets, including website and domain names, trademarks, tradenames, patents, customer database, loyalty program data and other brand-related assets. OSTK's loyalty program, Club O, will be rebranded as Welcome Rewards, providing customers with 5% reward dollars that can be fully utilized in future transactions.
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Both Overstock and Bed Bath & Beyond customers will have access to a unified online shopping platform, bedbathandbeyond.ca in Canada and in the United States, offering a wide range of affordable furniture and home furnishings. Overstock intends to relaunch the Bed Bath & Beyond website in Canada, followed by an updated website, mobile app and loyalty program in the United States. Overstock will hold a conference call to address the details of the transaction. under a Bankruptcy Court supervised process. ( OSTK Quick Quote OSTK - Free Report) successfully completed the acquisition of specific intellectual property (IP) assets of the Bed Bath & Beyond brand from Bed Bath & Beyond, Inc.
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