By Dean Seal
Shares of Overstock.com fell by more than a fifth after the company said revenue at the Bed Bath & Beyond business it launched last month has declined year-over-year.
The stock was down 22% at $21.40 in early trading. Shares were still up 10% year-to-date.
Overstock bought the intellectual-property assets of the fallen Bed Bath & Beyond in June and rebranded in the U.S. under the former big-box retailer's banner with the launch of a new Bed Bath & Beyond website on Aug. 1.
Revenue since that launch is down by low double-digit percentage points year-over-year, and revenue so far in the third quarter is down in the mid-teen percentages range, Overstock said Wednesday.
The number of Bed Bath & Beyond customers has increased since the launch and now totals more than 4.8 million. Orders are also up year-over-year, Overstock said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 06, 2023 11:41 ET (15:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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