BUZZ-Overstock.com, now Bed Bath & Beyond, drops as co sees Q3 revenue falling

Reuters

2023/09/06

** Shares of online retailer Overstock.com , or the new Bed Bath & Beyond, down ~6% at $25.90 premarket

** OSTK, rebranded as Bed Bath & Beyond after acquiring the company's intellectual property assets in bankruptcy, sees Q3 revenue declining in mid-teens pct range

** Expects high-teens percent decline in avg order value for Q3 ended Sept. 4, even as it said it added new customers

** Projects gross margin of about 18%

** "Visits to our website have increased ... promotional offers and expanded product assortment are resonating with customers, and they love the refreshed mobile app" - CEO Jonathan Johnson

** Up to last close, stock up ~42% YTD

(Reporting by Deborah Sophia in Bengaluru)

((DeborahMary.Sophia@thomsonreuters.com))

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