By Dean Seal
Revenue at the Bed Bath & Beyond business that Overstock.com brought back online a month ago has thus far declined year-over-year.
Overstock said Wednesday that Bed Bath & Beyond sales have seen a mid-teen percentage drop so far in the third quarter, including a low double-digit percentage decline since the business' new website was launched on Aug. 1.
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.
Chief Executive Jonathan Johnson said the company's top line performance is improving steadily. Over Labor Day weekend, Overstock's first major holiday since it rebranded to Bed Bath & Beyond in the U.S., the company logged strong growth in bedding, bath and kitchen categories, Johnson said.
Visits to the website are up and conversion is improving, Johnson said, adding that sales from the company's mobile app "have outpaced other platforms" since the U.S. launch.
Overstock, known for selling furniture, purchased some of the once-mighty Bed Bath & Beyond's intellectual-property assets in June and rebranded in the U.S. under the former big-box retailer's banner. Overstock's website now redirects to Bed Bath & Beyond's website.
Shares fell 10% to $24.62 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 06, 2023 09:21 ET (13:21 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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