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From Home Furnishing Business
Overstock Ends Third Quarter Strong, with Revenue Highlights
October 27,
2022 by HFBusiness Staff in Business Strategy, Industry 
Overstock .com, Inc. reported financial results for the third quarter ended, Sept. 30. Their total net revenue was reported as $460 million, a decrease of 33% year over year. Their gross profit was $107 million, or 23.3% of total net revenue.
The loss from continuing operations was $37 million, with an operating income of $6 million. Cash and cash equivalents totaled $428 million at the end of the third quarter.
"Despite a challenging retail environment, our business continues to be profitable for the tenth consecutive quarter, and we ended the quarter with a strong balance sheet and cash position," said Overstock CEO Jonathan Johnson.
"Our sales trends improved in late-third quarter, including a successful Labor Day event that culminated into our biggest sales day of the year thus far. We improved gross margin by leveraging our differentiated asset-light business model, supported our vendor partners to move through ample inventory, and continued to provide smart value to our customers in a highly promotional time.”
“We accomplished this while navigating shifting consumer spending preferences, high inflation and macro headwinds that put pressure on our industry."
Operational highlights for the third quarter included Last Twelve Months (LTM) net revenue per active customer of $369 which is an increase of 14% over year. The average order value was of $243, an increase of 13% over year. Orders placed on a mobile device were 50% of gross sales.