Beyond, Inc. Reports Financial Results for Quarter & Full Year

February 20, 2024  by HFBusiness Staff in Business Strategy, Industry   

“Over the last 75 days into my tenure, we have made substantial progress laying the foundation for a high growth, differentiated business model with high customer affinity,” said Marcus Lemonis, executive chairman of the Board.

“Active customers returned to year-over-year growth for the first time in three years, with over 700,000 customers added to our customer file. Our mandate is to grow our customer file, provide a service level that improves retention and minimizes customer returns. We believe that mandate will result in improved margins and profitability through Beyond.com and our core business.”

“Additionally, as we review our assets and investments, we continue to be optimistic about the value of a few of those investments. As part of that review, we are assessing options related to the portfolio to ensure maximum return for our shareholders. It is our goal to achieve $2 billion of revenue in 2024, and a $3 billion revenue run rate by the end of 2025. This projected revenue improvement, coupled with improved margins and a reduced expense structure provides a clear path to profitability.”

“As a team, we are dissatisfied with the Q4 results and have taken steps to grow revenue, improve margins, and reduce our fixed costs,” said Adrianne Lee, Chief Financial and Administrative Officer. “In December, we announced $25 million of annualized cost reductions. Since that time, we have increased our target to $45 million of annualized expense reduction, freeing up capital to exclusively invest in growth.” 

“Planned investments to support the Bed Bath & Beyond brand launch and reignite our customer file are delivering results,” said Dave Nielsen, CEO of Overstock. “We have accelerated customer acquisition during the quarter, driving a vast improvement in our revenue performance. While we spent the back half of the year launching Bed Bath & Beyond, we’ve simultaneously laid the groundwork to reignite Overstock by the end of the first quarter. We believe the combination of these two anchor brands will contribute to achieving our revenue goals.”

“I joined the company because I’m passionate about Bed Bath & Beyond and am driven to reestablish its category dominance,” said Chandra Holt, CEO of Bed Bath & Beyond and its related brands. “We have significant opportunities ahead of us with our robust portfolio of brands. It is my goal to have Bed Bath & Beyond be a leader in unified commerce, win on home-related assortments, and provide unprecedented value for our customers. I look forward to leading the charge in positioning the business for growth and interacting with the investment community.”

Fourth Quarter 2023 Results*
Active customers of 5.6 million, an increase of 9% year-over-year
Total net revenue of $384 million, a decrease of 5% year-over-year
Gross profit of $60 million, or 15.6% of total net revenue
Operating loss of $65 million
Net loss of $161 million
Diluted net loss per share of $3.55;
            Adjusted diluted net loss per share (non-GAAP) of $1.22
Adjusted EBITDA (non-GAAP) of ($49) million,
            which represents (12.7)% of net revenue
Cash and cash equivalents totaled $303 million at the end of the fourth quarter

Full Year 2023 Results
Total net revenue of $1.6 billion, a decrease of 19% year-over-year
Gross profit of $314 million or 20.1% of total net revenue
Operating loss of $118 million
Net loss of $308 million
Diluted net loss per share of $6.81;
            Adjusted diluted net loss per share (non-GAAP) of $1.95
Adjusted EBITDA (non-GAAP) of ($61) million,
            which represents (3.9)% of net revenue

*Certain terms, such as active customers, are defined under "Supplemental Operational Data" below.

Earnings Webcast and Replay Information
Beyond will hold a conference call and webcast to discuss its fourth quarter and full year 2023 financial results on Wednesday, February 21, 2024, at 8:30 a.m. ET. To access the live webcast, go to https://investors.beyond.com. To participate in the conference call via telephone, please register at the link available at https://investors.beyond.com/news-events/events-and-presentations. Registrants will receive dial-in information and a unique PIN to access the live call. Questions may be emailed in advance of the call to ir@beyond.com.

A replay of the conference call will be available at https://investors.beyond.com shortly after the live call has ended.