Beyond, Inc. reported a slight earnings increase and growth in lively customers and orders in its fiscal first quarter ended March 31.
The retailer has had a tumultuous 12 months, acquiring Bed Bath & Beyond and Zulily, relaunching Overstock, and making several high-level executive changes. Now, its brands all operate under one parent company, Beyond. In 2024, Beyond is concentrated on increase a portfolio of profitable brands, it said.
Beyond Inc. is No. 63 within the Top 1000. The database is Digital Commerce 360’s rating of the biggest North American online retailers. Bed Bath & Beyond ranked No. 47 before its bankruptcy. Overstock.com previously ranked No. 50.
What happened to Overstock and Bed Bath & Beyond?
Overstock bought Bed Bath & Beyond’s mental property for $21.5 million in June 2023 after the retailer filed for bankruptcy. In August, Overstock relaunched the Bed Bath & Beyond ecommerce website and later modified its name to operate under Beyond, Inc. In March, it also acquired Zulily.
Zulily was previously owned by Qurate Retail, which ranks No. 18 within the Top 1000.
“We at the moment are 120 days into this recent era for the corporate, constructing a foundation that can cause the following 10 years to look materially different from the last 10,” Beyond executive chairman of the board Marcus Lemonis said in a written statement.
“That foundation consists of three powerful brands: Bed Bath & Beyond, Overstock, and now Zulily, and we consider each of them has the potential to change into a billion-dollar-plus revenue brand in its own right,” Lemonis explained. “That foundation requires us to have the fitting team, the right brand positioning, and essentially the most efficient process to profitably grow.”
Beyond Q1 results
In fiscal Q1, Beyond reported revenue grew 0.3% to $382 million. For comparison, net sales declined 28.9% 12 months over 12 months in Q1 2023.
Lively customer count increased 26% 12 months over 12 months to six.0 million, and the retailer delivered 2.2 million orders, a rise of 27%.
Meanwhile, Beyond recorded a net lack of $74 million within the quarter. That compares to a $10.3 million loss in the identical period of 2023.
“We’re pleased with the expansion in lively customers and transactions throughout the quarter,” said Adrianne Lee, chief financial and administrative officer. “Nevertheless, in analyzing the profitability of that growth, we’re making the strategic decision to deal with investments to launch these brands and acquire customers with the next probability of repeat behavior.”
The retailer may also proceed the cost-cutting measures introduced in Q4, with the goal of reducing $45 million in expenses annually.
Beyond’s Overstock relaunch in Q1
The retailer relaunched Overstock.com in March, six months ahead of the unique schedule. On the time, Lemonis called the discount furniture retailer a “silver bullet” for the corporate.
Beyond said it had to start out from scratch to create Overstock, since the platform it previously ran on was given to Bed Bath & Beyond in the autumn.
The relaunch got here only on the very end of Q1, but early results are “encouraging,” Lemonis said. He added that Overstock is in discussion with “considered one of the biggest liquidators in America.” He also sees a chance for Overstock in reverse logistics as it really works with its vendors to facilitate domestic returns.
“We consider that if we will be a part of improving their supply chain for the vendors on the back end, which is where the sport is usually won or lost, we’ll have found one other technique to monetize the Overstock brand again in an asset-light way,” Lemonis told investors.
Overstock also modified leadership during Q1. Dave Nielsen, who became CEO of Overstock in February, previously served as interim CEO of Beyond throughout the retailer’s search to fill the role. Nielsen held several other roles at Overstock, including president and chief sourcing and operations officer.
Previous CEO of Overstock Jonathan Johnson stepped down in November because the retailer rebranded under the brand new name.
Other personnel changes
Beyond announced more recent members of its leadership team within the earnings call.
They’re:
- Guncha Mehta, chief digital and data officer
- Stacey Shively, chief merchandising officer, Bed Bath & Beyond
- Angela Minor, chief marketing officer, Bed Bath & Beyond
- Deb Bollom, chief merchandising officer, Overstock
- Steph Whitacre, senior vp and general manager, Zulily
- Jennifer Evans, senior vp of selling, Beyond, Inc.
- Alexis Callahan, vp of investor relations and public relations
- Chris Peake, director of merchandising, Zulily
Beyond earnings
For its fiscal Q1 ended March 31, Beyond, Inc. reported:
- Revenue increased 0.3% to 382 million.
- Orders delivered grew 27% to 2.2 million.
- Net loss was $74 million, up from a lack of $10.2 million within the year-ago period.
Percentage changes may not align exactly with dollar figures because of rounding. Check back for more earnings reports.
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