- Overstock.com Inc (NASDAQ:OSTK) reported a first-quarter FY22 sales decline of 19% year-on-year to $536 million, missing the consensus of $574.54 million.
- Active customers decreased 26% Y/Y to 7.4 million. Orders delivered fell 33% Y/Y to 2.4 million, and the average order value gained 21% Y/Y to $221.
- EPS of $0.21 missed the analyst consensus of $0.22.
- Gross profit fell 18.4% Y/Y to $125.21 million with a gross profit margin of 23.4%.
- Operating margin was 2.3%, and operating income for the quarter declined 53% to $12.5 million.
- Adjusted EBITDA decreased to $21.5 million from $33.8 million last year.
- The company held $493 million in cash and equivalents as of March 31, 2022. Cash provided by operating activities for the quarter amounted to $33.2 million.
- "What we could not have anticipated was the magnitude of the impact of inflation coupled with an adverse geopolitical environment, which ultimately impacted consumer sentiment," said CEO Jonathan Johnson.
- Price Action: OSTK shares are trading lower by 0.70% at $31.20 in premarket on the last check Thursday.
