Beyond
BYON,
the owner of Bed Bath & Beyond and Overstock, said revenue fell in the latest quarter and that it is reviewing its portfolio to meet its full-year financial goals.
The location-based online retailer posted fourth-quarter loss of $161 million, or $3.55 a share, compared with a loss of $15.5 million, or 34 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 80 cents.
Stripping out one-time items, losses per share came in at $1.22 a share. Analysts polled by FactSet had forecast a loss of 83 cents.
Revenue declined 5%, to $384.5 million, beating the $346 million expected by analysts.
The company is “dissatisfied” with its quarterly results and is “assessing options related to the portfolio to ensure maximum return for our shareholders,” Executive Chairman Marcus Lemonis said.
Beyond is further raising its cost reduction target to $45 million from $25 million in December to reinvest that money on the Bed Bath & Beyond brand launch.
“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,” Lemonis added.
For 2024 and 2025, the company expects to achieve revenue of $2 billion and $3 billion, respectively.
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