Overstock.com, now Bed Bath & Beyond, hits near 3-mth low as co sees Q3 revenue falling

Bed Bath & Beyond

06/09/2023 15:31

(Updates)
    ** Shares of online retailer Overstock.com  OSTK.O , or the
new Bed Bath & Beyond, fall as much as 26.3% to hit a near
three-month low of $20.22
        ** Stock last down ~19%
    ** OSTK, rebranded as Bed Bath & Beyond after acquiring the
company's intellectual property assets in bankruptcy, sees Q3
revenue declining in mid-teens pct range
    ** Expects high-teens percent decline in avg order value for
Q3 ended Sept. 4, even as it said it added new customers 
    ** Projects gross margin of about 18%
    ** "Visits to our website have increased ... promotional
offers and expanded product assortment are resonating with
customers, and they love the refreshed mobile app" - CEO
Jonathan Johnson
    ** Up to last close, stock up ~42% YTD 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))