Beyond, Inc, the parent company of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands, has reported an increase in orders delivered in the first quarter of fiscal 2024 (Q1 FY24), which soared by 27 per cent year-over-year (YoY) to reach 2.2 million. The company also saw a significant rise in active customers by 26 per cent to 6 million.

The company’s total net revenue edged up slightly by 0.3 per cent year-over-year (YoY) to $382 million. However, the modest increase in revenue contrasts sharply with the company’s escalating financial losses. The gross profit for the quarter was reported at $74 million, making up 19.5 per cent of the total net revenue, the company said in a press release.

Beyond reported a 27 per cent year-over-year increase in orders delivered, reaching 2.2 million, and a 26 per cent rise in active customers to 6 million in Q1 FY24.
Despite this growth, the company’s revenue saw only a slight increase of 0.3 per cent to $382 million.
Net loss in Q1 FY24 was $72 million.
The adjusted EBITDA was negative at $48 million.

Operating losses deepened at Beyond, with the company posting a $58 million operating deficit. This was further exacerbated by a net loss of $72 million. The diluted net loss per share stood at $1.62, while the adjusted diluted net loss per share, a non-GAAP measure that typically excludes one-time items, was slightly lower at $1.22, the company said in a press release.

The adjusted EBITDA, another non-GAAP financial measure, was reported as minus $48 million, representing a negative 12.5 per cent of the net revenue.

“During the first quarter we delivered 2.2 million transactions through Bed Bath & Beyond alone, crossing the 6 million active customer level for the first time in a non-COVID environment, successfully soft launched Overstock six months ahead of schedule, and brought on Salesforce to launch a world-class CRM platform and manage our customer journeys and records,” said Marcus Lemonis, executive chairman of the board.

Fibre2Fashion News Desk (DP)

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