Beyond Pune,
The owner of Bed Bath & Beyond and Overstock said revenue declined last quarter and that it is reviewing its portfolio to meet its full-year financial goals.
The location-based online retailer reported a fourth-quarter loss of $161 million, or $3.55 per share, compared with a loss of $15.5 million, or 34 cents per share, a year earlier. Analysts polled by FactSet expected a per-share loss of 80 cents.
Excluding one-time items, the stock's losses were $1.22 per share. Analysts polled by FactSet had expected a loss of 83 cents.
Revenue fell 5% to $384.5 million, beating analysts' expectations of $346 million.
Executive Chairman Marcus Lemonis said the company was “not satisfied” with its quarterly results and was “evaluating options related to the portfolio to ensure maximum return for our shareholders.”
Beyond is raising its cost-cutting target to $45 million from $25 million in December to reinvest that money into the launch of the Bed Bath & Beyond brand.
“While we spent the back half of the year launching Bed Bath & Beyond, we 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 revenues of $2 billion and $3 billion, respectively.
