Bed, Bath and Beyond Acquirer Stock Is Shooting Higher Today - Here's Why Inc OSTK reported a second-quarter FY23 sales decline of 20% year-on-year to $422.2 million, beating the consensus of $409.7 million.

Active customers decreased 29% Y/Y to 4.6 million. Orders delivered fell 16% Y/Y to 1.8 million, and the average order value declined 5% Y/Y to $234.

Orders placed on a mobile device were 51% of gross merchandise sales.

Adjusted EPS of $(0.02) beat the analyst consensus loss of $(0.09).

Gross profit fell 22.1% Y/Y to $94.4 million, with a gross profit margin of 22.4%. Operating loss for the quarter was $(4.25) million.

Adjusted EBITDA decreased 60.3% Y/Y to $8.23 million. The company held $343 million in cash and equivalents.

"The acquisition of the Bed Bath & Beyond brand is the beginning of a new phase of growth for us," said Overstock CEO Jonathan Johnson. "The successful launch and early performance of our Bed Bath & Beyond business in Canada has been encouraging."

Price Action: OSTK shares are trading higher by 17.80% at $36.62 on the last check Thursday.

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