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 full-year financial goals.
The headquartered 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 had expected a per-share loss of 80 cents.
Excluding one-time items, losses per share were $1.22 per share. Analysts polled by FactSet had forecast a loss of 83 cents.
Revenue fell 5% to $384.5 million, beating the $346 million analysts had expected.
The company is “dissatisfied” with its quarterly results and is “evaluating portfolio options to ensure maximum returns for our shareholders,” Executive Chairman Marcus Lemonis said.
Beyond is further increasing its cost-cutting target to $45 million from $25 million in December to reinvest that money into launching the Bed Bath & Beyond brand.
“While we spent the second half of the year launching Bed Bath & Beyond, we simultaneously laid the groundwork to relaunch 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.