Beyond, Inc. reported a slight earnings increase and growth in active customers and orders in its fiscal first quarter ended March 31.

The retailer has had a tumultuous year, acquiring Bed Bath & Beyond and Zulily, relaunching Overstock, and making several high-level executive changes. Now, its brands all operate under one parent company, Beyond. In 2024, Beyond is focused on building up a portfolio of profitable brands, it said.

Beyond Inc. is No. 63 in the Top 1000. The database is Digital Commerce 360’s ranking of the largest North American online retailers. Bed Bath & Beyond ranked No. 47 before its bankruptcy. Overstock.com previously ranked No. 50.

What happened to Overstock and Bed Bath & Beyond?

Overstock bought Bed Bath & Beyond’s intellectual property for $21.5 million in June 2023 after the retailer filed for bankruptcy. In August, Overstock relaunched the Bed Bath & Beyond ecommerce website and later changed its name to operate under Beyond, Inc. In March, it also acquired Zulily.

Zulily was previously owned by Qurate Retail, which ranks No. 18 in the Top 1000.

“We are now 120 days into this new era for the company, building a foundation that will cause the next 10 years to look materially different from the last 10,” Beyond executive chairman of the board Marcus Lemonis said in a written statement.

“That foundation consists of three powerful brands: Bed Bath & Beyond, Overstock, and now Zulily, and we believe each of them has the potential to become a billion-dollar-plus revenue brand in its own right,” Lemonis explained. “That foundation requires us to have the right team, the proper brand positioning, and the most efficient process to profitably grow.”

Beyond Q1 results

In fiscal Q1, Beyond reported revenue grew 0.3% to $382 million. For comparison, net sales declined 28.9% year over year in Q1 2023.

Active customer count increased 26% year over year to 6.0 million, and the retailer delivered 2.2 million orders, an increase of 27%. 

Meanwhile, Beyond recorded a net loss of $74 million in the quarter. That compares to a $10.3 million loss in the same period of 2023.

“We’re pleased with the growth in active customers and transactions during the quarter,” said Adrianne Lee, chief financial and administrative officer. “However, in analyzing the profitability of that growth, we are making the strategic decision to focus on investments to launch these brands and acquire customers with a higher probability of repeat behavior.”

The retailer will also continue the cost-cutting measures introduced in Q4, with the goal of reducing $45 million in expenses annually.

Beyond’s Overstock relaunch in Q1

The retailer relaunched Overstock.com in March, six months ahead of the original schedule. At the time, Lemonis called the discount furniture retailer a “silver bullet” for the company.

Beyond said it had to start from scratch to create Overstock, because the platform it previously ran on was given to Bed Bath & Beyond in the fall.

The relaunch came only at the very end of Q1, but early results are “encouraging,” Lemonis said. He added that Overstock is in discussion with “one of the largest liquidators in America.” He also sees an opportunity for Overstock in reverse logistics as it works with its vendors to facilitate domestic returns.

“We believe that if we can be part of improving their supply chain for the vendors on the back end, which is where the game is often won or lost, we’ll have found another way to monetize the Overstock brand again in an asset-light way,” Lemonis told investors.

Overstock also changed leadership during Q1. Dave Nielsen, who became CEO of Overstock in February, previously served as interim CEO of Beyond during the retailer’s search to fill the role. Nielsen held several other roles at Overstock, including president and chief sourcing and operations officer.

Previous CEO of Overstock Jonathan Johnson stepped down in November as the retailer rebranded under the new name.

Other personnel changes

Beyond announced more new members of its leadership team in the earnings call.

They are:

• Guncha Mehta, chief digital and information officer
• Stacey Shively, chief merchandising officer, Bed Bath & Beyond
• Angela Minor, chief marketing officer, Bed Bath & Beyond
• Deb Bollom, chief merchandising officer, Overstock
• Steph Whitacre, senior vice president and general manager, Zulily
• Jennifer Evans, senior vice president of marketing, Beyond, Inc.
• Alexis Callahan, vice president of investor relations and public relations
• Chris Peake, director of merchandising, Zulily

Beyond earnings

For its fiscal Q1 ended March 31, Beyond, Inc. reported:

• Revenue increased 0.3% to 382 million.
• Orders delivered grew 27% to 2.2 million.
• Net loss was $74 million, up from a loss of $10.2 million in the year-ago period.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports.

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