Q1 2024 Beyond Inc Earnings Call Transcript
Key Points
- Beyond Inc reported a year-over-year revenue increase in Q1, driven by a 26% growth in active customers and a 27% increase in orders delivered.
- The company successfully completed the sale of Wamsutta for $10.25 million, nearly half of the original purchase price of the acquisition of the entire Bed Bath & Beyond intellectual property pool.
- Beyond Inc announced new strategic technology partnerships, including a significant relationship with Salesforce, aimed at enhancing customer relationship management and data analytics.
- The company is making progress in its strategic priorities, including assortment curation and focusing on life events, which are expected to drive customer retention and increase lifetime value.
- Beyond Inc has launched a new platform for Overstock, starting from scratch, which has shown encouraging early numbers and is expected to help the brand return to its historical performance.
- Average Order Value (AOV) declined by 21% year-over-year, primarily due to sales shifting into lower-margin categories like bedding and bath.
- Gross margin decreased significantly by 720 basis points compared to the same period last year, driven by increased discounting and higher shipping costs.
- The company reported an adjusted EBITDA loss of $48 million, with a margin decline of 1,300 basis points year-over-year, half of which was driven by gross margin pressure.
- Beyond Inc is still in the process of renegotiating freight rates and improving vendor relations, which are ongoing efforts to manage costs and improve profitability.
- The company's strategic shift and focus on building foundational stability for its brands mean that achieving a $2 billion revenue target for 2024 is no longer a priority, as it would require spending that is not deemed prudent.
Hello, and welcome to the First Quarter 2024 Beyond Inc. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
It is now my pleasure to introduce Vice President of Investor Relations and Public Relations, Alexis Callahan.
Thank you, operator. Good morning, and welcome to Beyond's First Quarter 2024 Earnings Conference Call. Joining me on the call today are Executive Chairman, Marcus Lemonis; Chief Financial and Administrative Officer, Adrianne Lee; CEO of Bed Bath & Beyond, Chandra Holt and CEO of Overstock, Dave Nielsen.
Today's discussion and our responses to your questions reflect management's views as of today, May 7, 2024, and may include forward-looking statements including, without limitation, regarding our future goals, performance, profitability and financial results. Actual results could differ materially from such statements.
Additional information about risks, uncertainties and other important factors that could potentially impact our financial results
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
