Overstock CEO: People 'Still Aren't Ready' To Shop In Stores

Overstock.com Inc OSTK said its retail sales in April and May were up 120% year-over-year as the company is a beneficiary from the stay-at-home environment and the company expects to see continued momentum in the near-term, Overstock CEO Jonathan Johnson said during a Fox Business interview.

What To Know: Many people "still aren't ready" to return to furnishing stores to test couches, beds, and other furniture due to the coronavirus pandemic, Johnson said. The online venue clearly remains "the place" to buy home furnishing items.

Despite the lockdown easing across the U.S., the company is still seeing "really nice" sales growth since the start of June, he said.

Why It's Important: Shopping habits clearly changed since the start of the pandemic and the company continues to expect to see a "strong" double-digit growth rate through the summer.

Johnson is putting his money where his mouth is and said he bought Overstock's stock in March when shares were "way undervalued."

"I will tell you this," he said, "we are benefiting from the tailwind of stay-at-home mandates but I do think over the last nine months, our increased focus on execution has really helped."

What's Next: Overstock is a better business today than it was a year ago and "there is a lot of growth potential" moving forward, Johnson said.

Overstock traded around @22.91 per share at time of publication. The stock has a 52-week high of $29.75 and a 52-week low of $2.53.

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