Overstock Beats Q3 Consensus Aided by Strong Online Penetration

Overstock.com Inc OSTK reported a third-quarter FY21 sales decline of 4% year-on-year, to $689.4 million, beating the consensus of $682.8 million.
Active customers reached 8.7 million, an increase of 5% Y/Y.
Orders delivered in the quarter fell 22% Y/Y to 3.2 million. The average order value was $214, an increase of 24% Y/Y.
Margins: The gross margin fell 76 bps to 22.7%. Adjusted EBITDA margin contracted 120 bps to 5.2%.
The company held $512 million in cash and equivalents. Net cash provided by operating activities for the nine months ended September 30 was $82.96 million.
EPS of $0.63 beat the consensus of $0.47.
"Online penetration of the home furniture and furnishings market remains strong and appears to be sticking as customers recognize the broad assortment, value, and ease of shopping for home furniture and furnishings online," CEO Jonathan Johnson said.
Price Action: OSTK shares traded higher by 14.5% at $88.21 on the last check Thursday.