Overstock.com, Inc. (NASDAQ:OSTK) Q3 2023 Earnings Call Transcript

Jonathan Johnson : Yeah. Just to kind of add to that Peter, and it’s a great question. There was a lot of early promotional activity in the first month of the launch. And when we put out our mid quarter press release, it was post Labor Day, and Labor Day is a big shopping day. So to see numbers down a little bit after Labor Day, not that surprising, but certainly working to improve that trend right now.

Peter Keith : Okay. Thank you. And then unrelated, but just on the role of Chief Marketing Officer in the company, because you just bring us up to speed. I’m not sure if you’ve hired anyone or are you looking to hire someone? And it seems like that would be a pretty important role with this rebranding effort. If you are looking for someone, what are some of the characteristics you’d like to find?

Jonathan Johnson : Yeah, so I’ll begin the answer and turn it to Dave who’s leading that search. We’ve not yet hired someone. We do have great candidates. And we have great Vice Presidents that will report to the Chief Marketing Officer are currently reporting to Dave because he fills – temporarily fills that role. We want to find a great one. We’re taking our time. I think the team we have in place is doing a nice job during the rebrand. But it is a whole that we will need to and are working to fill. Dave?

Dave Nielsen: Yeah. Thanks, Jonathan. From a timing standpoint, this is obviously the best of the CMOs are up to their eyeballs in fourth quarter execution for the holidays. And so, we’re talking with them. I’ve had several phone calls with some top notch candidates. We will start post ground shipping. Time frame will probably start in on real panel interviews with our executive team and evaluating the candidates. I anticipate we will have a candidate in place at the end of January or mid February.

Jonathan Johnson : Yeah. And in the meantime, I’m really excited for our top of funnel marketing campaign that’s launching next week even with a sitting CMO, we’ve done, a really neat job and a good job with this campaign. It’s going to be broad and you’ll see us far and wide. So thanks for that question, Peter.

Peter Keith : Okay. Thanks so much.

Operator: Thank you. One moment for our next question. Our next question comes on the line of Anna Andreeva from Needham.

Anna Andreeva: Great. Thank you so much and good morning, guys. One question and one follow-up from us. Appreciate you providing us color on how to think about revenues in the fourth quarter. But could you talk about the trend that you are seeing in the business quarter-to-date. Just curious what are you seeing from the core Overstock consumer so far? And if you feel there is a need to promote even more just wanted to make sure the customers stays with the platform. And then, secondly, as a follow-up to Jonathan, really interesting to hear about the Overstock site coming back as a liquidation site. Just big picture, how do you guys think about ensuring there’s no cannibalization between the value Bed Bath and what will be no doubt sharp prices at Overstock.

Jonathan Johnson : Great question. I’ll turn to Adrianne to ask – to answer the first one and then we’ll go – I’ll discuss our thoughts about Overstock as a liquidation site.

Adrianne Lee: Thanks. And so, I think trends continue to kind of perform in line with our expectation and kind of as we discussed with our fourth quarter, we talked about trends, excuse me – the fourth quarter having a very similar year-over-year decline from the third quarter. And that’s we feel confident saying that what we’re experiencing and that’s what we expect.