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

Jonathan Matuszewski: That’s helpful. And just a quick follow-up question on kind of going back to your roots with the clearance liquidation site. Any kind of big picture dots in terms of how that’ll influence the P&L in terms of average order value, or order frequency or gross margins, any additional tech spends related to setting that up? Thanks so much.

Jonathan Johnson : Yeah. So let me give some initial thoughts and turn to Dave. It will be a different site and probably it’s too early to comment on what AOV looks like, it may look more like the historical AOV we had. We were a general retailer, because there will be product on there. It is very different than what we’re selling today. As I noted, we intend for that to be a general cross category Overstock branded liquidation site. And so, I don’t think modeling it as a furniture or home furnishing site is the right thing to do. We think we can do this in an asset light way. There will maybe some additional tech spend, but not very much. We think our systems are evolving to get there, so that we can run multiple sites well for the cost that we have it. Dave, anything else you would add?

Dave Nielsen : No, I think you covered it. It’s all about the mix and that depends on the Overstock at the time.

Jonathan Johnson : Yeah. One thing about the liquidation business is, you can’t predict what you’re going to be selling, it’s because the vendors couldn’t predict. They couldn’t predict what they are overbuying.

Operator: Thank you. I would now like to turn the conference back over to Jonathan Johnson for closing remarks.

Jonathan Johnson : Thank you Gigi, and thanks for everyone who joined the call. I appreciate your time. I appreciate your interest. I love to say and I really believe that at the company, the best is yet to come. I think with our new name, we intend to live up to the promise of being bigger, better, bolder, Beyond. Thank you for your ownership in our company. I wish you well as we enter the upcoming holiday season. And we look forward to speaking to you – speaking with you in the New Year.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect