MIDVALE, Utah – On the upside, the relaunched Bed Bath & Beyond platform has pulled in more than 300,000 new customers. But while related metrics are improving, Overstock.com Inc. net revenue still fell by double digits.

For the third quarter ended Sept. 30, total net revenue fell 19% to $373 million. The company posted an operating loss of $41 million vs. operating income of $5.66 million in the year-ago quarter. Net loss was $63 million, or $1.39 per diluted share, compared with a net loss of $36.99 million, or 81 cents per diluted share, in last year’s Q3.

The company ended the quarter with $325 million in cash and cash equivalents.

During the first month of the quarter, the platform was still operating under the Overstock.com banner. The site transitioned to the Bed Bath & Beyond brand on Aug. 1.

Company CEO Jonathan Johnson stressed that the business is still in the early stages of capitalizing on its transition to Bed Bath & Beyond. “We have been successful in acquiring new customers and reactivating past customers. Total active customers grew sequentially over two years,” he said.

Although revenues were still down, orders returned to positive year-over-year growth the for first time in more than two years, he noted.

Key operational metrics included:

• Orders delivered up 3% to 1.9 million.
• Active customers of 4.9 million, down 15%.
• Average order value of $192, down 9%. This, in part, reflects the greater ratio of lower-priced soft home and housewares goods in the mix to reflect the legacy Bed Bath & Beyond assortment.
• Orders per active customer of 1.48, a decrease of 9% year-over-year

“It’s taken longer to warm up the (legacy Bed Bath & Beyond) email file than we hoped. We took some time because wanted to make sure we didn’t have any email caught in spam files,” said Johnson.

See also:

• It’s back! Beyond reintroducing liquidation model with familiar name
• Overstock steps Beyond its past in corporate rebrand
• Overstock overhaul? Hedge fund pushing for action

The post Overstock.com Inc. misses expectations, continues to ‘warm up’ BBB customers appeared first on Furniture Today.

MIDVALE, Utah – Beyond Inc., parent of “the new Bed Bath & Beyond,” plans to come full circle with a new site launch in the works.

By the end of 2024, the company will relaunch Overstock.com as a platform hewing to the brand’s original model: offering a cross-category assortment of liquidation merchandise.

This marks a relatively swift pivot. Overstock spent most of 2022 exiting non-home categories to establish itself as a home-only site offering value-priced furniture and home goods. Its acquisition of Bed Bath & Beyond’s intellectual property this past June and subsequent rebranding under that banner in August further expanded its total home proposition by amplifying soft goods and housewares.

The look of the new Overstock.com site will likely mirror the legacy site, but it will be crafted in a way that differentiates it from the current Bed Bath & Beyond platform, according to company CEO Jonathan Johnson.

“I don’t’ think that modeling it as a furniture or a home furnishings site is the thing to do,” he told investors during this morning’s call to review Q3 financial results.

There will be no merchandise overlap between the new Overstock.com and the current Bed Bath & Beyond platform. Products will be offered at “true liquidation prices,” he added.

Johnson also hinted that in the longer run, Beyond Inc. may field additional pure play platforms. He offered no details but noted that the company is “opportunistically and patiently looking at other targets to grow our ‘Beyond’ vision.”

See also:

• Overstock steps Beyond its past in corporate rebrand
• Overstock board brings on celebrity “turnaround king” to assist with Bed Bath reinvention

The post It’s back! Beyond reintroducing liquidation model with familiar name appeared first on Furniture Today.

ANAHEIM, Calif. — Direct-to-consumer home furnishings brand Castlery is celebrating its 10th anniversary with the launch of a limited-edition collection themed “Timeless Design, Boldly Elevated.”

The new collection includes 16 products, reimagined from Castlery’s best sellers, and it consists of less than 100 pieces per item.

The 10th anniversary collection revisits the brand’s iconic pieces and gives them a makeover with the use of premium materials such as Toronto marble, burl wood and premium woven yarn.

“We are incredibly proud of this milestone and how far we’ve come as a brand,” said co-founder Declan Ee. “To mark our 10th year, we’ve taken the opportunity to explore the use of distinctive, luxurious materials with our signature designs, to elevate and curate a cool and collectible series that’s out of the ordinary.”

Among the products in the launch are:

• The Marlow sofa collection — available in three modules: armless two-seater sofa, wedge sofa and armless sofa — is a channel-tufted sofa in Chair Revival fabric and sitting on honey oak wooden legs. Ranging from $3,679-5,349, depending on configuration.
• Occasional tables including the Cupid coffee table, $999, and Mika side table, $599. Both are constructed of burl wood, with the Cupid table featuring contrasting strips of polar and elm burl veneer.
• The Sloane group of dining table, dining chairs, TV console, sideboard and shelf, offered in warm honey oak finish.
• The Ingrid chair, $899, has a fully upholstered seat with tilted backrest and is covered in Umber Panache fabric, exclusive to this limited edition collection.
• The Sacha armchair, $1,099, is fully upholstered and offers a low-slung, sculptural silhouette.
• The Rochelle performance boucle bed, $1,599, is reimagined in a duo-toned woven chenille and solid honey oak legs. Available in queen and king.

Apart from the furniture, Castlery is also releasing limited-edition tote bags to commemorate the anniversary and sporting the same signature fabrics as seen in the collection: Vivid Merlot and Chai Revival.

The 10th Anniversary Limited Edition Collection is available for purchase online. Founded in 2013, Castlery is available in more than 100 metropolitan areas across the U.S., Australia and Singapore.

See also:

• DTC furniture line grows with 2 new sofas
• Sitting pretty: Dozens of seating options make up DTC brand’s new introductions

The post See how global DTC brand is celebrating its 10th anniversary appeared first on Furniture Today.

MIDVALE, Utah – Overstock is shaking off another vestige of its legacy operation with a new corporate identity and stock listing. The e-commerce home furnishings specialist – which acquired Bed Bath & Beyond Inc.’s intellectual property on June 28 – will rebrand as Beyond Inc. effective Nov. 6.

Overstock.com Inc. will continue to trade on the NASDAQ with ticker symbol OSTK until the close of market on Friday, Nov. 3. Beyond Inc. will begin trading on the New York Stock Exchange with ticker symbol BYON when markets open on Monday, Nov. 6. On that day, to celebrate the transfer, representatives of Beyond Inc. will ring the NYSE opening bell at 9:30 a.m. ET.

“Changing our corporate name to Beyond Inc. sets us up well for a brighter future,” said Jonathan Johnson, CEO. “The name ‘Beyond’ emphasizes our commitment to connect new and legacy customers with a wide assortment of products and services.”

Overstock relaunched its U.S. site on Aug. 1 under the Bed Bath & Beyond banner. The legacy Bed Bath e-commerce operation in Canada relaunched as  bedbathandbeyond.ca on June 29.

Despite an early surge of activity to the site following the rebrand, year-over-year revenue was showing a decline in the mid-teens for the period from July 1 through Sept. 4. The full quarter closed out on Sept. 30.

Overstock is scheduled to release its full third-quarter fiscal results tomorrow, Oct. 26, before the markets open and will webcast its conference call with investors at 8:30 a.m. ET.

See also:

• Overstock overhaul? Hedge fund pushing for action
• The “new Bed Bath & Beyond” gets a lift from core BBB categories. However…

The post Overstock steps Beyond its past in corporate rebrand appeared first on Furniture Today.

BROOKLYN, N.Y. — Global design company West Elm, a portfolio brand of Williams-Sonoma Inc., has launched a redesigned registry for the brand’s West Elm Baby and West Elm Kids collections.

The new registry offers free registry tools, inspiration, nursery design services executed by West Elm’s Design Crew and a completion discount for a limited time following the launch. Plus, the registry has improved its best-selling product recommendations tool.

The West Elm Baby and Kids Registry also offers customers the ability to add items from all Williams-Sonoma brands including Pottery Barn Kids to their registries.

In 2021, West Elm launched West Elm Baby and West Elm Kids collections with furnishings and textiles designed specifically for babies and children. The company has expanded its offerings to include furniture, bedding, bath, rugs, lighting, décor and gifts.

West Elm has also designed and developed collaborations for both the West Elm Baby and West Elm Kids collections with partners ranging from fashion designers such as Joseph Altuzarra to institutions such as National Geographic.

See also:

• West Elm launches new kids line, collaborating with luxury women’s fashion designer
• Designer brings perspective to 41 pieces for West Elm

The post I want that: Williams-Sonoma brand updates registry for West Elm Baby, West Elm Kids appeared first on Furniture Today.

At age 66 and with five grandchildren, my wife and I decided we needed a beach house for building sandcastles, chasing seagulls along the surf, and finding an exit path for an eventual retirement down the road.

So, we found a spot on the South Carolina coast and fell in love with a bright and cheerful home that was fully furnished. Wow. We could avoid the hassles of ordering furniture, waiting for delivery, hiring the decorator and trying to find all the accessories to match the decor. It was already done and perfectly met our taste and wants.

The case goods are Tommy Bahama. The upholstery is Grandin Road. The dining table is Four Hands. Much of the art is West Elm. The porch is furnished with Summer Classics. All the names were familiar to me and gave my wife and me comfort that the home was indeed in top shape.

As we moved in and got settled, we realized that some adjustments were needed to make the house a home and to truly become a Stump landing spot. This is where the learning came from.

With grandchildren we knew messes would occur, so we checked with Grandin Road and quickly learned we could purchase slip covers for the sofas. A few keystrokes later we had ordered several pairs of slipcovers.

Also, the children’s playroom needed appropriate furniture, so we ordered Sixpenny small chairs online, which were delivered in two weeks. With two infants we needed two cribs, and a quick scan of the web led us to Serena and Lily, which coincidentally was having a sale. They are on order and should arrive within a month.

We scanned the Wayfair website for ideas and several items popped up, and we quickly made the purchase.

Smaller decor items and household/kitchen goods were also easily purchased online. So, within a few days, our front door was stacked with boxes full of hairdryers, towels, linens, paper towels, etc. Fortunately, there is a recycling center right down the road!

What I learned, in summary:

• New and used home sales create immediate demand for furnishings. We know that intuitively, but I had forgotten the magnitude of the impact. With interest rates higher, home sales are down and hence our sluggish furniture economy right now.
• Online purchasing will continue to grow. It is easy and fast. Companies that can manage the in-stock inventory positions will be winners.
• Technology will be a key differentiator between the winners and losers. As we made our purchase decisions, we abandoned difficult websites and migrated to sites that were easy to navigate and accessible.

Come see us at the beach. The house is nicely adorned and open for company.

Tim Stump is founder and president of mergers and acquisition advisory firm Stump & Co.

The post What I learned about furniture when I bought a house | Tim Stump appeared first on Furniture Today.

NEW YORK — Boll & Branch, which made its name in the direct-to-consumer home textiles category, is continuing its evolution with the launch of its first capsule furniture collection.

“Since we launched Boll & Branch in 2014,” said Scott Tannen, co-founder and CEO, “our product line has slowly and steadily evolved. It has always felt natural that eventually we would introduce a line of furniture that allows our customers to enjoy the complete Boll & Branch aesthetic as they have seen in our stores and imagery for years.”

Missy Tannen, who serves as chief designer along with being co-founder, explained: “For years, our customers have been asking us about the furniture pieces we used in our brand photography.” This move, she noted, finally allows customers to bring that look into their homes.

The furniture, which includes upholstered and wood bed frames, a six-drawer wood dresser and nightstand in two finishes and an upholstered bench, was designed by an in-house team, said Scott Tannen. Retail prices for the line range from $999 to $4,300.

“Every single item in our assortment is created this way and unique to Boll & Branch,” he said. “While we know this isn’t the norm for our industry, we pride ourselves on thinking through every detail to make absolutely perfect products. Our furniture is no exception.”

The furniture is made by a factory in Vietnam that is operated by an American company, he said, noting they do “extensive due diligence” in advance of their partnerships. Boll & Branch is also offering hand-tufted rugs made in India using New Zealand wool.

While the company went outside the U.S. for its furniture production, “whenever possible, we look to develop partnerships in the United States,” he said, pointing out the company’s pillow inserts, mattresses and duvet inserts are all U.S.-made.

Because the company already had experience with in-home delivery and setup from its mattress business, the transition to handling furniture logistics was not a difficult one. Along with delivery and installation handled through Boll & Branch, customers have access to stylists who will provide bedding recommendations to fit with their newly purchased furniture.

Based on the “overwhelmingly positive” initial response, Tannen said, the likelihood that more furniture is in the offing is strong. “It is an enormous category and we are very excited to keep the innovation coming,” he said. However, he added, “we are certainly not signaling a departure from the bedding and fabrics for which we have become known.”

The furniture line is on display at the six Boll & Branch stores and on the company’s website. Boll & Branch is in a growth mode with its retail operation, having just opened a store in Dallas. Its other locations are in Short Hills and Shrewsbury, N.J.; Greenwich, Conn.; Boca Raton, Fla.; and Houston. In addition, the company’s bedding is sold through seven Bloomingdale’s, five of which were added this year, and 18 Nordstrom stores.

“Physical, in-store experiences have always been a part of our growth strategy and will continue to be,” said Scott Tannen. “In 2024, we will more than double our retail fleet while meaningfully expanding our relationships with both of our flagship wholesale partners.

“While e-commerce will always be a strong part of our mix, we know that many customers love to shop for bedding in person,” he said.

See also:

• DTC furniture line grows with 2 new sofas
• Sitting pretty: Dozens of seating options make up DTC brand’s new introductions

The post Home textile retailer is branching out with bedroom furniture, more stores appeared first on Furniture Today.

SAN FRANCISCO – Gen Z consumers are not turning out to be the online shoppers many thought they would be according to a new study from online marketplace Faire.

In a twist, the latest research shows that the world’s first digitally native generation has an increased preference in-store shopping. In a survey of 1,000 U.S. consumers ages 18-26 conducted by Wakefield Research on behalf of Faire, 61 percent of Gen Z adults reported they are more likely to shop in-person than online compared to a few years ago.

Financial incentives for in-store shopping

With $360 billion of disposable income that “will accelerate in the coming decade as the younger cohort reaches financial maturity,” per Faire, Gen Z consumers are becoming retail’s next big focus. But, entering the workforce amid the COVID-19 pandemic, mass layoffs, war and nationwide cost of living concerns, has impacted what and how they spend.

According to Faire’s survey, more than 90% of Gen Z reported the rising cost of living has impacted how they shop, 56% are seeking deals and discounts and checking the price of items more often than before, and nearly 50% are following a stricter budget.

The results also reveal why in-store shopping may be so appealing to the budget weary generation: It helps them be more discerning shoppers. According to Faire’s survey, half of Gen Z adults reported spending more wisely when shopping in-person, and 40% say they are more confident in purchases made in-store. Three in four responders also admitted to buying things online that they don’t need simply because it is easy to purchase, and one-third spend more money than they are comfortable with when shopping online.

“Gen Z shoppers have consistently led the charge against monolithic consumerism. They purchase based on their values and prioritize sustainability more than any other generation,” said Lauren Cooks Levitan, Faire’s chief financial officer. “Shopping in-store makes it easy for them to keep those same principles and be more fiscally responsible during this difficult economic period. This leads to an overall more meaningful shopping experience than they are able to find online.”

Hunger for brick-and-mortar experiences

In addition to its monetary effects, entering adulthood amid a crisis prompts emotional changes and shifts in shopping motivation. Research has shown that nostalgia is particularly potent during times of crisis, and for Gen Z, the so-called loneliest generation per Statista, offline experiences help them socialize and connect post-pandemic.

According to Faire’s survey, 34% of Gen Z make a full day of it when they shop in-person, and 32% prefer to shop in person because they would rather be with their friends and not shop alone.

“Younger generations have long gravitated to in-person shopping experiences for community, self-expression and the joys of real-life discovery,” explained Kirsten Green, founder and managing partner of venture capital firm Forerunner Ventures. “This was once centralized around malls, but now boutiques and independent retailers — from home accessory concept stores to third wave coffee shops — have become gathering hubs.

“Gen Z is, sadly, a generation that’s proving prone to loneliness and isolation, often driven by technology. But they are also highly individualistic. It makes perfect sense that they see brick-and-mortar boutiques and independent retail as modern outlets for connection and experimentation.”

E-commerce as the new showroom

While online continues to be a shopping destination for Gen Z, e-commerce plays a very specific role to the generation that dedicates itself to extensive “search and discovery” phases, per Faire.

Recent data from consumer investment firm Forerunner Ventures revealed that three quarters of Gen Z consumers reported spending between a few hours and a few days researching an item before buying. When shopping for enjoyment, 41% of Gen Z also say they gather inspiration by browsing online, despite mostly not executing or completing their purchase there.

This hesitancy to execute online is “seemingly at least partly due to the fact that online shopping doesn’t guarantee quality,” according to the Faire survey, which found that 43% of Gen Z have returned part of an online shopping order due to quality issues, and 52% tend to shop online from retailers they already know and trust.

What are Gen Z’s shopping plans this holiday season?

Overall, these distinct differences towards offline and online channels will affect how Gen Z shops this year and beyond. This year though, the Faire survey found that the majority of Gen Z adults plan to shop for gifts with a combination of online and brick-and-mortar retailers this holiday season.

Additionally, nearly one-fourth plan to shop mostly in-store, and 20% plan to find inspiration online and then purchase in-store.

Faire’s survey was conducted by Wakefield Research among 1,000 nationally representative U.S. adults ages 18-26 between Aug. 3-9 using an email invitation and an online survey. This survey was designed by Forerunner’s survey was conducted online June 29-30 among 524 adults ages 18-27 living in the U.S.

See also:

• Why Gen Z could be a bright spot for the sagging home category
• The big reveal: What Gen Z, Millennials are buying for their homes

The post Gen Z is not shopping the way we thought they would appeared first on Furniture Today.

FRAMINGHAM, Mass. – Just two years after launching its online store, HomeGoods is dropping out of the e-commerce rat race.

In an email to customers on Oct. 18, HomeGoods announced that the last day to shop the site will be Saturday, Oct. 21, according to reports from Parade and other outlets.

In the email, HomeGoods said it will soon announce a host of new store openings. That news could arrive when parent company TJX Cos. releases its Q3 results, which is expected to take place in mid-November. At the end of the second quarter, HomeGoods had 907 stores.

TJX Cos. also operates online sites for TJMaxx (launched September 2013) and Marshalls (launched September 2019) off-price nameplates. Company executives have repeatedly noted that e-commerce accounts for a small percentage of total sales.

For the second quarter ended July 29, HomeGoods’ comp rose 4%, bouncing back from a 7% decline in the first quarter and compared with a 13% decline in the year-ago period. The lift was driven by a significant increase in traffic.

Total HomeGoods sales climbed 8% to $2 billion for the quarter. The company said in mid-August that it expected HomeGoods to continue generating positive comps during the second half of the year.

“We thought there would be incremental improvement. Clearly, it even exceeded our expectations,” company CEO and President Ernie Herrman told investors during TJX’s quarterly review call on Aug. 16.

See also:

• Home rebounds at TJX Cos. – and is expected to keep on rolling
• Could HomeGoods be a bellwether for the broader home business?

The post HomeGoods abruptly turns its back on e-commerce appeared first on Furniture Today.

GRAND RAPIDS, Mich. — Seating is the focus of three new pieces from designer and artist Sarah Sherman Samuel, creator of SSS Atelier. Included in the new collection are the Alba sofa and chair and the Kamp chair, all of which are informed by Samuel’s youth in Western Michigan.

“I’m thrilled to bring seating to my atelier collection with the introduction of our Alba sofa and lounge chair and Kamp dining chairs,” said Samuel. “An extension of our current collection of tables and case goods, the seating is also inspired by the landscape of my childhood and endless summer days spent outside.

“In my interior work, I am often trying to bring the magic of the natural world indoors, so it was apt to have my furniture designs reflect the same,” she said.

The upholstered Alba sofa and chair, with petallike box pleating, were inspired by the Michigan wildflower Prenanthesalba, while the more utilitarian Kamp chair, constructed of white oak, leather and brass with an upholstered stretcher, evokes favorite childhood memories “of nights spent under the stars,” she said. The pieces range in price from $1,950 to $12,500.

Samuel’s collection is available through her website at sssatelier.com and at Colony in New York, which features furniture, lighting and textiles from independent producers.

See also:

• DTC furniture line grows with 2 new sofas
• Sitting pretty: Dozens of seating options make up DTC brand’s new introductions

The post Rural Michigan serves as inspiration for new seating collection appeared first on Furniture Today.