Overstock.com saw its share price jump 25 percent this week after an impressive Q2 earnings report.
While Wall Street analysts predicted a negative quarter for the online home goods retailer, Overstock stunned investors on Thursday when it revealed that it brought in a record-high $782.5 million in net revenue.
"It was really gratifying to see new customers finding us, experiencing our website, and coming back and purchasing more," Jonathan Johnson, CEO of Overstock.com, told Cheddar Friday.
Johnson credits stay-at-home mandates during the second quarter for his company's success, as workers filled out home offices and residents decided to transform their backyards into private outdoor oases.
"There were a lot of people that were eager to get to the outside of their home in their yards and make them lovely with Overstock purchases," Johnson said. "We did see an early tick up in patio furniture — things for the outdoors like swing sets, above-ground pools."
While Johnson thinks predicting what the pandemic will bring next is a near-impossible task, he still believes a high level of demand can be sustained for the foreseeable future.
"I'm not sure consumers are ready to storm the stores again. I think online's going to be particularly strong," Johnson said, adding that Overstock intended to live up to its name. "Our partners are bringing in product as we speak."
San Francisco 49ers president Al Guido discusses what goes into preparing for Super Bowl LVIII, building a championship-ready team, and how Taylor Swift and streaming are both bringing new fans to the NFL.
A $1 billion loss from a six-week strike did not crash GM's net income last year, which instead rose 12% — and the automaker expects improvement in 2024, too.
Accrue CEO and founder Michael Hershfield explains why Americans' credit card delinquencies are on the rise, advice on what can help, and the key difference between Boomers and Gen Z when it comes to money.
Senior Economist at Morning Consult Kayla Bruun shares thoughts on what to expect from the Fed's January meeting and where monetary policy is headed, as well as how consumers are faring.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
Amazon blamed "regulatory hurdles" for calling off its proposed acquisition of robot vacuum maker iRobot. Not even a Roomba could clean up the deal's antitrust scrutiny.
To celebrate Flutter Entertainment's debut on the NYSE, FanDuel CEO Amy Howe shares her thoughts on the company's plans for growth, the future of online sportsbetting, and Super Bowl Sunday.
Investopedia's Caleb Silver shares thoughts on the upcoming Fed meeting, why individual investors are still slightly skeptical, and what he's looking for from mega cap tech earnings.
Season's greetings! Tax season, that is. January 29 is the first day you can file your tax return. We walk you through each step — plus a checklist you can download.
