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."
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
