Benzinga | Jul 29, 2021 09:29AM EDT

Overstock.com Stock Falls On Q2 Earnings, 22% Decline In Delivered Orders

* Overstock.com Inc (NASDAQ:OSTK) reported second-quarter FY21 sales growth of 4% year-on-year, to $795 million, beating the analyst consensus estimate of $767.35 million.

* Active customers reached 9.2 million as of June 30, 2021, an increase of 31% Y/Y.

* Orders delivered in the quarter fell 22% to 3.7 million. The average order value was $213, an increase of 33% Y/Y.

* Gross profit fell 1.73% Y/Y to $174.8 million.

* Operating expenses for the quarter rose 7% Y/Y to $138.3 million.

* The operating margin was 4.6%, and operating income for the quarter contracted 25.2% to $36.5 million.

* The company held $537.7 million in cash and equivalents as of June 30, 2021. Net cash provided by operating activities decreased to $102.9 million.

* Adjusted EBITDA for the quarter fell 9% Y/Y to $44.4 million.

* Adjusted EPS of $0.73 beat the analyst consensus of $0.62.

* "The furniture and home furnishings market is large and growing. We expect this market to benefit from strong and sustained demand, and to continue to migrate online over time," said CEO Jonathan Johnson.

* Price action: OSTK shares are trading lower by 5.04% at $71.55 in premarket on the last check Thursday.