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    • On May 6, 2024, it was reported, Beyond, Inc. (NYSE:BYON), parent company of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your home's potential, today reported financial results for the first quarter ended March 31, 2024. "2024 has begun with a strong strategic focus on building a portfolio of profitable brands designed to drive high customer affinity and lifetime value," said Marcus Lemonis, Executive Chairman of the Board. First Quarter 2024 Results* Orders delivered of 2.2 million, an increase of 27% year-over-year Active customers of 6.0 million, an increase of 26% year-over-year Total net revenue of $382 million, an increase of 0.3% year-over-year Gross profit of $74 million, or 19.5% of total net revenue Operating loss of $58 million Net loss of $74 million Diluted net loss per share of $1.62; Adjusted diluted net loss per share (non-GAAP) of $1.22 Adjusted EBITDA (non-GAAP) of ($48) million, which represents (12.5)% of net revenue Cash and cash equivalents totaled $256 million at the end of the first quarter Change in Presentation in the Income Statement In the first quarter of fiscal 2024, Beyond changed the presentation for merchant fees associated with customer payments made by credit cards and other payment methods and customer service costs. Under the new presentation, Beyond includes such expenses in a separate line in operating expenses labeled, "Customer service and merchant fees", whereas previously, these expenses were included in Cost of goods sold.
    • On May 1, 2024, it was reported, The e-commerce giant's third-party services, advertising, subscriptions and cloud unit generated double-digit revenue increases in the period. Compared to double-digit year-over-year increases in other retail-related revenue streams, Amazon's Q1 retail sales growth was relatively subdued: Net sales at its online store rose 7% to $54.7 billion and at physical stores rose 6.3% to $5.2 billion. Meanwhile, third-party seller services rose 16% to $34.6 billion, advertising services rose 24% to $11.8 billion and subscriptions rose 11% to $10.7 billion. Including its AWS cloud services, the e-commerce giant's net income skyrocketed 229% to $10.4 billion, according to its press release. Amazon's non-retail operations in advertising, subscriptions and third-party services, along with AWS, generated $82.1 billion in net sales in the first quarter, far surpassing the $59.9 billion from its online and offline stores. Even taking out AWS, the retail-related services are catching up, generating $57.1 billion. Moreover, third-party sellers now move 61% of goods sold from its site. Amazon also generates sales from "other" services, including health care, licensing and distribution of video content, shipping and credit cards. The revenue contribution from Amazon non-retail operations is set to only grow, with the launch of a new grocery delivery subscription and ads on Prime Video. Not that Amazon is standing still when it comes to its retail operations. The company in its press release said that in March it "delivered to Prime members at its fastest speeds ever," with nearly 60% of Prime orders delivered the same or next day in the 60 largest U.S. metro areas.
    • On March 13, 2024, it was reported, Under Armour on Wednesday announced a surprise CEO transition, with Stephanie Linnartz stepping down from the position after little more than a year in the role. Founder Kevin Plank will take the reins from her on April 1, according to a company press release. Linnartz will remain as an adviser through April 30. In connection with Plank's appointment, he will transition out of his role as executive chair of the board, while board member Mohamed El-Erian will become non-executive chair of the board. "On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour. We deeply appreciate her hard work and dedication," Plank said in a statement. Just 13 months into her tenure at Under Armour, Linnartz is already out as CEO. The Marriott veteran took over in 2023 less than a year after former CEO Patrik Frisk was ousted (Frisk himself had only run the business for two years). Under Armour Chief Operating Officer Colin Browne ran the company in the interim. Indeed, Linnartz was in the midst of overhauling Under Armour's C-suite, which recently saw the exit of Browne, Chief Product Officer Lisa Collier and other roles. During her last earnings call, Linnartz highlighted that in addition to a new chief of product and head of the Americas, named in January, Under Armour over the months had also brought on a new: chief consumer officer, chief communications officer, chief design officer, chief supply chain officer, leader for the EMEA region and senior vice president of DTC in the Americas.
    • On March 8, 2024, it was reported, top 100 retailer Arhaus surpassed $1 billion in revenues for a second consecutive year, setting a new record in the process. For the full year, net revenues for the Boston Heights, Ohio-based retailer increased 4.8% to $1.288 billion, compared with $1.229 billion in 2022. For the year, its adjusted net income totaled $125.83 million, an 8.3% decrease compared with $142.10 million in 2022. For the year, Arhaus reported adjusted EBITDA of $203.48 million, giving it a full year EBITDA margin of 15.8%. "In 2023, with record net revenue of approximately $1.3 billion, net income of $125 million, and adjusted EBITDA of $203 million. We ended the year with over $223 million in cash and cash equivalents and a debt-free balance sheet." In the fourth quarter, revenue decreased 3.5% to $344 million, compared with $356 million in the fourth quarter of 2022. Arhaus said the decrease was the result of strong prior year delivery of orders in the backlog, partially offset by favorable demand versus prior year with demand comparable growth of 1.6%. Adjusted net income was $31 million, or 22 cents per adjusted diluted share, a 33.6% decrease compared with $47.6 million, or 34 cents per adjusted diluted share in the fourth quarter of 2022. Arhaus reported fourth-quarter EBITDA of $51.24 million, giving it an EBITDA margin of 14.9%. Looking ahead, Arhaus projects net revenues of $1.33 billion to $1.37 billion in FY2024 with net income of $95 million to $105 million. For the first quarter, it anticipates net revenues of $260 million to $270 million with net income of $1 million to $3 million. The company also plans to continue expanding in 2024.