Shares of Overstock.com traded as much as 19% lower on Monday after the company announced the resignation of its chief financial officer and issued a warning that full-year retail earnings could miss previously set targets.
Robert Hughes, who spent nine years working in senior management roles at Overstock, will step-in as acting CFO. Greg Iverson resigned from the role on September 17.
Overstock said its retail business is currently breaking even, but its full-year profit guidance relied on generating significant positive earnings in the third-quarter. The company cited increased costs from tariffs as a primary driver.
The company’s former chief executive officer Patrick Byrne resigned from Overstock last August after making statements regarding the “Deep State,” which sent shares of Overstock tumbling.
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Shares of Overstock.com plunged as much as 19% on Monday after the company said its chief financial officer was leaving the company. The retailer also issued a warning that full-year retail earnings could miss estimates, primarily due to the impact of tariffs.
Overstock projected its retail business would generate $17.5 million in adjusted EBITDA in 2019. The firm said in a press release on Monday that the retail business is currently breaking even, and its full-year estimates relied on it generating significant positive earnings by now. See the rest of the story at Business Insider
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