Gross profit was down 5% to $82M to account for 18.0% of sales vs. 18.8% a year ago.
Adjusted EBITDA was -$30.4M during the quarter vs. -$17.9M a year ago, with losses in both the retail and tZERO businesses.
CEO update: "Our retail arm lost money last year because I gunned things in an attempt to create a conventional high-growth/money losing e-commerce business, but the losses were nauseating and we reverted back to the philosophy of profitability on which we built Overstock: as a result, in 2019 Retail will return to profitability, generating a positive operating cash flow = $10M."
OSTL +0.78% premarket.
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