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Core Viewpoint - The implementation of a "no-reason return" policy in Shenyang is enhancing consumer confidence and stimulating retail activity, with over 2,000 stores voluntarily participating in this initiative [1][3]. Group 1: Policy Implementation - Shenyang's market regulatory bureau and consumer association have developed a plan to promote "no-reason return" services, aiming to add over 3,000 new participating units by the end of 2025, covering key sectors such as retail, home goods, clothing, and electronics [2]. - A collective commitment was signed by over 600 brand merchants at Zhongxing Building, indicating a strong willingness among businesses to adopt the "no-reason return" policy as a demonstration of their product and service quality [2]. Group 2: Consumer Engagement - The initiative has led to the establishment of visible commitment signs in nearly 600 large supermarkets and retail enterprises, making return policies clear and accessible to consumers, which has been positively received by shoppers [2][3]. - Consumers are encouraged to engage in responsible and honest return practices, contributing to a better shopping environment while enjoying the benefits of the "no-reason return" policy [2]. Group 3: Digital Empowerment - A new mini-program has been developed to facilitate the entry of "no-reason return" commitment units, enhancing the efficiency of management and allowing for easier consumer access to information regarding return policies [2]. - This digital platform simplifies the process for businesses to manage their commitments and allows regulatory bodies to monitor compliance effectively, while providing consumers with a reliable way to check return policy details [2].

Group 1 - The retail turnover of Apranga Group in July 2025 was EUR 30.8 million, reflecting a 1.9% increase compared to July 2024 [1] - For the period of January to July 2025, the total retail turnover reached EUR 196.9 million, marking a year-on-year increase of 2.6% [1] - In the first seven months of 2025, turnover in Lithuania increased by 4.4%, while Latvia and Estonia saw decreases of 2.2% and 0.4% respectively [1] Group 2 - Apranga Group operates a total of 168 stores, with 102 located in Lithuania, 42 in Latvia, and 24 in Estonia [2] - The total retail area of Apranga Group's stores is 91.7 thousand square meters, which is an increase of 0.8% compared to the previous year [2]

Financial Data and Key Metrics Changes - Revenue for the quarter was $2.82 billion, showing a 22% increase compared to Q1 2025, although it declined 29% year-over-year [6][36] - Gross margin improved to 23.7%, a 360 basis point increase year-over-year, despite being slightly below the anticipated range [36][38] - Adjusted EBITDA came in at a loss of $8 million, representing a 78% improvement year-over-year [40] - Reported GAAP EPS was a loss of $0.34 per share, while adjusted diluted loss was $0.22, a $0.54 improvement year-over-year [41] Business Line Data and Key Metrics Changes - The patio business showed significant improvement, contributing to an increase in average order value (AOV) [6][7] - Overstock brand has seen consistent improvements, particularly in newly launched categories like luxury handbags and shoes [8][10] - The company is focusing on a higher-end customer base, with a shift towards more affluent demographics [55] Market Data and Key Metrics Changes - The company is experiencing a stabilization in the retail business, with expectations for continued growth in Q3 [11][12] - Cash flow for the quarter was significantly better than Q1, marking the best performing cash flow quarter in several years [12][13] Company Strategy and Development Direction - The company aims to continue tightening SG&A expenses and improve operational efficiencies across all areas of the business [13][14] - A focus on unlocking value from assets like tZERO and GrainChain is a priority, with plans for potential public offerings or other liquidity events [20][24] - The company is exploring the issuance of a contingent value right as a form of dividend to shareholders [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to stabilize cash flow and improve profitability [41][45] - The company is optimistic about the potential for growth in a stabilized housing market, which could positively impact revenue [28][29] - There is a commitment to continue exploring opportunities in the blockchain and crypto space as the core business stabilizes [27] Other Important Information - The company has a remaining $68 million on its share repurchase program and approximately $131 million left on the ATM [46] - A long-term partnership in Canada was established, resulting in a $5 million upfront payment [16] Q&A Session Summary Question: Update on SKU rationalization efforts across Bed Bath and Beyond - The heavy lifting of SKU rationalization is complete, but fine-tuning will continue [50] Question: Confidence in leaning into a more affluent customer for Overstock - Research indicated that the target demographic has a household income over $150,000 and a credit score over 700, leading to increased sales in luxury items [55] Question: Update on tZERO's potential to go public - The company is focused on mutual alignment for value creation and expects to unlock value soon [66] Question: Potential timeline for a GrainChain IPO - Discussions are ongoing, but the focus is on ensuring value creation before any public offering [72]

Financial Data and Key Metrics Changes - Total revenue increased by 7.4% from $195.7 million to $210.1 million for fiscal year 2025 [10] - Net income decreased to $6.6 million from $7.5 million in fiscal year 2024, primarily due to foreign currency exchange losses [12] - Basic earnings per share were $0.16 for fiscal year 2025 compared to $0.20 for fiscal year 2024 [12] Business Line Data and Key Metrics Changes - Revenue from directly operated stores grew by 14.4%, contributing $17.1 million [10] - Revenue from franchise stores and wholesale customers increased by 9.1% to $185.5 million, accounting for 88.3% of total revenue [6][10] - The total stock keeping unit (SKU) increased to 201,300 from approximately 151,700, indicating significant growth in product offerings [5] Market Data and Key Metrics Changes - The company opened five new directly operated stores in the United States, Canada, and Hong Kong, enhancing brand recognition [6] - Revenue from collectible cards and training toys totaled $11.4 million, representing 5.4% of total revenue [7] Company Strategy and Development Direction - The company is focused on optimizing local operations by converting some directly operated stores into franchise stores to enhance cash flow [5] - Plans to enter new markets include opening stores in Vietnam and Australia, and establishing a presence in the Middle East [9] - The company aims to strengthen its market footprint while exploring new partnership opportunities and improving operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in driving sustainable growth and exploring new opportunities while enhancing customer loyalty [8] - The company remains committed to enhancing financial performance through robust business strategies and disciplined cost management [13] Other Important Information - The company received a Goldsmith Award in the retail medium-sized category at the 21st Annual International Business Awards, highlighting market recognition [7] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Group 1 - The retail turnover of Apranga Group in June 2025 was EUR 34.0 million, reflecting a year-on-year increase of 13.8% compared to June 2024 [1] - In Q2 2025, the total retail turnover of Apranga Group reached EUR 92.2 million, marking a 3.3% increase year-on-year, with Lithuania showing a 5.3% increase, Latvia a 3.5% increase, and Estonia a 5.0% decrease [1] - For the first half of 2025, the retail turnover of Apranga Group totaled EUR 166.1 million, which is a 2.8% increase year-on-year [2] Group 2 - In H1 2025, the retail turnover in Lithuania was EUR 101.2 million, up by 4.9% year-on-year, while Latvia's turnover was EUR 42.1 million, increasing by 2.7%, and Estonia's turnover was EUR 22.8 million, down by 5.6% [2] - Apranga Group opened 1 new store, renovated 5 stores (3 of which were enlarged), and closed 3 stores in H1 2025 [3] - The company currently operates 169 stores across the Baltic region, with a total gross area of 92.2 thousand sq. m., representing a 1.3% increase from the previous year [3]