October 30, 2003, 12:00 AM

Overstock.com’s Q3 gross merchandise sales rise 57%, but net loss widens

Overstock.com, a marketer of excess merchandise, reported a year-over-year rise in third-quarter gross merchandise sales of 57%, to $61 million from $38.8 million. Revenue more than doubled to $57.8 million, but its net loss grew to $3.7 million.

Paul Demery

Managing Editor, B2B E-commerce

Overstock.com, a marketer of excess merchandise, reported a year-over-year rise in gross merchandise sales of 57%, to $61 million from $38.8 million, for the third quarter ended Sept. 30. It reported total Q3 revenue of $57.8 million, more than double the $23.8 million a year ago, and a Q3 net loss of $3.7 million, compared to a net loss of $371,000 a year ago.

 

"While our revenue took a sharp turn upward this quarter, I am concerned by our loss," said president and CEO Patrick M. Byrne. "However, much of our incremental expenses during the quarter reflect investments in the business that I believe make us a much stronger company." Those investments include a new site search engine, its first-ever nationwide radio and TV advertising campaign, and a discount travel services section.

 

"I believe the investments we made this quarter in scale and in these projects are the right decisions for creating long-term shareholder value," Byrne said.

 

Overstock said Q3 gross profit declined 7% year-over-year to $4.3 million from $4.6 million.

 

Comments

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

FPO

Sergio Pereira / B2B E-Commerce

Quill turns to its B2B customers for new ideas

Coming in April is a new section of Quill.com that will let customers and Quill ...

Advertisement