In its second-largest acquisition, Amazon buys the company for $970 million.
Sales increased 8% in the fourth quarter, during which the company launched a branding push.
Online mass merchandiser Overstock.com Inc. posted a sizable sales increase for 2010, along with an 8% revenue gain for the fourth quarter of the year.
For the year ending Dec. 31, 2010, Overstock, No. 28 in Internet Retailer’s Top 500 Guide, today reported:
• Sales increased 24.3% to $1.09 billion, compared with $877 million in 2009.
• Gross profit grew 15.0% to $189.6 million, versus $164.8 million in the year prior.
• Sales and marketing expenses rose to $61.3 million, up 10.5% over $55.5 million in 2009
• General, administrative and technology expenses grew 13% year over year to $113.9 million.
For the fourth quarter ending Dec. 31, 2010, Overstock reported:
• Sales rose 8.2% to $348.9 million versus $322.4 million in the fourth quarter of 2009.
• Gross profit also increased 8% to $59.4 million compared with $55.0 million in the same quarter a year prior.
• Sales and marketing expenses decreased to $17.3 million, a 7% drop from $18.6 million in the fourth quarter 2009.
• General, administrative and technology expenses grew 19.1% to $27.4 million, compared with $23.0 million in the same quarter of 2009.
Last month, Overstock began directing web users who type in O.co in their browsers to the Overstock.com website. The company says its $350,000 purchase of the O.co domain name is part of its long-term strategy of branding itself around the letter O.