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Tuesday, November 3, 2009 |
Web sales increase for Overstock in Q3
Overstock.com Inc. posted higher web sales for the third quarter, but e-commerce revenue is down for the year to date.
For the third quarter ended Sept. 30, Overstock, No. 29 in the Internet Retailer Top 500 Guide, reported:
- Sales increased 4.4% to $195.1 million from $186.9 million in the third quarter of 2008.
- Net loss was $787,000 compared with a net loss of $1.6 million in the prior year.
- Spending on technology in the third quarter amounted to 6.4% of total sales, or $12.4 million.
- Spending on marketing totaled $12.2 million or 6.3% of total sales.
“In September, we executed a new supplier agreement with a majority of our fulfillment partners with the goal to better manage costs related to product returns,” says CEO Patrick Byrne. “The impact of this change resulted in a reduction of cost of goods sold related to our fulfillment partner business of approximately $350,000 in Q3 2009.”
For the first three quarters:
- Sales decreased 3.5% to $558.6 million from $578.5 million in the previous year.
- Net loss was $2.5 million compared with a net loss of $13.7 million in the prior year.
- Spending on marketing decreased 10.7% to $36.8 million from $41.2 million.
- Spending on technology expenses decreased 11.4% to $38.9 million from $43.9 million.
“For the first nine months of 2009, our net loss is $2.5 million, an $11.2 million improvement over the same period last year,” says Bryne. “As we move into our peak selling season, our inventory is good and we are well-positioned to deliver great deals to the cost-conscious consumer.”
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