Overstock’s Q2 revenue is down 6%, while net loss improves 12%
Second quarter revenue at Overstock.com Inc. declined 6% from the same quarter a year ago to $149 million from $159.2 million, the company reports. For the first six months of the year, which ended June 30, total revenue was down 9% to $306.9 million from $337.2 million.
Net loss for the second quarter at Overstock, No. 25 in the Internet Retailer Top 500 Guide, was $13.8 million, down 12.7% from $15.8 million a year earlier. Net loss in Q2 includes $6.2 million of restructuring charges and losses from discontinued operations of $300,000, the company reports. For the first six months, net loss totaled $31.7 million, down 10% from $35.2 million a year earlier.
Gross profit for the second quarter was $26.3 million, with a gross margin of 17.7%, up 18% from $22.3 million (14% gross margin) in 2006. For the first six months, gross profit was $51.6 million, up 12% from $46.1 million in 2006. Q2’s gross margin of 17.7% was a record high for the company.
Overstock reduced its sales and marketing expenses 33.6% in Q2 to $7.9 million from $11.9 million a year earlier. In the first half, sales and marketing expenses were down 21.6% to $19.2 million from $24.5 million a year earlier.
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