Overstock.com’s 2007 revenue dips 2% year-over-year to $769 million
Revenue at Overstock.com Inc. declined 2% to $768.8 million for the fiscal year ended Dec. 31, down from $788.2 million a year earlier, as its net loss narrowed 36% to $44.1 million from $101.8 million, the retailer said today.
Overstock, No. 25 in the Internet Retailer Top 500 Guide, said gross profits rose 36% to $128.9 million from $94.8 million. Contributing to the improvement in gross profits was a 21% decline in sales and marketing expense to $55.7 million from $70.9 million.
Overstock performed better for the fourth quarter, when revenue rose 2% to $300 million from $294 million a year ago, as gross profit rose 79% to $49 million and net loss narrowed 91% to $4.3 million from $45.6 million.
“While I had hoped our Q4 results would have been stronger than they were, 2007 was still a major turnaround from the setbacks of 2005 and 2006, and we truly are well-positioned for 2008,” says chairman and CEO Patrick Byrne.
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