Overstock.com’s Q2 gross bookings rise 88% as net loss doubles
Overstock.com, a retailer of excess merchandise, said gross bookings – the total value of transactions, including direct sales to consumers and sales by third-party sellers -- rose 88% year-over-year for the second quarter ended June 30, to $96.6 million from $51.3 million. Net loss more than doubled to $2.3 million from $1.1 million.
Q2 revenue rose 204%, to $87.8 million from $28.8 a year ago, but CEO Patrick Byrne said the revenue increase includes a change in the way Overstock now accounts for the cost of processing returns, and that gross bookings represents a more accurate measure of the company’s growth.
Gross profit in the quarter rose 106%, to $9.9 million from $4.8 million a year ago. Q2 gross margins were 11.3%, up from 10.3% in the first quarter.
Cost of goods rose year-over-year as a percent of revenue, to 88.7% from 83.3%. In addition, the average customer acquisition cost rose 83%, to $15.88 from $8.69.
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