Sanjay Singh, formerly of Abercrombie & Fitch and Procter & Gamble, will head up a new data-analysis business unit.
With a 145% increase in gross merchandise sales, the online liquidator of retail goods closes in to narrow net loss.
Overstock.com Inc. reported third quarter operating profits of $115,000 vs. an operating loss of $3.4 million in last year’s third quarter, on revenue that rose 172% to $23.8 million. For the quarter, gross merchandise sales increased 145% to $38.4 million year over year. Gross merchandise sales represent the gross sales price of goods sold by the company, including goods that Overstock sells on its own behalf and goods that it sells for others and for which it receives a commission.
Net loss for the quarter was $274,000, a 93% improvement from the net loss of $3.8 million year ago, the company reported. Overstock operates a B2C web site and recently launched a B2B site. CEO Patrick Byrne has said that the fast-growing B2B site, used by smaller and medium-sized retailers to stock both web and brick-and-mortar stores, represents an estimated 15% of Overstock’s business and could grow to as much as 50% of revenues within 18 months.