Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
Overstock.com Inc. posted a healthy 32.3% increase in web sales in the second quarter.
Mass merchandiser Overstock.com Inc. posted healthy web sales in the second quarter, but offset strong growth in revenue with a net loss.
For the quarter ended June 30, Overstock, No. 28 in the Internet Retailer Top 500 Guide, reported:
- Sales increased 32.3% to $231.3 million from $174.9 million in the second quarter of 2009.
- Sales and marketing spending rose year over year 26.8% to $14.2 million from $11.2 million.
- Technology expenses grew 11.8% to $14.2 million from $12.7 million in the second quarter of 2009.
- General and administrative expenses grew year over year 17.9% to $14.5 million from $12.3 million.
- Net loss was $1.4 million compared with net income of $319,000 in the prior year.
For the first two quarters, Overstock also reported:
- Sales increased 37.4% to $495.6 million from $360.6 million in the first two quarters of 2009.
- Sales and marketing spending rose year over year 15.4% to $28.5 million from $24.7 million.
- Technology expenses grew 6.8% to $28.1 million from $26.3 million in the first two quarters of 2009.
- General and administrative expenses grew year over year 12.6% to $29.4 million from $26.1 million.
- Net income was $2.38 million compared with a net loss of $3.6 million in the prior year.
In the second quarter Overstock bought the domain name O.co from .co Internet S.A.S., the registry operator for the .co domain. The e-retailer also added new benefits, such as a cash back incentive and promotions, to its Club O loyalty program.