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The mass merchant posts a 6.5% sales increase for the quarter.
Mass merchant Overstock.com Inc. reversed a third quarter loss with a return to profit and an increase in quarterly sales.
For the quarter ended Sept. 30, Overstock, No. 27 in the Internet Retailer Top 500 guide, reported:
- Sales increased 6.5% to $255.4 million from $239.7 million in the third quarter of 2011. Overstock attributed the growth in sales mainly to increases in the number of visitors and average order value, which offset declines in conversion rates and number of orders.
- Net income was $2.7 million, compared with a $7.8 million loss in the prior year.
- Spending on sales and marketing increased 8.0% to $14.9 million from $13.8 million.
- Spending on technology declined 6.4% to $16.1 million from $17.2 million in the prior year.
- Spending on general and administrative expenses declined 9.8% to $13.8 million from $15.3 million.
The third quarter sales increase followed a second quarter gain for Overstock of 1.9% to $239.5 million from $235.0 million in the second quarter of 2011. Sales declined 1.2% in the first quarter of the year to $262.4 million from $265.5 million.
For the first nine months of 2012, Overstock reported:
- Sales increased 2.3% to $757.3 million from $740.2 million in the first three quarters of 2011.
- Sales and marketing expenses were flat at $42.9 million.
- Technology expenses decreased 7.5% to $46.8 million from $50.6 million.
- General and administrative expenses fell year over year 13.6% to $43.2 million from $50.0 million.
- A profit of $5.9 million compared with a net loss of $16.0 million for the first three quarters of 2011.