Monday, November 6, 2006

Overstock.com Releases Q3 Results

Salt Lake City, Utah-based Overstock.com released its Q3 results today, saying that it had a net loss of $24.5M on revenues of $158.7M. The firm said that revenues were down 6% versus 2005, and that profits were down 14% versus the prior year. In a statement released by the company, Patrick Byrne, the firm's CEO, said that Q3 financial results were poor, attributing the reults on poor conversion of the firm's advertising efforts. Overstock said that it had increases in cost-per-click advertising and saw little sales traction from its offline marketing efforts. Overstock is an online retailer of excess and overstock inventory.