Overstock’s Q2 fueled by increase in order size
SALT LAKE CITY — Overstock.com reported net revenue of $293.2 million for the second quarter ended June 30, a 22% increase from $239.5 million for the same quarter last year. The growth in net revenue was primarily due to a 21% increase in average order size.
The company’s gross profit for the quarter was $57.8 million, a 34% increase from $43.2 million for the second quarter last year. The increase in gross profit was primarily due to higher revenue, a shift in product sales mix into higher margin home and garden products, and lower warehousing costs, partially offset by higher freight costs.
The company’s net income was $3.7 million for the quarter, an increase of $3.2 million from $470,000 for the second quarter last year.
Overstock.com is an online discount retailer based in Salt Lake City, Utah, which sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars.