Overstock.com posts revenue growth
SALT LAKE CITY — Overstock.com reported that fourth quarter revenue grew 9% to $342 million from $314 million for the same period last year. The company posted net income of $8.8 million, or 37 cents per diluted share, compared with a net loss of $3.4 million or 15 cents per diluted share.
For the fiscal year, Overstock posted revenue of $1.09 billion, an increase of 4% from the prior year. Net income for the year was $14.7 million.
According to the company, the growth in revenue was primarily due to an increase in the average order size, which more than offset fewer customer orders due to lower conversion rates compared to last year.