Overstock sales soared in the third quarter, building on momentum generated earlier in the year.
The company posted net income of $23.4 million, or 50 cents per diluted share, versus a net loss of $30.9 million, or 89 cents per diluted share, in the year-before period.
Net revenues were $731.7 million versus $347.1 million in the year-prior period. Retail revenues were $717.7 million versus $340.8 million in the year-earlier period. Operating income was $29.5 million versus an operating loss of $30.1 million in the quarter a year past.
“After a record-setting second quarter, we maintained our momentum, continued to outperform expectations, and grew faster than competitors in the third quarter,” said Overstock CEO Jonathan Johnson. “Our quarterly gross sales in our retail business doubled year over year once again and new customers grew 141%. These new customers are making repeat purchases at an increasing rate. Heading into the fourth quarter, I am as confident as ever in our retail business maintaining sustainable, profitable market share growth.”