Second quarter net sales at Overstock were down, but the company reported a smaller net loss than the comparable quarter the previous year.
For the quarter ended June 30, total revenue was $373.7 million, down 23% from the second quarter of 2018. Net loss in the quarter was $24.7 million compared to a net loss of $64.9 million in the second quarter of the previous year.
According to company officials, the drop in revenue in the second quarter was due primarily to decreased product sales that resulted from a significant reduction in sales and marketing activities, which was part of the company’s effort to return to retail profitability.
For the first six months of the fiscal year, total net revenue was $741.4 million, down from net revenue of $928.5 million in the first six months of 2018. Net loss for the first six months was $63.9 million compared with a net loss of $115.8 million in the first six months of the previous year.