In a market impacted by the COVID-19 pandemic, Overstock gained substantially in the second quarter as consumers turned to it for a range of products including home furnishings.
Net income in the quarter was $36.4 million, or 84 cents per diluted share, versus a net loss of $24.7 million, or 69 cents per diluted share, in the year-previous quarter.
Overstock topped a MarketBeat-published analyst consensus estimate that called for a loss of six cents per diluted share.
Net revenue was $782.5 million and net sales were $767 million, versus $373.7 million and $367.5 million, respectively, in the period a year before. Operating income was $39 million versus an operating loss of $25.8 million, in the year-earlier quarter.
“In a rapidly shifting and challenging environment, Overstock continues to perform exceptionally well,” said the company’s CEO, Jonathan Johnson. “Second quarter gross sales in our Overstock Retail business more than doubled year over year. The number of new customers more than tripled year over year. Importantly, our customers are buying our core products— home furnishings— from the safety of their homes as part of the country’s new normal. If business continues as I expect, our Overstock Retail business will achieve sustainable, profitable growth this year.”