Overstock Net Skyrockets in Q1
SALT LAKE CITY-Increased revenues and improved margins fueled Overstock.com to a 183.1 percent gain in first-quarter net income, to $7.7 million.
The online discount retailer posted total revenues of $312 million, up 18.9 percent in the quarter ending on March 31. The top line benefited from an increase of 21.9 percent in fulfillment partner revenues. Gross margin gained 78 basis points to finish the quarter at 18.9 percent.
Total operating expenses were 14.4 percent on a dollar basis but dropped 65 basis points as a percentage of sales, to 16.5 percent. Overstock also reduced its interest expense by 75.5 percent.