Overstock Posts Narrower loss in Q3 Results

SAN FRANCISCO - Overstock.com Inc (OSTK) posted a narrower quarterly net loss on Tuesday that met Wall Street estimates amid higher revenue and more efficient marketing by the online retailer.

The company's shares rose 3 percent after hours.

A net loss in the company's third quarter was $787,000, or a loss of 3 cents per share, from a year-ago net loss of $1.6 million, or 7 cents per share.

Analysts, on average, had been expecting a net loss of 3 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 4 percent to $195.1 million from $186.9 million a year earlier, the company said.

Overstock, which sells excess inventory from furniture to accessories online, said gross margins rose to 19.3 percent of total sales from 17.2 percent a year earlier, helped by more efficient marketing.

The shares rose 3 percent to $15 after closing at $14.53, 6.5 percent higher on the Nasdaq.

Source: Reuters

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