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SALT LAKE CITY, Dec 26, 2002 (BUSINESS WIRE) --
Overstock.com Inc. (Nasdaq:OSTK), the Internet liquidation leader, today announced its 2002 holiday season consumer spending was up 164% over its 2001 holiday season. Consumers spent $25.2 million on Overstock.com from the official start of the holiday shopping season on Nov. 29 through Dec. 25, versus the $9.5 million spent during the same timeframe in 2001.
Overstock.com CEO Patrick Byrne said: "I believe that e-commerce results will be surprisingly good this year for the entire industry, especially given otherwise lackluster results from offline retailers. With the state of our economy and low prices driving holiday sales, the Internet offers the easiest price comparison and greatest convenience to shoppers. In addition, over the past two years females have caught and now surpassed the number of male shoppers online and become more trusting of the e-commerce experience. As a result, I believe this is the first year in which women used the Internet for a significant portion of their holiday shopping."
Overstock.com's biggest product growth occurred in the book, DVD and CD categories, which the company recently re-launched with the intention of beating Amazon.com (AMZN) pricing. Overstock.com also showed strong growth in consumer electronics, watches and apparel.
Aside from today's news, during the 2002 holiday season, Overstock.com broke several gross merchandise sales records. Of this Byrne said: "I strongly caution the reader not to extrapolate from these results to predict this quarter's overall results, or those of any future quarter. In fact, I would definitely consider this spike an unsustainable aberration. In addition, Overstock's gross merchandise sales differ from and are higher than GAAP revenue because, for GAAP purposes, we record only a commission we earn on most B2C purchases. Our GAAP revenues are generally approximately 60% of gross merchandise sales."
Overstock.com delivers the best values for name-brand consumer merchandise. Since launching the site in October 1999, Overstock.com estimates that it has saved consumers more than $200 million off manufacturer suggested retail prices. Overstock.com is a publicly traded company listed on the NASDAQ National Market System, headquartered in Salt Lake City and can be found online at www.overstock.com.
Overstock.com is a trademark of Overstock.com Inc. All other trademarks are the property of their respective companies.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding industry-wide e-commerce results, the Internet's ability to offer easy price comparisons, and the percentage of shopping done on the Internet by women. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, but not limited to, our limited operating history, our ability to manage growth, market acceptance of our B2B services, a general downturn in economic conditions, and such other risks as identified in our Prospectus dated May 29, 2002, filed with the Securities and Exchange Commission and all subsequent filings with the Securities and Exchange Commission, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
Overstock.com, Salt Lake City Lynne Collins, 415/309-8514 email@example.com
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