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SALT LAKE CITY, Dec 01, 2003 /PRNewswire-FirstCall via Comtex/ -- Overstock.com(R) (Nasdaq: OSTK), the online discount retailer, today announced record business-to-consumer gross merchandise sales (non-GAAP) of $6.4 million over the Thanksgiving holiday weekend.
These sales reflect a 156% increase in sales over the same three-day period ('Black Friday' through Sunday) last year. The company reported gross merchandise sales of $2.5 million during the 2002 Thanksgiving holiday weekend, a 150% increase over the 2001 holiday weekend.
Overstock.com CEO Patrick Byrne said, "This was a superb start to the holiday shopping season. I credit our low prices and wide selection combined with exceptional service and low flat-rate shipping for much of our growing popularity. Our Books, Music, and Video department has become a serious force, due in part, I think, to our book prices beating Amazon.com by an average of 20% (and 25% on best-sellers). In addition, our jewelry and apparel departments have also done exceptionally well, a reflection, I think, of the fact that our customer base is two-thirds female. But while I'm thrilled with these early results, our year-over-year growth for the Thanksgiving weekend is only a snapshot in time and does not necessarily reflect what our overall growth for the fourth quarter will be."
Gross merchandise sales represents the gross sales price of all sales transactions, including those for which the company only records a commission under generally accepted accounting principles, and therefore differs from GAAP revenue. The following table reconciles total revenue to gross merchandise sales:
Thanksgiving Weekend (millions) ---------------------- Nov. 29-Dec. 1, Nov. 28-Nov. 30, 2002 2003 ------------------------------------ Total revenue $1.5 $6.0 Add: Obligations payable to third parties upon sale of third-party merchandise $0.8 -- Add: Sales returns and discounts $0.2 $0.4 ------------------------------------ Gross merchandise sales (non-GAAP) $2.5 $6.4
Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. 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 registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective companies. In particular, Amazon.com is a trademark of Amazon.com, Inc., which is not affiliated with Overstock.com, Inc. None of these companies are a sponsor or affiliate of Overstock.com or a contributor to the content of Overstock.com's website. These trademarks are used only to identify a competing service.
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 predictions of the company's fourth quarter results, the make-up of the company's customer base, and price comparisons with Amazon.com. 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, 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, including our Form 10- K for the year ended December 31, 2002, and our Prospectus dated February 12, 2003, 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.
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Investors, Kathryn Huang, Investor Relations, +1-801-947-3282, firstname.lastname@example.org, or Media, Scott Blevins, Public Relations, +1-801-947-3133, email@example.com, both of Overstock.com
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