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SALT LAKE CITY, Jun 9, 2003 /PRNewswire-FirstCall via COMTEX/ --
Leading Internet retailer Overstock.com, Inc. (Nasdaq: OSTK) today announced that consumers have purchased one million units from its Books, Music & Video (BMV) category since it was launched last November.
"Customers have really taken to our prices and selection," said Patrick Byrne, CEO of Overstock.com(R). "Book sales have been particularly robust since we introduced our Compare-at-Amazon.com(TM) display in February. This lets the consumer comparison shop on our site against Amazon.com, the de facto standard in online book sales. We show remarkably well here because we offer books at better than a 20% average discount to Amazon.com and a 39% discount to retail prices, and we have grown our book selection to 250,000 best- sellers, current releases and backlist titles."
The company launched its BMV category eight months ago with an inventory of a few thousand titles. Today, Overstock.com customers enjoy a broad selection of more than 350,000 BMV titles including new releases and best sellers. The Compare-at-Amazon.com display compares book, movie, music and video game prices on Overstock.com with retail prices and with Amazon.com prices when able.
Overstock.com BMV trivia (as of June 6, 2003)
The one-millionth BMV item purchased from Overstock.com was the Bruce Springsteen CD, The Rising, by a customer in Wayne, NJ. (The customer also purchased a Hypo-allergenic Down Alternative Comforter.)
The retail price for The Rising (UPC: 696998660021) is $18.98; the price the customer paid for The Rising on Overstock.com: $8.69; the price the customer would have paid on Amazon.com: $13.49.
Overstock.com customers saved an estimated $9.3 million off MSRP since Overstock.com launched its BMV category.
The number of books on Overstock.com priced at least 20% below Amazon.com: 200,000
The best selling book on Overstock.com: Harry Potter and the Order of the Phoenix
The best selling DVD on Overstock.com: Titanic The best selling VHS on Overstock.com: Arthur: Arthur's Storybook The best selling CD on Overstock.com: Come Away with Me, Norah Jones The best selling video game on Overstock.com: PS2 NFL Gameday 2003
Overstock previously announced that it had sold 600,000 BMV units in the first quarter of 2003. Approximately 55% of those units were sold through the company's business-to-consumer (B2C) site. The remainder sold through Overstockb2b.com.
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 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. Price comparisons valid on featured titles for listed ISBNs, UPCs and titles only; prices on other ISBNs, UPCs and titles may vary. Amazon.com prices are as listed on Amazon.com as of June 6, 2003, and exclude shipping charges. Overstock.com charges $1.40 to ship a single book, movie, CD or game, and $2.95 to ship two or more. For current prices, visit www.overstock.com .
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 the percentage discount to items offered by Amazon.com, the ability of visitors to our web site to compare prices of books, and the number of books and the featured titles on our web site. 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.
SOURCE Overstock.com, Inc.
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