Overstock.com reported financial results on July 28 for its second quarter, ended June 30, 2006. Auction gross merchandise volume for the quarter was $6,860,000, compared to $7,362,000 in the second quarter 2005, a drop of 6.8 percent year-over-year. However, gross merchandise volume for the first 6 months was up 15 percent year-over-year.
Overstock.com rolled out its auction site in the fall of 2004. It replaced its volume-discount program for online-auction sellers with a subscription program in June 2006, which it had began testing in March.
The average registrant acquisition cost for auctions was $2.06 for the second quarter, compared to $7.51 for the same quarter last year.
The release also revealed that Holly MacDonald-Korth, who started up the auction site for Overstock.com as Vice President of Auctions - but then changed roles to focus on Overstock's personalization project, Propeller - has left the company. The full press release can be viewed on the Overstock website and the full filing can be found on the SEC website (http://www.sec.gov).
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