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Auctionbytes-NewsFlash, Number 1405 - November 07, 2006 - ISSN 1539-5065
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Overstock Posts 'Poor' Quarter, Auction Volume Down
By Ina Steiner
AuctionBytes.com
November 07, 2006
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In a letter to shareholders, Overstock.com CEO Patrick Byrne said the Q3 financial results were poor. "For the first time in our history, quarterly revenue decreased compared to the prior year. In addition, early fourth quarter revenue continues to lag slightly behind last year's revenue." Byrne said the site has surpassed previous levels of customer satisfaction, however, conversion - the percentage of visitors who became buyers - was weak.
Auction gross merchandise volume (GMV) for the three months ended September 30, 2006 was $6,751,000, compared with auction GMV of $7,302,000 for the three months ended September 30, 2005.
Full financial data can be found on the Overtock.com website in the "Investor Relations" page.
http://investors.overstock.com
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