Overstock.com reported financial results for the quarterly period ending March 31, 2009. Revenue was $187.4 million, an 8% decrease year-over-year), while gross profit was $37.7million, an 11% increase year-over-year.
Overstock CEO Patrick Byrne said the current economic environment remains tough, and said, "We are making prudent long-term investments in the business in talent and capital expenditures, throttled by internally generated cash flows, thus ensuring we do not get out in front of our headlights."
In a conference call with analysts, Byrne said high end brands that had never been open to selling on Overstock.com before are reaching out to the company. "We're trying to explore a consignment model, which would be, it's only going to take a few manufacturers or distributors to give it a try before people see the virtue of it."
He also answered a question about how he thought eBay's announcement that it was going to focus more on the liquidation and overstock market would affect Overstock.com's business. The answer can be found in the transcript on SeekingAlpha.com.
Overstock Press Release
Link to Conference Call transcript on Seeking Alpha
