Overstock.com reported financial results for the quarter ended June 30, 2009. Total revenue for the second quarter was $176.1 million a 7% decrease year-over-year. For the six months ended June 30, 2009 and 2008, total revenue also decreased 7% to $363.5 million from $391.7 million.
Gross profit for the quarter was $35.9 million an 8% increase year-over-year. For the six months ended June 30, 2009, gross profit was $73.6 million, a 10% increase year-over-year.
Gross margin was 20.4% vs. 17.6% (a 280 basis point improvement) - an all time high, CEO Patrick Byrne told analysts at a conference call on Wednesday. Sales and marketing expense decreased 22% to $11.1M from $14.2M - Byrne explained the company's emphasis is on growth in contribution dollars.
A slide presentation included with the earnings report showed Overstock.com's unique visitors rose 4 percent in the second quarter year-over-year, while average order size decreased 9% from $130 to $119. Gross profit per transaction rose 4%
Auction gross merchandise for the second quarter 2009 was $3.243 million, up 65% year-over-year. Auction gross merchandise for the six months ended 2009 was $8.431 million, up 84% year-over-year. Note that auction gross merchandise volume for the full year 2008 was $11,540,000 compared to $14,259,000 in 2007.
