SALT LAKE CITY – Total revenue for e-commerce site Overstock came in at $732 million for the third quarter ending Sept. 30, a 111% increase over the previous year’s third quarter.
“After a record-setting second quarter, we maintained our momentum, continued to outperform expectations, and grew faster than competitors in the third quarter,” said Jonathan Johnson, Overstock CEO. “Our quarterly gross sales in our retail business doubled year-over-year once again, and new customers grew 141%. These new customers are making repeat purchases at an increasing rate.”
Johnson added that heading into the fourth quarter, he is confident that the retail business will maintain sustainable, profitable market share growth.
The company’s gross profit was $171 million or 23.0% of total net revenue, an improvement of 330 basis points year-over-year. And, net income attributable to stockholders of Overstock.com was $23 million, an improvement of $54 million over last year. Diluted earnings per share was 50 cents , up $1.39 over 3Q 2019.
Other highlights of the third quarter include that gross sales from orders placed on a mobile device were more than 50% of retail sales in this year’s third quarter compared with 44% in the third quarter of 2019. On the