Overstock.com Announces Consumer Spending in the First Week of December More Than Tripled Versus Same Period 2001.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--Dec. 9, 2002 Overstock.com Continues to Break Records this Holiday Season Overstock.com, Inc. (Nasdaq:OSTK), the Internet liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy leader, today announced consumers spent $7.2 million from December 1 through December 7, an amount that is 349% of the $2.3 million consumers spent at Overstock during December 1 - 7, 2001. Patrick Byrne Patrick Byrne is the name of several people:
This holiday, Overstock.com has broken several gross merchandise sales records. Last week, the company announced record gross merchandise sales of $2.5 million over the Thanksgiving holiday weekend. It also announced its first $1 million day in B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. gross merchandise sales Monday, December 2. Patrick Byrne continued, "Overstock.com has announced several records this last week. I strongly caution the reader not to consider these representative of our general performance this quarter. Furthermore, not only can I not predict the longevity of this swelling, I doubt it is long-lived (it does, however, ratify our decision to build an infrastructure capable of handling hyper-growth). In addition, I remind the reader that Overstock's gross merchandise sales differ from and are higher than GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). revenue because, for GAAP purposes, Overstock records only a commission it earns on many B2C purchases. GAAP revenues are generally approximately 60% of gross merchandise sales." About Overstock.com Overstock.com delivers the best values for name-brand consumer merchandise. Since launching the site in October 1999, Overstock.com estimates that it has saved consumers more than $200 million off manufacturer suggested retail prices. Overstock.com is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. listed on the NASDAQ National Market System, headquartered in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. and can be found online at www.overstock.com. Overstock.com is a trademark of Overstock.com, Inc. All other trademarks are the property of their respective companies. |
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