×

Overstock Has Record-Breaking Start to Holiday Season

SALT LAKE CITY, Dec. 3, 2014 (GLOBE NEWSWIRE) -- Online shopping retailer, Overstock.com, Inc. (Nasdaq:OSTK), had a strong start to the holiday shopping season, with the company reporting a sales increase of 23 percent between Thanksgiving and Cyber Monday compared to the same time period from 2013, helped by an 8 percent increase in the average individual order size. Cyber Monday sales alone showed an increase of 24 percent over last year, leading to the highest single day of sales in Overstock's history, while Thanksgiving represented Overstock's largest day of sales growth for the popular holiday shopping period, increasing 38 percent from 2013.

These sales growth numbers are outpacing online retail industry averages, with IBM Digital Analytics Benchmark Reports showing single-digit sales percentage increases and a drop in average individual order size compared to industry-wide numbers from the five-day shopping period in 2013.

"Our loyal customer base and reputation as one of the most trusted brands, on or offline, have made this holiday weekend a great start to our busiest time of year," said Overstock President Stormy Simon. "People have really learned that the best place to find deals during the holidays is online."

Furniture sales represented the highest-performing product category for Overstock, with a 37 percent increase over last year in sales from Nov. 27 to Dec. 1, including a 43 percent increase on Cyber Monday alone. These numbers helped Overstock's Home and Garden department, which includes furniture, become the highest performing department over the period, with a 37 percent sales increase from 2013 and a 36 percent increase over last year's Cyber Monday alone. The average industry growth for Home Goods on Cyber Monday, as reported by IBM, was 27.5 percent.

"We've seen a lot of people purchasing larger home and garden items this year, things you normally wouldn't associate with holiday gifts," said Simon. "Of course people are still taking advantage of the doorbuster items we have on site specially priced for Black Friday and Cyber Monday."

Overstock's Club O loyalty program has also grown substantially during this timeframe, with a 125 percent increase in new memberships over last year for the five-day period up to and including Cyber Monday. Club O Members receive free shipping and at least 5 percent in reward dollars for all purchases and up to 20 percent in reward dollars on hundreds of select products. Club O memberships are available to Overstock.com customers for $19.95 per year however, they are available for $4.95 through Dec. 4, and are free to students, first responders and members of the United States Armed Forces year round.

About Overstock

Overstock.com, Inc. (Nasdaq:OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014.The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock #4 in customer service among all U.S. retailers. Overstock sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.

Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, projections about sales trends and results for the periods specified, and statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended Sept. 30, 2014, which was filed with the SEC on Oct. 28, 2014, and any subsequent filings with the SEC.

CONTACT: Media Contact: Kirstie Burden, Overstock.com, Inc. +1 (801) 947-3116 kirstie@overstock.com Investor Contact: Mark Harden, Overstock.com, Inc. +1 (801) 947-5409 mharden@overstock.com

Source:Overstock.com, Inc.