Overstock Reports Q3 Earnings, Names New Board Member

Overstock reported financial results for the third quarter 2010, revealing a 27% year-over-year increase in revenue to $245.4 million, but reporting a net loss of $3.3 million. Key factors impacting its financial results were continued revenue growth, lower gross margin resulting from pricing and marketing initiatives, expense management and general improvement in the economy. Overstock's gross margin fell by 240 basis points. The company said, "The pricing initiatives put more downward pressure on our gross margins than anticipated, and we are in the process of re-evaluating these initiatives." Direct revenue increased 47.2% to $47.5 million, while fulfillment partner revenue