SALT LAKE CITY — Online discount retailer Overstock.com reported a 19% increase in total net revenue for the first quarter, thanks to a 21% increase in average order size.
Overstock.com’s total net revenue for the quarter was $312 million, up from $262 million for the first quarter of last year, even though the company reported a small decrease in the number of customer orders. Its net income for the quarter surged to $8 million, up from $2.7 million for the same period last year.
The company’s gross profit increased 24% to $59 million this quarter from $48 million for the same period last year. The increase in gross profit was primarily due to higher revenue and a shift in product sales mix into higher margin home and garden products, and lower warehousing costs, partially offset by higher freight costs.
Overstock.com’s positive first quarter results follow the company’s announcement that founder Patrick Byrne returned as its CEO. Byrne took a medical leave of absence in February to address cardiac issues thought to be associated with cancer treatments received much earlier in his life.