Net revenue

Overstock net income soars | PYMNTS.com

Overstock.com, Inc. reported as part of its financial results for the first quarter of 2021 that total net revenue jumped 94% year-over-year to $660 million, according to a announcement of Thursday, April 29.

“On the heels of a record-breaking 2020, Overstock continues to operate consistently and delivered strong results for the first quarter of 2021,” Overstock CEO Jonathan Johnson said in the announcement. “Our strong momentum reflects our focused and strategic focus on our home-based business and the operational changes we have made and continue to implement.”

The e-commerce retailer and technology company reported 3.6 million orders delivered in the first quarter of 2021, marking a 66% year-over-year increase. It also noted an average order value of $183 for the first quarter of 2021, marking a 17% year-over-year increase.

Overstock said orders placed on mobile devices accounted for about half of gross merchandise sales in the first quarter of 2021, marking a year-over-year increase of 380 basis points. The company also said it had 9.9 million active customers as of March 31, marking a 92% year-over-year increase.

“Our focus on improving the guest experience and delivering on our ‘Dream Homes for All’ brand vision is paying off,” Johnson said in the announcement. “We had another excellent quarter of profitable market share growth. We believe Overstock is well positioned to maintain this profitable trajectory through 2021 and beyond. »

Overstock’s online shopping website offers a wide range of new home products for sale in the areas of home improvement, bedding and bath, area rugs, decor and furniture . The Salt Lake City, Utah-based company said it was the first “major retailer” to use digital currency as a form of payment.

In terms of blockchain, Overstock management said in the announcement: “On April 23, 2021, ahead of schedule, Overstock closed its blockchain fund transaction with Pelion Venture Partners, a third-party venture capital firm with has a proven track record of successfully investing in start-ups, to oversee the blockchain assets of Medici Ventures.

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