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Overstock.com (OSTK)
Overstock.com (OSTK - Snapshot Report) reported a first quarter net loss of $0.09 per share, which was narrower-than-expected. The company's sales declined 8% year-over-year.
Gross margin improved 280 basis points, which more than offset the 230 basis point increase in total operating expenses. Overstock.com reduced sales and marketing and technology expenses, but had a big increase in general and administrative expenses.
We think these results support our view that Overstock.com's cost structure is still too high relative to its gross profit margin. We reiterate our Sell rating and $5 target price.
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| Market Summary | Nov 25, 2009 03:06 am ET |
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