Wednesday, December 28, 2005
Overstock Sees Disappointing Holiday Quarter
Salt Lake City Utah-based Overstock.com reported Tuesday that its holiday season was not as nice as previous seasons, and that its earning will fall short of expectations. The firm, which sells merchandise on the Internet said that its fourth quarter growth had slowed to two times the industry average, down from the three to four times the industry average growth it had posted in the past. As a result, the company said that it would have negative operating cash flows for 2005 due to build in inventory balances. The company's stock fell in trading Tuesday, and as of close Wednesday was down 7.5 percent. Overstock will announce Q4 results in late January or early February.