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Overstock.com Updates Holiday Sales Figures, Shares Drop

Company Online Stock Trading By Armando Duke

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Online Trading Stock And (AXcess News) Salt Lake City, UT - Overstock.com (Nasdaq: OSTK) chief executive Patrick Byrne updated the online discount retailer's holiday sales figures following his Bloomberg TV appearance Friday, stating that "fourth quarter growth had slowed to two times the industry average rather than the three to four times that the company had posted in the past."

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Stock Investing Course Byrne confirmed that Overstock.com's revenue growth for 2005 would fall within his desired range of 60-100% growth, but stated that earnings would be a percentage or two less than his target of breakeven net income.

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Stock Investing Game "Overstock.com would be breakeven to positive on an EBITDA basis for the fourth quarter, but would have negative operating cash flows for 2005 due to build in inventory balances," said Byrne's.

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Market Stock Trading "We've had a nice holiday season, just not as nice a season as we've had in the past or as I'd hoped for," said Byrne. "We have become the go-to shop for smart, savvy shoppers interested in high quality products at discount prices, and I made the determination that this holiday season would be critical for solidifying our brand in our customers' eyes. To get above the noise, we spent a few dollars more than we had hoped, but in my experience, over time, those dollars will pay large dividends. So I decided to do what is smart for the company in the long run, rather than focus on just the quarter's results -- because I plan to be around next season as well, and to be bigger than ever."

Online Stock Trading Canada Despite Byrne's attempt to dismiss mismanaging Overstock.com's operations in the fourth quarter investors didn't, pushing its shares down 7.25 percent in early trading as the stock lost $2.44 to trade at $31.20 by 9:57am EST Tuesday.

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