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Salt Lake's Overstock.com rises after sales jump beats estimates
This is an archived article that was published on sltrib.com in 2010, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Shares of Overstock.com Inc., the Salt Lake City-based online discount retailer, climbed to the highest level since July 2008 on the Nasdaq after first-quarter sales rose 42 percent.

Sales climbed to $264.3 million from $185.7 million a year earlier, the company said today in a statement. Two analysts estimated $222.5 million on average.

Overstock sells products, from jewelry to DVDs, buying excess inventory from other companies and selling it at lower prices.

The shares advanced $4.15, or 21 percent, to $23.88 in Nasdaq Stock Market trading, after touching $26.50. Shares have gained 76 percent this year.

The company reported net income of $3.73 million for the three months ended March 31, according to the statement. That compared with a $3.94 million loss a year earlier.

Overstock.com will conduct a conference call at 7 a.m. Thursday to discuss the quarter's results.

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