This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Overstock.com Inc., the well known online discount retailer, said revenue for the first quarter of its 2012 fiscal year declined 1 percent to $262.4 million from $265.5 million in the same period a year ago.
The Salt Lake City-based company, however, reported net income of $2.7 million, or 12 cents per share, for the first quarter compared with a loss of $444,000, or 2 cents per share, in the first quarter of fiscal 2011.
In reporting its financial results for its first quarter, Overstock said the decline in revenue was primarily due to fewer orders.
It said it return to profitability was the result of its cost cutting efforts and lower expenses.
"While marketing activities drove 10 percent more unique visitors to our website this quarter, customer orders decreased by 1 percent as conversion rates declined," it said.
For online retailers, the conversion rate is a measure of the number of visitors to a site who end up buying a product.