Overstock.com Inc (NASDAQ:OSTK) reported its latest quarterly earnings results after the bell Thursday, sending shares lower as the company’s earnings fell year-over-year.
The e-commerce operator announced net income at a loss of $95.7 million for its fourth quarter of fiscal 2017, marking a $98.8 million decline compared to its year-ago profit of $3.1 million. On an adjusted basis, the company posted a loss of $3.72 per share, a decline of $3.84 per share from its year-ago profit of 12 cents per share.
Overstock saw its revenue take a hit as well, falling 13% year-over-year to $456.3 million from the $526.2 million it brought in during the year-ago period. The online retailer’s gross profit was $85.8 million for the quarter, slipping 12% compared to the year-ago quarter from when it was $98 million.
Gross margin was up to 18.8% from 18.6%, an 18 basis point increase. Overstock injected more resources into its sales and marketing, which saw expenses rise 13% year-over-year to $54.5 million from $48.4 million.
The company’s G&A/Technology expense was higher as well, rising 8% to $54 million from its year-ago total of $50 million. For the fiscal year, net income fell to a loss of $109.9 million from a profit of $12.5 million.
Overstock’s full-year revenue fell 3% year-over-year to $1.75 billion from $1.8 billion, while its gross profit rose to $340.6 million from $331.3 million in the year-ago period. The retailer had cash and cash equivalents of $203.2 million and $183.1 million respectively as of December 31, 2017.
OSTK stock declines about 7.7% after the bell on the company’s meek earnings report.