Salt Lake City-based Overstock.com (Nasdaq: OSTK) reported a 9% increase in first-quarter sales, to $180.2 million, compared with $165.9 million for the first quarter last year. But for the three months ended March 31, the online closeouts merchant lost $15.9 million, compared with a net loss of $4.3 million for the first quarter of 2005.
According to a company statement, “Our theme for this year is to slow growth during the first half of the year so we can work on improving internal business processes in preparation for stronger performance in Q4 and beyond. We continue to anticipate things will look better in Q3, and to be out of the ditch by Q4.”