Overstock.com investing in new innovations
Home & Textiles Today Staff -- Home & Textiles Today, 1/30/2014 1:38:18 PM
Byrne said the company has a list of six "unique opportunities," of which the move to adopt the cyber currency just before New Year 's Eve was the first. Byrne said three large innovations will come this spring that the company has spent $8 million to $10 million to implement.
"We see opportunities to build things that no one else is building and that can plug into our eco-system," Byrne said.
The company has boosted its number of employees to 885 as of the fourth quarter in 2013 from 769 in the fourth quarter of 2012, largely in technology positions, to support the innovations.
While Bryne and other executives did not provide further details, Stormy Simon, co-president and member of the board of directors, provided insight in one area. She said the company has been evaluating its international business and views 2014 as the year to make a big push abroad. "This year you'll see a solid footprint in two large countries," she said.
For Overstock.com's fiscal year 2013, net income was $88.5 million vs. $14.7 million in the previous year. The increase in net income during 2013, including the fourth quarter, was primarily due to the $72.7 million net impact of deferred tax asset valuation release. Revenue increased 19% to $1.304 billion from $1.099 billion.
For the fourth quarter, income was $73.6 million vs. $8.8 million in the year-ago quarter and revenue rose 16% to $397.6 million. The company experienced softness in December and responded with increased marketing.
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