Overstockart.com reports revenue grew by 52% in 2010
Ray Allegrezza -- Casual Living, March 9, 2011
WICHITA, Kan. - Overstockart.com announced financial results for the fourth quarter and year ended Dec. 31, 2010. Total revenue grew in the fourth quarter by 25% year over year. The company's revenue growth for 2010 was 52%.
"We accomplished a lot in 2010. We broke our web traffic record, close ratio record and sales record. We also had the best holiday season in our history," said David Sasson, CEO. overstockArt.com achieved record-breaking Thanksgiving holiday weekend and Cyber Monday sales. Revenue increased 98 percent, with order placements up by 74 percent, and the company's single day sales record was broken on Cyber Monday.
"We look at 2010 as a building year for the future," Sasson said. "We gained market share and as the market grows we will grow in leaps and bounds."
Also during the year, the company developed and launched a new web application, "View in a Room," copyrighted its first oil painting image, the red rendition of "Branches of an Almond Tree in Almond," increased website traffic by 22% and expanded its business into a larger facility in Wichita, Kan.
Co-founded by David Sasson and Amit Yaari in 2002, overstockArt.com began as a small home-based business with a handful of unframed oil paintings. Today, the company offers more 60,000 paintings and 100,000 decorating combinations.