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Higher expenses cut into Overstock.com Q2 net income
Salt Lake City – A 23% increase in Overstock.com’s sales and marketing expense helped reduce its second quarter fiscal 2014 net income to $1.9 million, down 48% from $3.7 million in the same period a year earlier. Revenue grew 13% to $332.5 million, from $293.2 million.
Patrick M. Byrne, CEO and chairman of Overstock.com, cited increases in technology spending as helping the company to quickly conceive and execute new ideas such as a recently launched consumer credit facility.
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Wal-Mart ordered to provide investors bribery files
Bentonville, Ark. – Wal-Mart Stores Inc. has lost its bid to keep files regarding an internal probe of possible bribes paid to Mexican officials to aid real estate deals out of the hands of investors. The Delaware Supreme Court has upheld a 2013 ruling by a lower Delaware state court mandating that Wal-Mart provide the files to several investors.