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Rewards program helps drive Q3 growth at Overstock.com
Salt Lake City – Overstock.com reported year-over-year gains in net income and revenue during the third quarter of fiscal 2013, which the company partially attributed to growing participation in its Club O paid loyalty program.
Net income increased 31% from $2.7 million to $3.5 million, while revenue grew 18% from $255.4 million to $301.4 million. The growth in net revenue was primarily due to a 16% increase in average order size, from $147 in third quarter 2012 to $170 in third quarter 2013, coupled with a 2% increase in orders.
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Report: Gap selects new Australian franchisee
San Francisco – Gap Inc. has reportedly signed a non-binding agreement for Australia-based Oroton Group to take control of its franchise operation in Australia, New Zealand, and some Pacific islands. According to the Wall Street Journal, Oroton Group will start running Gap’s three franchise stores in Australia in November 2013 and purchase some inventory and store fixtures from current Gap franchisee Brand Republic Pty Ltd.