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Increased order sizes boost Overstock.com’s Q1 results
SALT LAKE CITY — Online discount retailer Overstock.com reported a 19% increase in total net revenue for the first quarter, thanks to a 21% increase in average order size.
Overstock.com’s total net revenue for the quarter was $312 million, up from $262 million for the first quarter of last year, even though the company reported a small decrease in the number of customer orders. Its net income for the quarter surged to $8 million, up from $2.7 million for the same period last year.
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Fairway raises $177.5 million in IPO
New York -- Fairway Group Holdings Corp., operator of the Fairway Market grocery chain, said Wednesday that it raised $177.5 million in its initial public offering after pricing the shares above the marketed range.
Fairway sold 13.65 million shares for $13 each, according to data compiled by Bloomberg, after offering them for $10 to $12. At the offering price, the company has a market value of about $536 million.
The shares, which represent a 33% stake, will be listed on the Nasdaq Stock Market under the symbol FWM.