overstockArt.com Reports 52% Top-Line Growth for 2010 with 25% Growth for the Fourth Quarter

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Despite Economic Slump, 2010 Most Profitable Year Ever

overstockArt.com - Transform your space with hand painted art
The main accomplishment is being able to set the foundation for the company’s future growth... We look at 2010 as a building year... and as the market grows we will grow in leaps and bounds.

overstockArt.com, one of the web’s leading producers of reproduction oil paintings, today announced financial results for the fourth quarter and year ended Dec. 31, 2010.

  • Top-line growth rate for the month of December totaled 30 percent.
  • Total revenue growth for the entire fourth quarter was 25 percent year over year.
  • In 2010, overstockArt.com achieved a total revenue growth of 52%.

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 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 of overstockArt.com.

“In 2010 we technically broke nearly every possible record, but that is the nature of a young company,” Sasson continued. “The main accomplishment is not in the numbers. The main accomplishment is being able to set the foundation for the company’s future growth. We have a lot of work ahead of us but the opportunities are almost limitless. We look at 2010 as a building year for the future. We gained market share and as the market grows we will grow in leaps and bounds."

In addition to the accomplishments mentioned above, overstockArt.com also achieved the following in 2010:

  • Improved close ratio by 14 percent.
  • Ranked 1,106th on the 2010 Inc. 500|5000 list of fastest growing companies.
  • Developed and launched its innovative 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 traffic to its website by 22 percent.
  • Increased its home grown opt-in e-mail list by 15 percent.
  • Expanded its business into a larger facility in Wichita, Kan.
  • Increased its product offerings.
  • Expanded its social media reach, garnering over 2,000 Facebook fans and over 2,000 followers on Twitter.

Shopping for home décor online is still a relatively new concept and many luxury item retailers have not fared as well during these turbulent economic times. Sasson credits overstockArt.com’s continued success to the company’s commitment to being an innovator and making shopping for art online a unique experience. “We launched ‘View in a Room’ with the goal being to revolutionize the way people buy art online,” said Sasson.

It’s this dedication to innovation coupled with an intense focus on customer satisfaction that has helped overstockArt.com continue to see a 45 percent returning customer rate, which Sasson says is an astounding number for an ecommerce retailer of any kind. “Our returning customer rate is testament to our customer’s confidence in the quality of our art and satisfaction in shopping with us.”

Co-founded by David Sasson and Amit Yaari in 2002, overstockArt.com began as a small home-based business with only a handful of unframed oil paintings to choose from. Today, overstockArt.com is one of the web’s most successful online art galleries. The company has more than 20 employees in 3 continents. Headquartered in Wichita, Kan., overstockArt.com offers the most comprehensive selection of oil paintings and frames to choose from in the online oil painting industry — currently more than 100,000 decorating combinations — including works by Van Gogh, Monet, Picasso, Renoir, Klimt, O’Keeffe, Munch, Dali and much more.

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Amitai Sasson

Michelle Ellis
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