Overstock.com 2014 Annual Report Download - page 51
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Table of Contents
The following table reflects our net revenues, cost of goods sold and gross profit for the years ended December 31, 2013 and 2012 (in thousands):
Revenue, net
Direct
$ 156,032
$ 155,516
$ 516
0.3 %
Partner
1,148,185
943,773
204,412
21.7 %
Total net revenues
$ 1,304,217
$ 1,099,289
$ 204,928
18.6 %
Cost of goods sold
Direct
$ 136,282
$ 140,536
$ (4,254)
(3.0)%
Partner
920,275
760,323
159,952
21.0 %
Total cost of goods sold
$ 1,056,557
$ 900,859
$ 155,698
17.3 %
Gross Profit
Direct
$ 19,750
$ 14,980
$ 4,770
31.8 %
Partner
227,910
183,450
44,460
24.2 %
Total gross profit
$ 247,660
$ 198,430
$ 49,230
24.8 %
Gross margins for the past eight quarterly periods and years ended December 31, 2013 and 2012 were:
Direct
11.4%
12.2%
13.7%
13.4%
12.7%
Partner
20.0%
20.8%
20.4%
18.6%
19.8%
Combined
18.9%
19.7%
19.6%
18.0%
19.0%
Direct
8.0%
8.3%
10.3%
11.5%
9.6%
Partner
20.0%
19.6%
19.4%
18.9%
19.4%
Combined
18.1%
18.0%
18.2%
17.9%
18.1%
The increase in direct gross margin for the year ended December 31, 2013 compared to the same period in 2012 is primarily due to a shift in sales
mix into higher margin home and garden products, lower warehousing costs, partially offset by higher freight costs.
The increase in partner gross margin for the year ended December 31, 2013 is primarily due to higher revenue and a shift in product sales mix into
higher margin home and garden products.
Cost of goods sold includes stock-based compensation expense of $154,000 and $272,000 for the years ended December 31, 2013 and 2012,
respectively.
The following table has been included to provide investors additional information regarding our classification of fulfillment costs, gross profit and
margin, thus enabling investors to better compare our gross margin with others in our industry (in thousands):
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