Overstock.com 2015 Annual Report Download - page 60
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The increase in partner revenue for the year ended December 31, 2014, as compared to 2013, was primarily due to an increase in sales of home and
garden products.
The following table reflects our net revenues, cost of goods sold and gross profit for the years ended December 31, 2014 and 2013 (in thousands):
Revenue, net
Direct
$ 147,460
$ 156,032
$ (8,572)
(5.5)%
Partner and other
1,349,643
1,148,185
201,458
17.5 %
Total net revenue
1,497,103
1,304,217
192,886
14.8 %
Cost of goods sold
Direct
129,253
136,282
(7,029)
(5.2)%
Partner and other
1,088,791
920,275
168,516
18.3 %
Total cost of goods sold
1,218,044
1,056,557
161,487
15.3 %
Gross Profit
Direct
18,207
19,750
(1,543)
(7.8)%
Partner and other
260,852
227,910
32,942
14.5 %
Total gross profit
$ 279,059
$ 247,660
$ 31,399
12.7 %
Gross margins for the past eight quarterly periods and years ending December 31, 2014 and 2013 were:
Direct
13.0%
11.3%
12.5%
12.5%
12.3%
Partner and other
19.5%
19.7%
19.7%
18.7%
19.3%
Combined
18.8%
18.8%
19.0%
18.2%
18.6%
Direct
11.4%
12.2%
13.7%
13.4%
12.7%
Partner and other
20.0%
20.8%
20.4%
18.6%
19.8%
Combined
18.9%
19.7%
19.6%
18.0%
19.0%
The 31 basis point decrease in direct gross margin for the year ended December 31, 2014, as compared to 2013, was primarily due to increased net
returns costs and increased promotional activities, which we recognize as a reduction of revenue (including coupons, site sales, and our Club O Rewards
program) due to our driving a higher proportion of our sales using those channels. These increases were partially offset by a continued shift in sales mix into
higher margin home and garden products.
The 52 basis point decrease in partner gross margin for the year ended December 31, 2014, as compared to 2013, was primarily due to increased
promotional activities including coupons, site sales, and our Club O Rewards program due to our driving a higher proportion of our sales using those
channels. This decrease was partially offset by a continued shift in sales mix into higher margin home and garden products.
Cost of goods sold includes stock-based compensation expense of $181,000 and $154,000 for the years ended December 31, 2014 and 2013,
respectively.
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