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Overstock.com CEO on Sales Growth, Cost Cuts

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    Overstock.com CEO Patrick Byrne on the company’s revenue growth and cost cutting.

  • Duration 4:22
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Market cap is small but -- stock dot com stock has been moving big time recently and has caught the attention of investors the stock is up more than.

30% just two days.

Following a glowing quarterly report visitors over -- web site.

They're buying more its revenue has increased overall -- Its market share as broad as has the smile on the face of its CEO and founder Patrick -- -- who joins us.

-- -- Fox Business exclusive good to see get look at that smile you're happy man.

30% of prices stock is not that now is is all this increase in activity for -- stock -- resulted.

Something you're doing -- -- the overall economy getting better.

-- all itself it's a result of some things my colleagues are doing.

I'm just along for the ride I've got 12100 fantastic colleagues they are there -- cylinders are -- all firing.

And it's of their during great now the economy I think is I've got the same opinion I've had for three years with -- you -- or longer.

And -- my I've got 12100 account -- colleagues are against.

Knocking out of the park and the consumers are reacting.

What one thing over stock is doing and again you can put it all on your your colleagues which is very cabinetry have somebody -- really good at least approval of it.

Is that they're spending less that is your operating expenses are down by a couple of million dollars how have you done that.

We just tighten our belt where -- very cost conscious we -- pennies and our whole our whole shtick is.

That we are worse -- every penny -- -- we can out of our cost structure.

And then we pass the savings on to the consumers as a result.

We've got it we really are the lowest price and general people recognize were the lowest price online -- of cheaper than Amazon -- -- -- them.

All our competitors in general.

On hundreds of thousands of products and everywhere I go now in this country I meet fanatics for over stock it's so nice.

People who tell me -- how much they're buying from us and how they -- their living room and all that stuff.

So it's.

That that's how my colleagues are contributing but -- I'm wondering if you're having if you're being forced to lay people off in order to save money.

No it's really it's not it's not that it's working smarter getting people to work smarter finding efficiencies that's -- thing -- capitalism.

And when you have a bottom line -- always trying to find ways to do more would last but not about laying people off.

It not at all of -- we invest reinvest millions of dollars in educating and retaining and and and making our employees happy.

Now the overall economy you you are really in a good position to to judge how it's -- where do you think it's going right now.

All all I've mentioned several times or for many years I'm a a -- my my analogy my metaphor.

Is I imagine you go to -- -- and asked -- got a toothache and and you said that kind of -- -- he just told you know McCain and -- and I need to root canal he's -- to mourn overcame.

Well what's and yes you know I -- -- -- -- and Dennis just gives you more and overcame that's basically with the US is doing in the form of fiscal.

Responsibility deficit spending QE3 -- didn't start with President Obama started well before him.

But all all we really have now -- politicians prominent as bigger and bigger doses of -- -- not real struck not actually doing the tough dental work.

Does it matter to you in terms of your game -- your business plan does it matter to you who wins the election that is -- you have the same business plan.

No matter who wins.

Well.

Asset they have indicated before I've always felt a little conflict in about criticizing this president I I like the following such.

And it won't matter bit depending on who wins it's not going to matter to me who wins.

-- I think that were coming up in January is some real decision points and based on it's not just the presence congress based on the decisions they make.

I'm will be making decisions about.

How aggressive -- beer or whether it's time to batten down the hatches and and for and and just be risk vs -- So that will we will be watching the decisions made in DC in the next couple months to and that will affect our business strategy.

Patrick -- continued success factors we really appreciate you coming on and we're happy about your success.

Thank you for having me Patrick -- from over -- dot com.

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