Overstock.com hits Nasdaq high

Overstock.com Inc., the Salt Lake-based online discount retailer, climbed to the highest level since July 2008 on the Nasdaq after first-quarter sales rose 42 percent.

The company reported net income of $3.73 million for the three months ended March 31, according to the statement. That compared with a $3.94 million loss a year earlier.

Sales climbed to $264.3 million from $185.7 million a year earlier, the company said Tuesday. Two analysts estimated $222.5 million on average.

The company's shares advanced $4.15, or 21 percent, to $23.88 Tuesday in Nasdaq Stock Market trading. The shares have gained 76 percent this year.