Overstock.com, a maker of luxury goods, is preparing to make more than a million bucks in six weeks, the company announced Thursday.
The stock surged more than 20% Thursday morning after a report that the company’s chief executive, Craig Barratt, had told investors he’d been told to expect a “million dollar” profit by the end of this year.
“We have a lot of work to do to reach our goals, but I think we’re all focused on that,” Barratt told analysts.
“The challenge is to make the right business decisions and do the right things, and I’m proud to be doing it.”
In April, Barratt said he expected his company to make at least $50 million in its first year of operations, but that it would hit $100 million by the time of its next quarterly earnings report.
The company’s stock is up more than 80% this year, though its shares have been in free fall for more than five years.
Its stock has fallen more than 60% this month, as the company struggles to attract new customers and attract more employees.
Barratt has said the company will open 100 stores in the US, and expects to make $10 billion in revenue in 2017.
He is not giving a specific timeline for the completion of the stores.