HighJump Software, a 3M company, a global provider of supply chain execution solutions, today announced two long-time clients, Overstock.com and Quality Bicycle Products, are achieving notable results and expanding their HighJump solutions to continue to achieve supply chain success.
Overstock.com is a leading Internet retailer of name-brand surplus and close-out merchandise headquartered in Salt Lake City. HighJump Supply Chain Advantage suite has supported Overstock.com’s growth from $40 million in revenue in 2001 to $800 million today. During this period, the HighJump warehouse management system was instrumental in facilitating product launches and reverse logistics programs. Overstock.com has seen strong, measurable results, recently setting a new internal shipping record in a single day with significantly fewer employees as compared to the previous year. In fact, the company has reduced warehouse labor costs by 15 percent while achieving more than 99 percent inventory accuracy by location, despite a highly volatile SKU base. The retailer has expanded its HighJump system with a roll-out to a second distribution center and the introduction of advanced slotting functionality. “Over the years, HighJump Software has proven the innovation and enterprise-readiness of its solutions time and again,” said Steve Tyron, senior vice president of logistics, Overstock.com. “We are proud of the record results we’ve been achieving and look forward to building on our success.”
Quality Bicycle Products (QBP), the cycling industry’s leading parts and accessories distributor, has used HighJump Supply Chain Advantage suite as an integral tool in its continuous improvement efforts since 2003. The Bloomington, Minn., company has achieved a 30 percent increase in space utilization and labor savings of more than 40 percent. The HighJump system also has helped QBP increase throughput and productivity while reducing errors. “QBP is growing quickly, and our HighJump system has been crucial in supporting rising volumes and expanding product lines without a hitch,” said Jerry Pomije, chief operating officer, QBP. “We’re pleased that we’ve been able to administer and support the system internally, which has lowered our cost of ownership significantly.”
“Overstock.com and QBP are shining examples of the new heights companies are reaching with our solutions,” said Joel Levinson, president, HighJump Software. “We are proud to have a client base of cutting-edge, innovative and growing companies that combine their own supply chain savvy with our powerful software to bring distribution and customer satisfaction to the forefront.”
About Overstock.com
Overstock.com Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ National Market System and can be found online at http://www.overstock.com.
About Quality Bicycle Products
Quality Bicycle Products (QBP) is the largest parts and accessories distributor in the cycling industry. QBP offers dealers from all over the world an encyclopedic selection of bicycle products from a 1,100-page catalog, a renowned custom wheel service, a specialty bike building program, and proprietary brands. QBP remains a leading bicycle advocate within the industry. www.QBP.com
About HighJump Software, a 3M Company
More than 1,300 companies worldwide are transforming their supply chains with solutions from HighJump Software, a 3M company. HighJump Software is a leading provider of supply chain execution solutions that streamline the flow of inventory and information from source through consumption. HighJump Software’s functionally rich, highly adaptable solutions create a global execution platform spanning the supply network, manufacturing, warehousing, transportation and delivery. As an independent subsidiary in the 3M family of companies, HighJump Software delivers on a century-old commitment to innovation and quality. www.highjumpsoftware.com
About 3M - A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company’s customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in countries around the world, the people of 3M use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com.
HighJump, 3M, Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M. Overstock.com is a registered trademark of Overstock.com, Inc.
Other names and trademarks may be the property of their respective owners.
In respect to Overstock.com, this press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the continued logistics success and possible expansion of past success in logistic services, as well as all such other risks as identified in Overstock.com’s Form 10-K for the year ended Dec. 31, 2005, and all its subsequent filings with the Securities and Exchange Commission, which contain and identify important factors that could cause the actual results to differ materially from those contained in its projections or forward-looking statements.
HighJump SoftwareMedia Contact:Katie Wolf, 952-563-5297http://www.3m.com/PressContact
