October 25, 2002, 12:00 AM

GSI Commerce’s Q3 revenue grows 79% over year ago

Net revenue in the third quarter for GSI Commerce Inc. grew 79% over last year’s third quarter to $32.3 million, while comparable store sales increased 32%. Net loss narrowed by 41% to $8.6 million.

Net revenue in the third quarter for GSI Commerce Inc. grew 79% over last year’s third quarter to $32.3 million from $18.1 million, the company reports. Comparable store sales--that is, sales at web sites that were in operation for the third quarter last year, increased 32% from the third quarter of 2001. GSI Commerce is an outsourced provider of e-commerce services for retailers and operates the online retailing arms of a number of national chains.

Net loss was $8.6 million in the third quarter, a 41% improvement from a net loss of $14.6 million in last year’s third quarter.

For the full year, GSI Commerce is expecting net revenue of $167 million to $172 million, with a net loss of $20 million to $22 million.

The company also reported that in the third quarter, it completed expansion of its fulfillment center expansion in Louisville, KY, and opened a customer sales and service center in Melbourne, FL. GSI Commerce, Inc. was formerly known as Global Sports, Inc.

 

 

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