October 29, 2003, 12:00 AM

RedEnvelope’s Q2 revenue rises 54% year-to-year

Net revenues at online and catalog gifts retailer RedEnvelope Inc. rose 53.7% year-over-year in the second quarter, to $8.3 million from $5.4 million. The revenue gain came just before RedEnvelope realized about $29 million from its recent IPO.

Net revenue at online and catalog gifts retailer RedEnvelope Inc. rose 53.7% year-over-year in the second quarter ended Sept. 28, to $8.3 million from $5.4 million, the retailer said today. The revenue gain came just before RedEnvelope realized about $29 million from its recent initial public offering of stock.

"We are pleased with our results for the second quarter, during which we began the next chapter of our history by becoming a public company," said president and CEO Alison May. "During the second quarter, our continued focus on revenue growth and expense control contributed to our improved results. We are especially pleased with the customer response to our new baby, birthday and wedding assortments this quarter, a period not tied to a major gift-giving event."

RedEnvelope also reported that its Q2 net loss narrowed 24% year-over-year, to $2.8 million from $3.7 million.

The company’s IPO, which closed on Sept. 30, resulted in the sale of 2.2 million shares of common stock at $14 each, raising $29 million.

In Q2 it also launched a new catalog to help spread out gift sales throughout the year. "We launched a new catalog in the second quarter as part of our focus on everyday gift giving to reduce revenue dependency on major holidays," May said. "Our strength is proprietary gifts for all occasions in a wide price range, appropriate for events that take place throughout the entire year."

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