April 29, 2004, 12:00 AM

GSI Commerce’s revenue grows 36% in first quarter

Net revenues for GSI Commerce Inc., provider of e-commerce outsourced services for retailers, reached $66.3 million in the first quarter, up 36% from $48.9 million for the first quarter a year ago.

Kurt Peters

Executive Editor

Net revenues for GSI Commerce Inc., provider of e-commerce outsourced services for retailers, reached $66.3 million in the first quarter, up 36% from $48.9 million for the first quarter a year ago, the company reports. The company incurred a net loss of $4 million, down from $5.5 million a year ago.

GSI’s merchandise sales rose 59% to $85.9 million. Net merchandise sales represent the retail value of all sales transactions, including shipping charges, minus returns, which flow through the GSI Commerce platform, whether or not the company is the seller of the merchandise or records the full amount of such sales on its financial statements. GSI operates the e-commerce portion of web sites for more than 40 retailers and other enterprises with a shopping section. The company projects full-year net sales to be $440 million to $460 million.

Net revenues from product sales generated by the company`s sporting goods category were $33.5 million for the first quarter, up 37% from $24.4 million for the first quarter last year. Q1 net revenues from product sales generated by the company`s other merchandise categories were $23.3 million, up 18% from $19.8 million for the first quarter a year ago. Service fee revenues doubled to $9.4 million in Q1.

Net merchandise sales from the sporting goods category increased 44% in Q1 to $35.1 million from $24.4 million. Net merchandise sales from the company`s other merchandise categories increased 71% to $50.8 million from $29.8 million.

 

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