April 28, 2005, 12:00 AM

GSI Commerce’s revenues grow 38% in first quarter

First quarter revenues at GSI Commerce increased 38% to $91.4 million from $66.3 million a year ago, the company has reported. Q1 net loss totaled $1.7 million.

 

First quarter revenues at King of Prussia, PA-based GSI Commerce Inc. increased 38% to $91.4 million from $66.3 million a year ago, the company has reported. Q1 net loss totaled $1.7 million vs. a net loss of $4 million a year ago.

GSI Commerce provides e-commerce services to retailers under a variety of arrangements, including operating the web platform and fulfilling orders.

The company’s merchandise sales rose 59% to $136.2 million from $85.9 million a year ago.

Net revenues from product sales generated by GSI’s sporting goods category were $39.8 million for the first quarter, up 19% from $33.5 million a year earlier. Merchandise sales from the sporting goods category increased 35% in Q1 to $47.5 million from $35.1 million a year ago.

Net revenues from product sales generated by the company’s other merchandise categories were $36.9 million for the first quarter, up 58% compared to $23.4 million a year earlier. Merchandise sales from the company’s other merchandise categories increased 75% in the first quarter to $88.7 million from $50.8 million in the first quarter 2004.

Service fee revenues increased 57% to $14.7 million in the first quarter vs. $9.4 million a year earlier.

Operating expenses were $35.6 million in Q1, an increase of 23% compared to $29.1 million a year ago. Operating expenses as a percentage of net revenues decreased to 39% from 43.9%.

 

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