In its second-largest acquisition, Amazon buys the company for $970 million.
Net sales at Provide Commerce, online retailers of flowers and food, reached $57.2 million in its third quarter ended March 31, up 40% from $40.7 million a year ago.
Net sales at Provide Commerce Inc., online retailers of flowers and food, reached $57.2 million in its third quarter ended March 31, up 40% from $40.7 million in the third quarter of last year, the company reports.
San Diego-based Provide Commerce’s net income for the quarter was $3.5 million compared to $15.9 million in Q3 last year. The company reports that net income for the third quarter of this year includes income tax expense of $3.1 million vs. an income tax benefit of $11.8 million in the third quarter last year, related to the release of the company`s valuation allowance against its deferred tax assets.
In the quarter, the company added 422,000 new customers, a 28% increase compared to 330,000 new customers added in Q3 a year ago. As of March 31, the Provide Commerce had 3.8 million customers in its database, a 41% increase from 2.7 million customers a year earlier. Repeat customers generated 55% of net sales during the quarter, compared to 47% in the same quarter last year. Average order value was $53.14 in the quarter virtually unchanged from $53.27 a year earlier.
The company noted that Easter, a major holiday for its ProFlowers.com business, shifted to FY Q3 this year from FY Q4 last year. Provide Commerce also operates the CherryMoonFarms.com and UptownPrime.com gourmet food sites.