In its second-largest acquisition, Amazon buys the company for $970 million.
Net revenues reached $91.7 million in Q2 for GSI Commerce, up 42% from $64.7 million in the same period in fiscal 2004, while merchandise sales rose 53%.
The second quarter of 2005 was a good one for GSI Commerce Inc., third-party provider of e-commerce platform and other services to web retailers. For the second quarter, net revenues were $91.7 million, which is a 42% increase compared to $64.7 million in the same period in fiscal 2004. Merchandise sales totaled $136.8 million for the second quarter of fiscal 2005, a 53% increase compared to $89.6 million in the same period in fiscal 2004. Net loss for GSI’s second quarter was $2.8 million, compared to a net loss of $3.1 million in second quarter of 2004.
“The second quarter was very exciting, highlighted by strong operating results, continued new partner momentum and the addition of international capabilities,” said Michael G. Rubin, chairman and CEO.
In a sign that the web retail market for outsourced services is consistent, GSI in the second quarter reported signing a multi-year agreement to provide e-commerce services to General Nutrition Corp., the largest global specialty retailer of nutritional supplements.
“GSI Commerce had a strong first half of fiscal 2005 and we believe we are well positioned to deliver solid results for the balance of the year,” Rubin said.