First quarter profit at consumer electronics and entertainment online retailer Buy.com rose 138% to $1.4 million compared to $568,000 a year earlier.
"Based on consumer spending on Buy.com, we do not see any evidence of an economic downturn – instead, consumers are looking to the site as a one-stop shopping destination for the best deals on millions of products," says Neel Grover, CEO and president of Buy.com. Grover is speaking at the Internet Retailer Conference & Exhibition, June 9-12 in Chicago, in a session entitled A mainstream strategy for a web-only retailer.
This is the retailer’s sixth consecutive profitable quarter, the company says. Buy.com, launched in 1997, says it has more than 11 million customer accounts.
“As we continue to see gas prices skyrocket around the country, more consumers are realizing they can get their products with free shipping online at Buy.com without ever leaving their home,” says Jeff Wisot, vice president, marketing at Buy.com.
Buy.com is No.33 in the Internet Retailer Top 500 Guide.