Wedding products retailer The Knot Inc. has reported e-commerce revenue of $13.4 million for the second quarter ended June 30, a 7% increase over $12.5 million for the same period in 2007. Online sales growth, however, beat overall sales growth: The retailer reported revenue of $28.7 million for the second quarter of 2008, a negligible rise over net revenue of $28.5 million for the second quarter of 2007. The merchant blames the stagnation in part on the economy.
“The second quarter proved to be challenging on a number of fronts. Given the weak economic environment and recent revenue results, we’re taking a conservative stance and lowering our guidance for percentage revenue growth for 2008 from mid-teens to 9% to 11%,” says David Liu, CEO. “We’ve made considerable progress toward completing our platform investments and upgrades. We expect the changes we’re implementing today will support sustained long-term growth and profitability in the years to come.”
For the six months ended June 30, 2008, The Knot, No. 332 in the Internet Retailer Top 500 Guide, reported $26.4 million in e-commerce sales, a 13% increase over $23.3 million during the same period last year. Overall revenue for the same period in 2008 hit $52.5 million, a 6% increase over $49.5 million during the first six months of 2007.