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Web sales rise 26% for World Wrestling Entertainment in Q3
World Wrestling Entertainment Inc. smacked down a few more Internet sales in the third quarter. E-commerce sales grew to $3.9 million while total revenue remained flat.
World Wrestling Entertainment Inc. smacked down a few more Internet sales in the third quarter.
For the quarter ended Sept. 30, web sales rose by 25.8% to $3.9 million from $3.1 million. Overall World Wrestling, No. 325 in the Internet Retailer Top 500 Guide, posted lower net income and flat overall sales. For the quarter, World Wrestling posted net income of $5.3 million on sales of $108.8 million vs. net income of $8.5 million on sales of $108.1 million for the third quarter of 2007. The average online order in Q3 was $54.72, compared with $53.58 in the prior year. The web accounted for 4% of revenue.
“Through the first half of 2008, our business achieved significant top line growth despite a difficult economic environment. In the third quarter, however, our revenue growth slowed,” says CEO Linda McMahon. “Consistent with our previously announced commitment, we are moving forward with at least $20 million of cost savings in 2009.”
For the first three quarters e-commerce revenue for World Wrestling rose by 4.6% to $11.4 million from $10.9 million in the prior year. Overall the company posted net income of $31.8 million on sales of $401 million vs. net income of $30.6 million on revenue of $353 million in the previous year.
In the third quarter, World Wrestling also launched a social networking site – WWEUniverse.com – which features an interactive commentary during live WWE programming, special events and pay-per-view broadcasts. Other features include message boards, blogs, discussion groups, video and live chats.