Geeknet announces an 11% rise in web sales

Geeknet Inc. the new corporate name for what was formerly SourceForge Inc., says e-commerce revenue rose 11% to $7.1 million in the third quarter ended Sept. 30, up from $6.4 million a year earlier. Total revenue fell 6% to $10.8 million from $11.5 million.

For the third quarter, Geeknet also reports:

• E-commerce revenue as a percent of total revenue rose to 65.7%, compared with 55.9% in Q3 of 2008.
• Total net loss increased year over year to $4.5 million from $2.7 million.

For the nine months ended Sept. 30, Geeknet reports:

• E-commerce revenue rose 5.5% year over year to $21.1 million from $20.0 million in the first nine months of 2008.
• Total revenue fell 5.2% year over year to $32.9 million from $34.7 million.
• E-commerce revenue as a percent of total revenue rose to 64.1% from 57.6% a year ago.

“Today’s announcement that we have renamed our company Geeknet is the latest development in the rapid transformation of our business,” says Scott L. Kauffman, president and CEO, Geeknet. “While I am disappointed in our media results this quarter, I am pleased with the continued growth of ThinkGeek.”

ThinkGeek is a division of Geeknet and is No. 250 in the Internet Retailer Top 500 Guide (a PDF version of ThinkGeek’s financial and operating profile can be ordered by clicking on its name).

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