February 17, 2011, 4:53 PM

ThinkGeek grows web sales 55% in 2010

The online gadget retailer also reports a 60% increase in fourth quarter sales.

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Geeknet Inc. posted strong annual and fourth quarter sales.

For the full year ended Dec. 31, Geeknet which owns and operates online gadget store ThinkGeek.com, No. 232 in the Internet Retailer Top 500 Guide, reported:

  • E-commerce revenue increased about 55.4% to $76.3 million from $49.1 million in 2009.
  • Media revenue from their community web sites such as SourceForge, Slashdot, and FreshMeat increased 11% to $18.3 million from $16.5 million in 2009.
  • Total revenue grew 44.2% to $94.6 million from $65.6 million in 2009.
  • Net loss was $4.4 million compared with a net loss of $14 million in 2009.

Internet Retailer calculates that the web made up 81% of total revenue in 2010, compared with 75% in 2009.

“ThinkGeek grew revenue by 60% and our media business demonstrated early signs of traction with our new strategy as evidenced by its solid growth over last year,” says Ken Langone, executive chairman, Geeknet. “Our 44% growth in revenue for the full year demonstrates the strength of our community and our marketing efforts.”

For the fourth quarter, Geeknet reported:

  • E-commerce sales increased about 60.2% to $44.7 million from $27.9 million in the fourth quarter of 2009.
  • Media revenue increased 12.8% to $5.3 million from $4.7 million in the fourth quarter of 2009.
  • Total revenue grew 53.4 % to $50.0 million from $32.6 million in the fourth quarter of 2009.
  • Net income was $4.7 million compared to $1.5 million in the fourth quarter of 2009.

Internet Retailer calculates that the web made up 89.4% of total revenue in the fourth quarter of 2010, compared with 85.6% in Q4 2009.

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