A new forecast from Forrester Research credits greater online spending by Canadians, lower shipping costs and more selection for the spending increase.
However, the retailer had another loss on the bottom line.
It was another quarter of growth for the top line and a loss on the bottom line for Drugstore.com, which is being acquired by Walgreen Co.
In what may be its last quarterly earnings statement as a public company and for the first quarter ended April 3, Drugstore.com, No. 46 in the Internet Retailer Top 500 Guide, reported:
- Sales increased 15.8% to $128.4 million from $110.9 million in the first quarter of 2010.
- Net loss was $3.2 million compared with a net loss of $2.6 million in the first quarter of 2010. The net loss included $2.2 million in acquisition-related expenses, the retailer says.
- Sales from over-the-counter merchandise increased year over year 15.6% to $107.5 million from $93.0 million.
- Vision-related revenue increased 17.3% to $21.0 million from $17.9 million in the first quarter of 2010.
- Total orders, excluding orders from other businesses, grew to 1.8 million.
- The average over-the-counter order was $65.
“With our continued investment in our marketing initiatives, we acquired approximately 540,000 new customers this quarter, up 13% over the first quarter of 2010,” says CEO Dawn Lepore. “During the quarter, we made strategic progress on a number of fronts including implementing our new site navigation, launching three branded sites for Luxottica and signing an agreement with GSI Commerce for our West Coast distribution center capability.”
In March, Walgreen (No. 68) announced plans to acquire Drugstore.com for about $429 million. Walgreen expects to complete its takeover of Drugstore.com by the end of June.