A new forecast from Forrester Research credits greater online spending by Canadians, lower shipping costs and more selection for the spending increase.
The online gadget retailer reached $15.2 million in first quarter sales.
Gadget retailer ThinkGeek Inc. got its e-commerce sales geek on in the first quarter.
For the first quarter ending March 31, parent company Geeknet Inc. reported:
- $15.2 million in e-commerce revenue at ThinkGeek.com, up by 46% from $10.4 million in the same period last year.
- Total revenue increased 35.4% from $14.7 million in Q1 2010 to $19.9 million.
- Orders shipped increased by 54%.
- Media revenue increased about 9.3% to $4.7 million for the first quarter of 2011, compared with $4.3 million for the first quarter of 2010.
- Net loss was $2.4 million compared with $2.8 million in Q1 2010.
Internet Retailer calculates the web accounted for 76.4% of total sales in the first quarter, compared with 70.7% in the prior year quarter.
“2011 started well for the company with solid growth in both ThinkGeek and our media business,” says Ken Langone, chairman of Geeknet. “Following last year’s strong revenue growth, we are focused on maintaining momentum in ThinkGeek and continuing to grow our media business by concentrating on business-to-business technology advertisers to fully maximize the revenue opportunity we see in that market.”
ThinkGeek climbed from No. 232 in 2010 to No. 192 in Internet Retailer’s new edition of the Top 500 Guide.