In its second-largest acquisition, Amazon buys the company for $970 million.
E-commerce now accounts for 8% of sales.
Web sales increased nearly 40% for specialty apparel retailer Express Inc. in its fiscal first quarter.
For the first quarter ended April 30, Express, No. 124 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 37.9% to $37.5 million from $27.2 million in the first quarter of 2010.
- Total sales grew year over year 9.6% to $467.4 million from $426.5 million.
- Comparable-store sales increased 14%.
- Net income increased 14.4% to $35.0 million from $30.6 million in the first quarter of 2010.
Internet Retailer calculates the web accounted for 8.0% of total sales compared with 6.4% in the first quarter of 2010.
“We had a strong start to the year, reporting better-than-expected comparable sales and earnings, continuing our positive momentum from 2010,” says CEO Michael Weiss.