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Web sales grow 17% for Bluestem in Q1
E-commerce accounted for 40% of total revenue.
Bluestem Brands Inc. remains in a quiet period as it plans for a public stock offering. But the direct marketer’s e-commerce numbers did all the talking about the company’s growth online in the first quarter.
In a new filing with the U.S. Securities and Exchange Commission, Bluestem, No. 94 in the Internet Retailer Top 500 Guide, for the first quarter ended April 30 reported:
- E-commerce sales grew 16.8% to $39.7 million from $34.0 million in the first quarter of 2010.
- Total sales increased 13.9% to $99.2 million from $87.1 million.
- Net loss was $12.8 million compared with a net loss of $1.3 million.
- Average order was $177.05, up about 4.8% from $168.90.
- The total number of orders grew year over year 8.3% to $573 from $529.
- Repeat shoppers averaged about 57% of total orders, the same as in the prior year.
Internet Retailer calculates the web accounted for 40% of total sales, compared with 39% in the first quarter of 2010.
Bluestem, the Minneapolis direct marketing company formerly known as Fingerhut, filed for an initial public offering with the U.S. Securities and Exchange Commission in April. In its most recent filing, Bluestem updated its financials, but didn’t disclose any date for its public offering or specific pricing per share. Bluestem does say some proceeds would be used to pay down debt, including about $30 million in subordinated secured notes due to be redeemed in November 2013.