The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
E-commerce accounted for 58% of total sales.
Web sales in the first quarter grew and accounted for a bigger percentage of total sales for Redcats, a unit of French retailing conglomerate PPR Group.
PPR didn’t publish an end date in its recently released financials, but for the first quarter of fiscal 2011 PPR reported:
- Web sales for Redcats, No. 7 in the Internet Retailer Top 500 Guide, accounted for about 58% of total sales, compared with 51% in the first quarter of fiscal 2010. Based on those percentages, Internet Retailer calculates web sales increased year over year 14.9% to 494.5 million euros ($701.3 million) from 430.4 million euros ($610.4 million).
- Total sales for Redcats increased 1.1% to 853.3 million euros ($1.20 billion) from 844.0 million euros ($1.19 billion) in Q1 fiscal 2010.
- Total U.S. sales for Redcats increased 2.1% to 264.4 million euros ($375.0 million) from 259 million euros ($367.3 million) in the first quarter of fiscal 2010.
- The web accounted for about 51% of total U.S. sales for Redcats. Based on that percentage, Internet Retailer calculates Redcats achieved U.S. e-commerce sales of 134.8 million euros ($191.2 million) in the first quarter. PPR didn’t break out a similar metric for the first quarter in fiscal 2010.
“Online sales continued to grow, and now account for 58% of Redcats’s total revenue,” says PPR. “Special operations and frequent innovations on the Internet such as the launch of new web sites, applications for smartphones and tablets, partnerships, our Facebook boutique and virtual models have proved very successful.”
- · Total revenue grew year over year 9.1% to 3.70 billion euros ($5.24 billion) from 3.39 billion euros ($4.80 billion).
- · Web sales increased year over year 14.1% to 592.2 million euros ($839.0 million) from 519.0 million euros ($735.9 million).
- · The company did not break out net income metrics.
Internet Retailer calculates the web accounted for 16% of total sales compared with 15.3% in the prior year.