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Web sales grow, but so does the net loss for Bluefly
Q3 sales increased 10.4% as the net loss grew 19%.
The top and bottom lines moved in opposite directions for Bluefly Inc. in the third quarter. Sales grew at a moderate pace, but the company also reported a wider net loss.
For the quarter ended Sept. 30, Bluefly, No. 173 in the Internet Retailer Top 500 Guide, reported:
- Sales increased 10.4% to $21.2 million from $19.2 million in the third quarter of 2010.
- Average order size of $312.49, down by 2.8% from $321.33
- The number of new customers increased 19.0% to 41,170 from 34,601.
- Net loss of $2.5 million, compared with a net loss of $2.1 million in the third quarter of 2010, an increase of 19.0%.
- Sales and fulfillment expenses increased 9.8% to $4.5 million from $4.1 million.
- Marketing expenses decreased 27.6% to $2.1 million from $2.9 million.
- General and administrative expenses grew year over year 5.3% to $2.0 million from $1.9 million.
“During the quarter, we significantly reduced offline marketing versus third quarter of last year, choosing to focus on new customer acquisition from online methods,” says CEO Melissa Payner. “This led to our strong sales increase and generated record growth in subscribers.”
Bluefly didn’t break out year-to-date earnings.