Dreams Inc., which operates FansEdge.com, ProSportsMemorabilia.com and other niche e-commerce sites, is reporting a 48.4% increase in web sales for the first quarter of the 2008 fiscal year.
Q1 e-commerce sales rose to $4.6 million from $3.1 million in the prior year. At the same time total retail sales, which include 16 Field of Dreams stores, grew by 89.1% to $7.8 million from $4.1 million Q1 2007.
“We are pleased with our continued levels of growth as we execute our business plans and evolve into the premier retailer of licensed sports products,” says Dreams CEO Ross Tannenbaum. “For the quarter, our largest contributor of growth continues to be our retail revenue.”
Dreams also manufactures and distributes sports memorabilia products and display cases. Across all operations, Dreams, No. 289 in the Internet Retailer Top 500 Guide, posted a net loss of $873,000 on revenue of $10.5 million vs. a loss of $351,000 on revenue of $7.9 million in Q1 of fiscal 2007.
The company also continues to make acquisitions. In August, Dreams acquired all of the outstanding shares of Chicago-based Schwartz Sports, which distributes autographed sports memorabilia and collectibles. Schwartz Sports also operates LarryBird.com and has exclusive autograph deals with Barry Sanders, Derrek Lee and other famous athletes.
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