Drugstore.com gets a new CEO, Q1 revenue grows 44%
Drugstore.com has promoted Chief Operating Officer Kal Raman to president
and CEO. In addition, the online pharmacy’s first quarter net sales
increased 44% to $32.8 million over Q1 last year while gross profit
increased 15.3% to $5 million. Average net sales per order was $62 up from
$39 in Q1 2000. Pro forma net loss improved 44% to $21.8 million over Q1
2000. Net loss on a GAAP basis was $41.7 million and reflected a restructuring charge of $7.3 million. Marketing and sales expenses declined by $8.1 million, and as a percent of net sales declined from 84% to 33%.
The company also reports that it added 171,000 new customers, bringing
its total customer base to more than 1.8 million. Orders from repeat
customers grew to 68% of the total orders in the quarter.
Peter Neupert, who had been drugstore.com`s president, CEO and chairman of the Board, will continue in an active role as chairman. Raman joined drugstore.com in 1998 as chief technology officer.
Back...
