Global Sports increases net revenue by 184%

King of Prussia, Pa.-based Global Sports Inc., a developer of e-commerce sporting goods businesses, is reporting strong results from Q1 2001. The company’s net revenue was $16.2 million for the quarter, up 184% from $5.7 million in Q1 2000. Pro forma net loss was $6.3 million, a 44% improvement over Q1 2000’s $11.3 million. Global Sports’ gross profit was $5.1 million and gross margin was 1.2% for Q1 2001, compared to gross profit of $1.8 million and gross margin of 30.9% the year earlier. Operating expenses excluding non-cash charges were $12.4 million for Q1 2001, down 7% from $13.3 million in Q1 2000. Net sales are expected to be $100 million for 2001 and pro forma net loss is expected to be between $18.5 million and $19.5 million. During Q1, Global Sports added two new sporting goods partners: Dick’s Sporting Goods and G.I. Joe’s Inc.