Sales at San Francisco-based online gift retailer RedEnvelope Inc. grew 71% to $56 million for its fiscal year, which ended March 31, RedEnvelope reported today. The company says it expects sales to grow another 50% this fiscal year. Its customer base had reached 850,000.
RedEnvelope reports it reached net income profitability in the third quarter and expects to reach EBITDA profitability next year. The company says proprietary products now account for 50% of all sales.
"Our 2002 annual sales have proven that there is a vibrant market for a brand leader in the specialty gift sector," says Hilary Billings, chairman and chief marketing officer of RedEnvelope. "We will continue to capitalize on this consumer demand by broadening our customer reach, expanding and refining our product assortment and honing our marketing strategies."
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