Net revenues for King of Prussia, PA-based Global Sports Inc., which operates web sites for many sports retailers as well as for Kmart Corp.’s BlueLight.com, grew 140% to $102.6 million last year from $42.8 million the year before, the company reported today. Net loss was $30.6 million compared to net loss of $58 million the year before.
In spite of the dramatic increase in revenue, the company reduced operating expenses to $52.2 million, excluding stock-based compensation and depreciation and amortization, from $53.8 million the year before. The company reported that gross profit was $35 million on gross margin of 34.1% for fiscal 2001 compared to gross profit of $13.2 million and gross margin of 30.9% for fiscal year 2000.
The fourth quarter shone for Global Sports, with half the company’s revenue-- $51.4 million--occurring in the quarter. Revenue was up 153% in Q4 over Q4 a year earlier. Net income in the quarter reached $300,000
Global Sports says it expects net sales of $200 million this year.
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