GSI`s Q2 net revenue rises 52% year-to-year
Benefiting from increases in web site outsourcing services as well as an overall rise in electronic commerce, GSI Commerce Inc.’s Q2 net revenue rose 52% to $50.3 million from $33.1 million a year ago, the company reports. By category, GSI said Q2 revenues rose 43% year-to-year in its traditional market of sporting goods, to $27 million from $18.8 million. GSI sells sporting goods through online stores for numerous organizations including several professional teams and well-known chains such as The Sports Authority. It said revenues rose 405%, to $18.5 million from $3.7 million, from the web site outsourcing services it provides to other organizations, including Linens ‘n Things and Rockport Co. Inc., that sell over its platform.
Net merchandise sales, or the value of all transactions over its platform whether or not GSI owns and sells the merchandise, rose 84% to $54.8 million from $29.8 million.
GSI’s revenue and net merchandise sales figures factored in the loss of sales from Ashford.com, which GSI sold to Odimo Inc. earlier this year. Ashford contributed sales of $5.8 million in Q2 of last year. Because GSI owned Ashford, Ashford’s sales equaled revenues.
GSI said net loss for Q2, which ended June 28, narrowed to $3.8 million, an improvement of 27% from a net loss of $5.2 million in Q2 of last year.
GSI said it expects fiscal year 2003 revenue to be $223 million to $232 million, up 27% to 32% from $172.6 million for fiscal 2002. It expects a fiscal 2003 net loss of $12 million to $14 million, an improvement of 61% from the fiscal 2002 net loss of $33.8 million.
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