Revenue rises 40% year-over-year in Bluefly’s Q2
Revenue at fashion apparel e-retailer Bluefly Inc. rose 39.6% to $16.8 million for the second quarter ended June 30, up from $12 million a year ago, as gross profit rose 51.5% to $ 7 million from $4.7 million, the company said yesterday.
“This was quite a good quarter for us,” CEO Melissa Payner said, adding: “Our new capital resources will provide the company with greater operating flexibility and marketing power.” In June, Bluefly announced that it had received $50 million through the sale of newly issued common stock purchased by Maverick Capital Ltd. and Prentice Capital Management LP. It retained $25 million of the proceeds for growth projects and working capital; it used the other half to pay off debt and accrued stock dividends.
Q2 net loss, however, widened to $1.9 million from $1.2 million a year ago. Bluefly said its loss-per-share figure of 17 cents per share for Q2 2006 includes a “non-cash charge of $3.9 million related to the deemed dividend related to the beneficial conversion of Series F Preferred Stock.”
Bluefly is No. 129 in the Internet Retailer Top 500 Guide to Retail Web Sites.
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