Net revenues reached $48.9 million for the first quarter of 2003 at GSI Commerce Inc., 53.1% higher than the $31.9 million for the first quarter of 2002, the company reports. Comparable web-store sales increased approximately 5% in the first quarter vs. Q1 2002. GSI Commerce is an outsourced provider of e-commerce services for retailers.
Net loss was $5.5 million for the first quarter of 2003 compared to a net loss of $5.3 million in the first quarter of 2002.
For the full year, GSI expects net revenue of $205-$215 million and net loss of $13-$17 million.
“Strong sales growth reflected momentum from new and existing clients, although comparable store sales comparisons, which primarily reflect sports sites, were negatively impacted principally by sales of merchandise in fiscal 2002 related to the Salt Lake Winter Games,” said Michael G. Rubin, chairman and CEO.
GSI Commerce also announced this week that it will operate the web site of Linens ‘n Things Inc. GSI will provide the technology that will run the site as well as order fulfillment. Linens ‘n Things operates 400 housewares and home accessories stores in 45 states and four Canadian provinces.
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