Provide Commerce’s Q1 sales grow 34.4% from Q1 a year ago
Sales at Provide Commerce Inc., which sells flowers and food online, reached $26.8 million in its fiscal year first quarter, up 34.4% from $19.9 million in the first quarter of last year. Net loss for the quarter was $23,000. Net loss for the first quarter before the cumulative effect of a change in accounting principle was $467,000 compared to a loss of $497,000 a year earlier.
"We are pleased with our results for the first quarter of this fiscal year. Despite high fuel surcharges, we were able to achieve strong operating results as measured by revenue growth and margins,” said Bill Strauss, CEO. “As we enter the remainder of fiscal 2006, our management team remains focused on balancing growth and profitability by executing on our direct business model, which provides our customers with superior value."
Provide Commerce, No. 59 in the Internet Retailer Top 400 Guide to Retail Web Sites, operates ProFlowers.com, gourmet food site UptownPrime.com and fruits site CherryMoonFarms.com. In the quarter, ProFlowers added 150,000 new customers, a 28% year-over-year increase compared to 117,000 new customers in the first quarter of the prior year, bringing ProFlowers’ customer base to 4.5 million, up from 3.2 million a year earlier. Repeat customers generated 67% of net sales during the quarter, compared to 68% in the year-ago quarter. Average order value in the floral business increased to $49.32 in the first quarter from $46.96 during the first quarter of fiscal 2005.
The company expects full year sales to be $216-224 million, with net income of $10.9-$12 million. It expects Q2 sales to be $41.8-$43.8 million with net income,e of $300,000 to $600,000.
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