RedEnvelope’s Q1 revenue grows 19%; net loss narrows
First quarter revenue at online and catalog retailer RedEnvelope Inc. increased 19% to $21.1 million from $17.7 million in the first quarter last year, the company reported today. Net loss was $952,000 compared to a net loss of $1.2 million a year earlier. The average order was $72 vs. $69 a year ago. RedEnvelope shipped 295,000 orders in the quarter.
RedEnvelope, No. 92 in Internet Retailer`s Top 300 Guide to online retialers, reports that based on a sampling of orders, the accuracy of order fulfillment for Mother`s Day and Father`s Day was 99%. In addition, nearly all orders were processed within 24 hours of receipt of the order. In addition, average turnaround time for personalized products for Mother`s Day and Father`s Day was one day.
RedEnvelope had 1.9 million customers on file at the end of the quarter. Revenues from existing customers represented 52% of total revenues.
The company also reported that product revenues from customers who receive catalogs increased 29% while revenues attributed to online marketing channels grew 21%.
RedEnvelope also said it plans to undertake national print and outdoor advertising campaigns. It also plans to replace its front-end system with an application from Multimedia Live.
Full-year revenue will reach $94 million to $97 million, the company expects.
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