SmartBargains’ Q1 revenue rises 17% year-to-year
Revenue at online discounter SmartBargains Inc. rose 16.8% in the first quarter ended May 1, to $22 million from $18.8 million in the year-earlier quarter, though increased expenses including discount shipping offers widened its net loss by 12%, to $1.7 million, the company says in a registration statement filed with the Securities and Exchange Commission for an initial public offering of stock.
It said fulfillment and customer service expenses rose 27%, to $3.2 million from $2.5 million, resulting from a larger number of orders and one-time costs tied to moving its warehouse and fulfillment operations in April.
SmartBargains, No. 190 in the Internet Retailer Top 300 Guide to online retailers, also attributed the Q1 widened loss to a 8.3% increase in merchandising and marketing expenses, to $3.8 million from $3.5 million, due mostly to higher revenue generated by performance-based marketing agreements.
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