GSI Commerce’s sales rise 58%; sporting goods no longer lead the company
Net merchandise sales for GSI Commerce Inc. reached $282 million for the fiscal year just ended, up 58% over the prior year’s $178.3 million, GSI announced today. GSI operates web sites on behalf of a number of retailers. GSI’s net revenue from those sales was $241.9 million, up 40% from $172.6 million for fiscal 2002. “Net merchandise sales represents the retail value of all sales transactions, inclusive of freight charges and net of allowances for returns and discounts, which flow through the GSI Commerce platform,” the company says.
Excluding sales attributable to the Ashford.com business, which GSI sold during the year, net revenues increased 60% in fiscal 2003 and net merchandise sales increased 79%, the company says.
GSI, which started as a company operating web sites for sporting goods companies, saw its sports category eclipsed by other categories last year. Net merchandise sales from sporting goods reached $128.5 million, up 33% from $96.7 million in the prior year, while net merchandise sales from other categories reached $152.5 million, up 154% from $60 million the year before.
Net merchandise sales attributable to Ashford.com were $1 million in fiscal 2003, down from $21.6 million the year before, the company reports.
GSI recorded a net loss of $12.1 million for fiscal 2003 vs. a net loss of $33.8 million for fiscal 2002.
Fourth-quarter net merchandise sales were $120.3 million, up 46% from $82.2 million for Q4 fiscal 2002. Net revenue was $95.2 million for the fourth quarter, up 26% from $75.3 million in Q4 a year earlier. Net income was $2.7 million for the fourth quarter, vs. a net loss of $14.8 million for the fourth quarter of fiscal 2002.
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