Bluefly’s revenue grows by 21% and net loss shrinks by 21% in Q1

Revenue at Bluefly Inc., an online retailer of designer brands, increased 21.5% to $13.5 million during the first quarter from $11.1 million in 2004’s first quarter. That increase helped Bluefly cut its net loss for the quarter 21% to $893,000 from a net loss of $1.1 million in 2004.

Gross profit grew 29.2% to $4.9 million in the first quarter, up from $3.8 million in the year-ago quarter. Gross margin increased to 36.2% from 34% in the first quarter of 2004. Operating loss went down by 48% in the first quarter to $736,000 from $1.4 million a year earlier.

“During the first quarter, we built upon the momentum that we created during this past holiday season,” said Melissa Payner, CEO. “We accelerated our growth while continuing to improve our margins, and these improvements fell directly to the bottom line.”

Bluefly acquired 36,765 new customers, up 10.3% from 33,335 in 2004’s first quarter. Average order in the first quarter increased 5.5% to $200.06 from $189.56 a year earlier.