8/03/11

Web sales grow 35% for Geeknet in Q2

Total sales grew year over year 31%.

The top line grew, but not the bottom for Geeknet Inc. in the second quarter.

For the quarter ended June 30, Geeknet, No. 192 in the Internet Retailer Top 500 Guide, reported:

• Sales for ThinkGeek.com, its online computer and related electronics web store, increased year over year 34.9% to $14.3 million from $10.6 million.
• Total revenue, which includes ThinkGeek and its media division, increased 30.7% to $20.0 million from $15.3 million in the second quarter of 2010.
• Net loss was $2.1 million compared with a net loss of $2.5 million in in the second quarter of 2010.

“We are beginning to realize the benefits of our focus on driving toward profitable growth in 2011, as both our ThinkGeek and Media businesses delivered strong revenue growth in the second quarter," said says executive chairman Ken Langone.

Internet Retailer calculates e-commerce accounted for 71.5% of total sales compared with 69.3% in the second quarter of 2010.

For the first two quarters:

• Sales for ThinkGeek increased year over year 41.2% to $29.5 million from $20.9 million.
• Total revenue increased 33.3% to $40.0 million from $30.0 million in the first two quarters of 2010.
• Net loss was $4.5 million compared with a net loss of $5.3 million in in the first two quarters of 2010.

Internet Retailer calculates e-commerce accounted for 73.8% of total sales compared with 69.7% in the first two quarters of 2010.

"In the past year, we have made numerous changes at the company designed to better focus our strategy to grow revenue and create operational efficiencies that can drive bottom line improvements,” says Langone.