9/07/11

Year-to-date web sales grow 19% for Bluestem Brands

The web accounted for 41% of sales in the first two quarters.

Mark Brohan , Research Director

Bluestem Brands Inc. still isn’t talking about when exactly it plans to go public, but the company’s latest web sales update speaks volumes about its e-commerce potential.

In an updated filing Sept. 1 with the U.S. Securities and Exchange Commission, Bluestem, No. 94 in the Internet Retailer Top 500  reported year-to-date financials:

Based on Internet Retailer calculations from earlier earnings statements and Bluestem’s latest filing, Internet Retailer calculates that e-commerce sales increased 27.7% to $55.4 million for the second quarter ended July 30 from $43.4 million in the prior year.

Internet Retailer calculates the web accounted for 41.7% of total sales compared with 40.8% in the second quarter of 2010.

For the first two quarters in its updated filing, Bluestem, a direct marketing company once known as Fingerhut, also posted

Bluestem filed for an initial public offering with the U.S. Securities and Exchange Commission in April. In its latest filing, Bluestem updated its financials, but didn’t disclose any date for its public offering or specific pricing per share.

Topics:

Bluestem Brands, Fingerhut, second quarter, Top 500, web sales

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