Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
The gift site’s online revenue now accounts for 46% of total revenue, up from 35.5% a year ago. Gross profit margin increased 260 basis points.
1-800-Flowers.com reports record revenues for fiscal 2001 third quarter ended April 1. Total revenues grew 23.2% to $103.2 million compared with $83.8 million in the same period last year. Online revenues increased 58.6% to $47.1 million, representing 45.7% of total net revenues compared with 35.5% of total net revenues in the same period last year. Telephone revenues for the quarter increased 4.7% to $48.6 million.
The company`s online traffic during the third quarter increased 80% over the year-ago period. It added 694,000 customers during the third quarter, including 380,000 online. The company says its customer database exceeds 10 million unique names.
In the third quarter, 1-800Flowers.com reported a gross profit margin of 38% compared with 35.4% in last year`s fiscal third quarter. The company attributed the increase to strong demand for its expanded offering of non-floral products, which carry a higher gross profit margin than flowers. The company also continued its strategy of reducing operating expenses, specifically in marketing and selling. As a result of the higher gross profit margin and reduced operating expenses, the company achieved a 55.8% reduction in net loss for the quarter to $8.5 million, compared with a net loss of $19.3 million in the prior year period.
"Our fiscal fourth quarter is historically our strongest, featuring such gifting holidays as Easter, Passover, Administrative Professionals` Week, Father`s Day, graduations, weddings and our traditionally biggest holiday, Mother`s Day. As such, we remain highly confident in our ability to return to positive EBITDA during the quarter, based on the growing customer acceptance of our expanded gift offering and our focus on cost effectively executing our proven, multi-channel business model," said Jim McCann, chairman and CEO.