Byrne returns to his CEO post after his three-month medical leave of absence.
Online sporting goods operator Global Sports reports another strong quarter, with 119% growth. The company says full year revenue is on track to hit $100 million.
King of Prussia, PA-based Global Sports Inc., which operates 20 online sporting goods stores for national and regional sporting goods chains, is reporting net revenue of $17 million for the second quarter of fiscal 2001, up 119% compared to net revenue of $7.8 million for the same quarter last year.
Comparable store sales in the quarter for web stores operated for more than 12 months increased 91%. Pro forma loss was $5.4 million, which represents a 52% improvement compared to a pro forma loss of $11.2 million the same quarter last year. Gross profit was $5.3 million and gross margin was 31% for the second quarter of fiscal 2001, compared to a gross profit of $2.2 million and gross margin of 29% for the same quarter last year.
Operating expenses were $11.5 million in the second quarter, down 17% from $13.7 million in the second quarter last year. Sales and marketing spending for the second quarter was $6.8 million, down from $9.5 million during the second quarter last year.
Global Sports expects net revenue for the third quarter to be between $17.5 million and $18.5 million. For fiscal year 2001, the company expects net revenue to top $100 million.
Global Sports recently received an infusion of funding from QVC and Comcast Corp. and had an otherwise busy quarter: The company signed to run web stores for Dick’s Sporting Goods, Ignite Sports Media, Oshman’s, Sportmart, Gart Sports, Blades Board & Skates and Olympia Sports. Global Sports also extended a deal with The Sports Authority, which includes providing fulfillment and servicing for kiosk orders.