Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Net revenue in the first quarter of fiscal year 2002 for Global Sports, which provides outsourced e-commerce web services for more than 20 sporting goods, TV and luxury retailers, hit $31.9 million. The company expects sales of $200 million this year.
Net revenue in the first quarter of fiscal year 2002 for King of Prussia, PA-based Global Sports Inc., a company that provides outsourced e-commerce services for more than 20 sporting goods, television and other retail web sites, reached $31.9 million, up 97% from the $16.2 million in Q1 last year.
Comparable store sales--that is, web sites that Global Sports had in operation for the entire first quarter last year --increased 9% in first quarter 2002 compared to the same quarter last year.
Net loss was $5.3 million for the first quarter of 2002 compared to a net loss of $8.4 million in the first quarter of 2001.
Global Sports says the improvement in performance was partly the result of keeping control of costs while expanding into new retail areas, such as general retailing and luxury goods. Operating expenses excluding non-cash charges were $14.8 million for the first quarter of fiscal 2002 compared to $12.4 million for the first quarter of fiscal 2001, an increase of 20% on an almost two-fold increase in sales.
Global Sports says it expects total revenue this year to reach $200 million.