February 17, 2003, 12:00 AM

GSI Commerce’s revenue grew 68% in 2002

Net revenue for 2002 was $172.6 million, up 68.2% from a year earlier, GSI Commerce Inc., outsourced operator of retail web sites, reports. Comparable retail site sales were up 16% from the previous year, GSI says.

 

Net revenue for 2002 was $172.6 million, up 68.2% from a year earlier, GSI Commerce Inc., outsourced operator of retail web sites, reports. Comparable retail site sales were up 16% from the previous year, GSI says.

Net loss was $33.8 million for 2002, compared to a net loss of $30.6 million in 2001. Gross profit was $58.4 million and gross margin was 33.8% for 2002 compared to gross profit of $35 million and gross margin of 34.1% for 2001. The company reported net loss on the sale of Ashford.com of $2.6 million and restructuring costs related to Ashford.com of $1.7 million.

In the fourth quarter, GSI had net revenue of $75.3 million, up 46.6% vs. the fourth quarter of fiscal 2001. Comparable retail site sales increased 15% from the fourth quarter 2001. Net loss in the quarter was $14.8 million, compared to a net income of $260,000 in the fourth quarter 2001.

The company says it expects net revenue this year to be $200 million to $210 million, with net loss of $18 million to $20 million.

GSI operates web sites for sporting goods and other retailers.

 

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