Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Blair’s e-commerce sales rose 27% year-over-year for the first quarter ended March 31, to $24 million, while total net sales declined 6%, the company reported today.
Direct marketer Blair Corp.’s sales at its two retail apparel and home products web sites, CrossingPointe.com and Blair.com, rose 27% year-over-year in the first quarter, to $24 million from $18.9 million, the company said today. Blair’s Q1 e-commerce sales accounted for 18.7% of total net sales, up from 13.8% in the year-ago quarter.
Blair, which also sells through catalogs, said total Q1 net sales declined 6.1%, to $128.6 million from $137 million, though net income rose 14% to $571,000 from $500,000.
Bryan J. Flanagan, senior vice president and CFO, attributed the improved net income to its automated fulfillment operations and more efficient targeted marketing.