The online apparel retailer’s filing for Chapter 11 bankruptcy protection has drawn several potential suitors, including rapper West and music executive Damon Dash, Karmaloop ...
Net sales at Provide Commerce, online retailers of flowers and food, reached $57.2 million in its third quarter ended March 31, up 40% from $40.7 million a year ago.
Net sales at Provide Commerce Inc., online retailers of flowers and food, reached $57.2 million in its third quarter ended March 31, up 40% from $40.7 million in the third quarter of last year, the company reports.
San Diego-based Provide Commerce’s net income for the quarter was $3.5 million compared to $15.9 million in Q3 last year. The company reports that net income for the third quarter of this year includes income tax expense of $3.1 million vs. an income tax benefit of $11.8 million in the third quarter last year, related to the release of the company`s valuation allowance against its deferred tax assets.
In the quarter, the company added 422,000 new customers, a 28% increase compared to 330,000 new customers added in Q3 a year ago. As of March 31, the Provide Commerce had 3.8 million customers in its database, a 41% increase from 2.7 million customers a year earlier. Repeat customers generated 55% of net sales during the quarter, compared to 47% in the same quarter last year. Average order value was $53.14 in the quarter virtually unchanged from $53.27 a year earlier.
The company noted that Easter, a major holiday for its ProFlowers.com business, shifted to FY Q3 this year from FY Q4 last year. Provide Commerce also operates the CherryMoonFarms.com and UptownPrime.com gourmet food sites.