April 27, 2006, 12:00 AM

GSI Commerce’s online sales rise 40% in Q1 from year ago

Merchandise sales in the first quarter reached $191 million through GSI Commerce’s e-commerce platform, an increase of 40% over the first quarter of 2005. Q1 revenue totaled $114.2 million, up 25%.

Merchandise sales in the first quarter reached $191 million through GSI Commerce’s e-commerce platform, an increase of 40% over the first quarter of 2005, when it they totaled $136.2 million. GSI Commerce provides outsourced e-commerce services, including operating web sites, marketing and fulfillment for more than 50 clients, including retailers, branded manufacturers, entertainment companies and professional sports organizations.

Q1 revenue totaled $114.2 million, up 25% from the year earlier quarter, and the company had a net loss of $4.4 million compared to revenue of $91.4 million and a net loss of $1.6 million a year earlier.

The company reports that included in net loss is a non-cash charge of approximately $1.6 million to reduce the carrying value of the shares owned by the company in online jewelry retailer Odimo Inc.

GSI Commerce also reported that gross margin in the quarter was 41.3%, an increase of 430 basis points from 37% a year earlier. Inventory at the end of the first quarter decreased to $31.3 million from $34.6 million in the immediately prior quarter and $34 million a year earlier.

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