While the social network isn’t doing away with its direct-sale initiative, it is focusing its attention on ads that drive consumers to retailers’ sites.
Led by strong digital camera sales, Ritz Interactive grew its Q1 web sales to $20.1 million, an increase of 15.7% from e-commerce sales of $17.3 million in the first quarter of 2005. The company has withdrawn its IPO.
First quarter sales at Ritz Interactive Inc., No. 102 in the Internet Retailer Top 500 Guide to Retail Web Sites, increased 15.7% to $20.1 million from $17.3 million in the first quarter of 2005, the company reports.
Ritz Interactive, operator of multiple e-commerce sites including RitzCamera.com, BoatersWorld.com and ritzPIX.com, says strong corporate account sales and consumer demand for high-end single lens reflex digital cameras at the online retailer’s photo-specialty sites helped to increase sales. “Ritz Interactive’s continued growth reflects an ever-increasing demand for the high-quality lifestyle products and convenience we offer,” says Ritz Interactive president and CEO Fred Lerner.
Even though the company is reporting strong sales, Ritz Interactive is delaying its initial public offering. The company filed formal documents with the Securities and Exchange Commission on May 22 to withdraw its IPO.