Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Celebrate Express posted FY 2007 e-commerce sales of $64.8 million, an increase of 7.9% from web sales of $60.04 million in FY 2006.
The web now accounts for more than three-fourths of total sales at Celebrate Express Inc.
For the 2007 fiscal year, Celebrate Express posted e-commerce sales of $64.8 million, an increase of 7.9% from web sales of $60.04 million in FY 2006. The web represented 76% of all sales in fiscal 2007 vs. 69% in the prior year.
Even though more people are ordering online, overall revenue declined by 2% for Celebrate Express, No. 163 in the Internet Retailer Top 500 Guide. For FY 2007 Celebrate Express posted net income of $43,000 on revenue of $85.2 million vs. net income of $405,000 on revenue of $87 million in the prior year. Sales declined by $6.9 million for the company’s Storybook Heirlooms catalog and web site, which Celebrate Express closed in April.
“We made significant strides on many fronts in fiscal 2007,” says CEO Kevin Green. “We have seen positive trends in gross margins and provided a year of great service to our customers through improved distribution operations while simultaneously reducing operational costs.”
In fiscal 2007, Celebrate Express attracted approximately 574,000 new customers, an increase of 2.5% from 560,000 customers in the prior year, and the company’s marketing database now contains approximately 3.4 million names. But the average order declined to $77.87 from $82.12 in fiscal 2006. The reduction in ticket size was due to lower Storybook Heirlooms order values, which decreased from an average of $100.45 in fiscal 2006 to $78.77 in fiscal 2007, the company says.