IDG Capital Partners has invested in 18 Chinese e-commerce startups this year.
Web sales increased 23.7% to $240 million.
Home furnishings chain retailer Williams-Sonoma Inc. reported strong first quarter sales.
For the quarter ended May 2, Williams-Sonoma, No. 26 in the Internet Retailer Top 500 Guide recorded:
- Web sales increased 23.7% to $240 million from $194 million in the first quarter of 2009.
- Total sales rose 17.3% to $718 million from $612 million in the prior year.
- Direct revenue increased year over year 20.5% to $306 million from $254 million.
- Retail sales increased 15.4% to $412 million from $357 million in the first quarter of 2009.
- Comparable-store sales increased 17%.
- Net earnings in the first quarter were $19.5 million compared with a net loss of $18.7 million in the prior year.
Internet Retailer calculates the web accounted for 33.4% of total sales compared with 31.7% in the first quarter of the prior year.
“E-commerce is our fastest growing and most profitable channel across all brands,” Williams-Sonoma president Laura Albers told Wall Street analysts on the retailer’s first quarter earnings call. “As a company, we are identifying new opportunities to build brand awareness and customer engagement through e-mail modeling, affiliate program and enhanced functionality.”