Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce sales drop 13.4% to $5.8 million in the fourth quarter for World Wrestling Entertainment.
World Wrestling Entertainment Inc.’s e-retail arm WWEShop.com continued to see sales slide in the fourth quarter and for the year.
For the full year ended Dec. 31, World Wrestling, No. 424 in the Internet Retailer Top 500 Guide, reported:
- Web sales were $14.0 million, down by 12.5% from $16.0 million in 2009.
- Total revenue rose 0.5% to $477.7 million from $475.2 million.
- Digital media revenue fell 11.9% to $28.9 million from $32.8 million.
- Net income was $53.5 million compared with $50.3 million in the prior year.
“For the quarter and the full year, our businesses exhibited three major areas of strength: increased value from our television content, significant growth from our new toy licensing partnership with Mattel and continued financial discipline,” says Vince McMahon, chairman and CEO. “These strengths served to mitigate the impact of a weak economy, changes in our talent base and unfavorable industry trends in home video.”
Internet Retailer calculates that WWEShop.com accounted for 2.9% of total sales for the year compared with 3.4% in 2009.
For the fourth quarter, World Wrestling reported:
- Web sales were $5.8 million, down by 13.4% from $6.7 million for the same quarter in 2009.
- Total revenue rose 4.4% to $122.5 million from $117.3 million.
- Orders placed on WWEShop.com increased 2% during the quarter to approximately 125,000, but average order value declined 12.4% to $45.99 from approximately $52.50 a year ago.
- Digital media revenue fell 2.8% to $10.3 million from $10.6 million.
- Net income was $8.1 million compared with $11.2 million for the same quarter in 2009.
Internet Retailer calculates that WWEShop.com accounted for 4.7% of total sales during the fourth quarter down from 5.7% in 2009.