Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
The web now accounts for 7.8% of total sales.
Specialty apparel chain retailer Express Inc. is clearly finding its audience online.
For the year ended Jan. 29, Express, No. 144 in the Internet Retailer Top 500 Guide, reported:
- Web sales rose 60% in 2010 to $147.5 million from $92.2 million in 2009.
- Total sales increased year over year 11.8% to $1.90 billion from $1.70 billion.
- Comparable-store sales increased 7%.
- Net income increased 69.2% to $127.4 million in 2010 from $75.3 million in 2009.
“We begin 2011 in a great position and are excited about our business prospects,” says CEO Michael Weiss. “We expect to remain a fashion authority for our 20- to 30-year-old woman and man as we continue to rigorously test our product assortments, maximize opportunities to regain sales volumes in core categories, expand our store base through the opening of 25 to 27 new stores, including our first stores in Canada, grow our e-commerce sales, and continue our expansion in the Middle East.”
Internet Retailer calculates the web accounted for 7.8% of total sales in 2010 from 5.4% in 2009.
For the fourth quarter:
- Web sales increased 37.2% to $60.5 million from $44.1 million in the fourth quarter of 2009.
- Total sales increased 13.7% to $621.5 million from $546.8 million in the fourth quarter of 2009.
- Comparable-store sales increased 4%.
- Net income increased 5.2% to $48.4 million from $46.0 million in Q4 2009.
Internet Retailer calculates the web accounted for 9.7% of total sales in 2010 from 8.1% in 2009.