The city is broadening the reach of its 9% “amusement tax” to include streaming entertainment services like Netflix and Spotify.
Web and total sales climbed 52% and 42%, respectively, for the parent of FansEdge.com.
Dreams Inc., which owns and operates retail site FansEdge.com and other niche sites, saw e-commerce carry growth in Q1.
- Web sales increased about 52.7% to $16.8 million from $11 million in the prior year quarter.
- Total sales increased 42.4% to $23.5 million, compared with $16.5 million.
- Manufacturing and distribution revenue increased about 17.9% to $3.3 million from $2.8 million in the prior year.
- Retail revenue increased 49.6% to $20.2 million from $13.5 million in the prior year.
- Net loss was $1.2 million, compared with a net loss of $864,000 in Q1 2010.
Based on Internet Retailer calculations, the web accounted for 71.5% of all revenue compared with 66.7% in the prior year.
The company credits the strong performance to sales growth at FansEdge.com and its web syndication program in which Dreams runs the online team sports gear stores for several universities.
“Our business, like most retailers, has been highly seasonal, with a greater portion of our revenue and operating profit occurring in the second half of the year, and primarily the fourth quarter,” says Ross Tannenbaum, the president and CEO of Dreams, No. 181 in the Internet Retailer Top 500 Guide. “Looking to the rest of 2011, we will continue to invest in our growth, sell more of our manufactured items through our retail channels, leverage our purchasing power to reduce costs, expand our web syndication portfolio, and focus on e‐commerce.”