Mary Beth West has been on the retailer’s board for 10 years.
The Internet Retailer Online Retail Index fell nearly 4% for the week.
When the dust settled on a stomach-churning week for stocks, the major stock indexes were down and the Internet Retailer Online Retail Index of 25 e-commerce stocks down even more.
The Online Retail Index finished off 3.71%, while the Dow Jones Industrial Average lost 1.53% for the week and the Standard & Poor’s 500 Index declined 1.72%.
Despite the unsettling economic news of last week, two analysts who follow online retailing argued in a note to investors Friday that e-commerce figures held up better than store-based retailing in the most recent recession and figures to be a good bet if the economy falters again.
“Reviewing the most recent macro downturn, it is important to note that e-commerce gained market share over bricks-and-mortar retail, and our surveys suggest online shopping is viewed by consumers as an attractive and convenient channel to find good value and comparison shop,” wrote Colin Sebastian and Gregor Schauer of investment firm Robert W. Baird & Co. “The Internet is evolving as a fundamental part of the global economy—the most dynamic and important consumer platform—bringing together two billion people through an unprecedented level of communication, information sharing, commerce and entertainment.”
That optimistic outlook, however, may be small consolation to investors in U.S. Auto Parts Network after the e-retailer’s shares lost more than 14% of their value following a quarterly earnings report that showed the company falling into the red. E-retailer Bluefly also suffered a drop of more than 10% in its stock price after reporting second quarter earnings.
Six of the 25 stocks in the Online Retail Index did manage to eke out gains in the furious trading on Wall Street last week, led by online photo services retailer Shutterfly.
Here are the best-performing stocks last week in the Online Retail Index and the percentage gain in stock price for each:
• Shutterfly, 5.0%
• eBay, 4.2%
• LivePerson, 2.2%
• Keynote Systems, 1.9%
• Netflix, 1.2%
Here are the Online Retail Index stocks that performed least well last week and the percentage drop in stock price for the week:
•U.S. Auto Parts Network, -14.0%
• 1800Flowers.com, -13.1%
• Bluefly, -10.7%
• United Online, -7.7%
• NutriSystem, -6.7 %
The 25 companies in the Internet Retailer Online Retail Index are: 1-800-Flowers.com Inc., Akamai Technologies, Amazon.com Inc., American Greetings Corp., Bidz.com Inc., Blue Nile Inc., Bluefly Inc., Coastal Contacts Inc., DemandTec Inc., Digital River Inc., eBay Inc., eGain Communications Corp., Keynote Systems Inc., LivePerson Inc., Netflix Inc., NutriSystem Inc., Overstock.com Inc., PetMed Express Inc., Shutterfly Inc., Systemax Inc., U.S. Auto Parts Network, United Online Inc. (owner of FTD.com), ValueClick Inc., Vistaprint Ltd and Vitacost.com Inc.