September 7, 2011, 5:22 PM

Year-to-date web sales grow 19% for Bluestem Brands

The web accounted for 41% of sales in the first two quarters.

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Bluestem Brands Inc. still isn’t talking about when exactly it plans to go public, but the company’s latest web sales update speaks volumes about its e-commerce potential.

In an updated filing Sept. 1 with the U.S. Securities and Exchange Commission, Bluestem, No. 94 in the Internet Retailer Top 500  reported year-to-date financials:

Based on Internet Retailer calculations from earlier earnings statements and Bluestem’s latest filing, Internet Retailer calculates that e-commerce sales increased 27.7% to $55.4 million for the second quarter ended July 30 from $43.4 million in the prior year.

  • Internet Retailer calculates total sales increased year over year 24.8% to $132.8 million from $106.4 million.
  • The company didn’t disclose net income or net loss.

Internet Retailer calculates the web accounted for 41.7% of total sales compared with 40.8% in the second quarter of 2010.

For the first two quarters in its updated filing, Bluestem, a direct marketing company once known as Fingerhut, also posted

  • Web sales of $95.1 million, up 19.3% from $79.7 million in the first two quarters of 2010. Internet Retailer bases that calculation on Bluestem’s disclosure that the web accounted for 41% of total sales compared with 40% in the first two quarters of 2010.
  • Total sales of $232.2 million, up 16.6% from $199.2 million. Net loss was $41.8 million compared with a net loss of $2.6 million.
  • Average order was $184.47, up about 6.5% from $173.28.
  • Repeat shoppers averaged about 57% of total orders, up from 56% in the prior year.

Bluestem filed for an initial public offering with the U.S. Securities and Exchange Commission in April. In its latest filing, Bluestem updated its financials, but didn’t disclose any date for its public offering or specific pricing per share.

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