Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
Year-to-date e-commerce revenue is also down 25%.
E-commerce sales continue to decline for shoemaker and retailer Skechers USA Inc.
For the third quarter ended Sept. 30, Skechers, No. 336 in the Internet Retailer Top 500 Guide reported:
- Web sales of $4.4 million, a 25.4% drop from $5.9 million in Q3 2010.
- Total sales dropped 25.7% to $412.2 million from $554.6 million.
- Net earnings of $8.3 million, down 77.3% from net earnings of $36.6 million in Q3 2010.
Internet Retailer calculates that web sales comprised 1.1% of total revenue in the third quarter, the same as in Q3 2010.
“The decrease in revenues is primarily attributable to a combination of comparisons against a record third quarter 2010, the decline in higher-priced toning footwear and lower-than-expected sales across many of our other footwear lines,” says chief financial officer David Weinberg.
For the first three quarters Skechers also reported:
- Web sales of $15.4 million, a 26.7% drop from $21.0 million in the first three quarters of 2010.
- Total sales dropped 14.8% to $1.32 billion from $1.55 billion.
- Net loss was $9.8 million compared with net income of $132.9 million in the first three quarters of 2010.
Internet Retailer calculates that web sales comprised 1.2% of total revenue in the first nine months quarter, compared with 1.4% in the prior year.