Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
The web accounted for 83% of all sales in 2011.
A big fourth quarter helped to propel a healthy rise in annual Internet sales for Geeknet Inc. in 2011.
For the year ended Dec. 31, Geeknet, which operates Geeknet.com and is No. 192 in the Internet Retailer Top 500 reported:
- E-commerce sales increased year over year 29.9% to $99.1 million from $76.3 million.
- Total sales increased 26.3% to $119.5 million from $94.6 million in 2010.
- Media revenue grew year over year 11.5% to $20.4 million from $18.3 million.
- Net loss was $1.2 million compared with a net loss of $4.4 million in 2010.
E-commerce accounted for 83% of total sales in 2011, compared with 81% in 2010.
“While we continue to focus on creating the structure to deliver consistent growth across all our businesses, we are very pleased with the year’s results and our improved financial position as evidenced by our increase in cash and improved inventory management processes,” says executive chairman Ken Langone. “This past year, Geeknet was also able to significantly expand its customer base, growing our community while adding new users, which we believe drove our success in 2011 and will continue our momentum into 2012.”
For the fourth quarter:
- E-commerce sales increased year over year 22.6% to $54.8 million from $44.7 million.
- Total sales increased 19.6% to $59.8 million from $50 million in Q4 2010.
- Media revenue decreased year over year 7.5% to $4.9 million from $5.3 million.
- Net income was $6 million compared with net income of $4.7 million in Q4 2010, an increase of 27.7%.
E-commerce accounted for 92% of total sales in the fourth quarter of 2011, compared with 89% in Q4 2010.