November 8, 2012, 2:01 PM

Q3 online sales increase nearly 18% for ThinkGeek

The web retailer of gadgets, gifts and all things geeky posts an $8.4 million profit.

Lead Photo

Third quarter sales increased for Geeknet Inc. as the company began adapting to a retail focus following the September sale of its online media sites to Dice Holdings Inc. for $20 million.

For the third quarter ended Sept. 30, Geeknet, which owns and operates the online computer accessories, gadgets and apparel web store ThinkGeek.com, No. 175 in the Internet Retailer Top 500, reported:

  • Sales of $17.3 million, a 17.7% increase from $14.7 million in the third quarter of 2011.
  • A profit of $8.4 million, a reversal from a $2.7 million loss last year.

The media sites sale bolstered this profit result, Geeknet says. “With the sale of our online media business, this quarter marks a new beginning for Geeknet,” says Ken Langone, CEO and executive chairman. “Our primary focus is now on ThinkGeek and we plan to aggressively drive growth and deliver profitable returns.”

Other changes are in store for ThinkGeek. In August, Geeknet announced that Colon Washburn, who was hired in 2011 as CEO, is leaving Dec. 31.

For the first three quarters of 2012, Geeknet reported:

  • Sales increased year over year 19.0% to $52.6 million from $44.2 million.
  • A profit of $7.9 million compared with a $7.2 million loss last year.
comments powered by Disqus

Advertisement

Advertisement

Advertisement

From The IR Blog

FPO

Guru Hariharan / E-Commerce

How to succeed online with promotional pricing

Implement a stronger strategy and gain key intelligence on where you stand with consumers

FPO

Ken Cassar / E-Commerce

Brands selling direct: What does Unilever’s $1 billion bet say?

Brands that sell frequently consumed products, such as pet food and razors, have little choice ...

Advertisement