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The parent of ThinkGeek.com ends the year with a $13.9 million profit.
Geeknet Inc.’s decision to sell its media business in 2012 apparently has paid off. The parent company of web-only electronics and gadget retailer ThinkGeek.com posted double-digit annual and fourth quarter sales gains.
For the year ended Dec. 31, Geeknet, No. 175 in the Internet Retailer Top 500, reported:
- Sales increased year over year 20.0% to $118.9 million from $99.1 million.
- Net income of $13.9 million, reversing a net loss of $1.5 million in 2011.
Geeknet sold its technology-oriented online media business in September to Dice Holdings Inc. for $20 million.
At the end of 2012, ThinkGeek CEO and president Colon Washburn left the company for unspecified reasons. His replacement, Kathryn McCarthy, was promoted from executive vice president and chief financial officer to president and CEO earlier this month.
“2013 marks a new beginning for Geeknet as we dedicate our focus to ThinkGeek,” says Ken Langone, executive chairman. “With a new leadership team in place, I’m confident that we’ll continue to grow the business and take advantage of the large market opportunity in front of us.”
For the fourth quarter, Geeknet reported:
- Sales of $66.3 million, a 21.0% increase from $54.8 million in the fourth quarter of 2012.
- Net income of $6.1 million, up 3.4% from $5.9 million.