IDG Capital Partners has invested in 18 Chinese e-commerce startups this year.
Total retail sales decline 11.4% for the multichannel retailer.
Brookstone Inc., a multichannel retailer and wholesaler of lifestyle products like electronic massage chairs and wireless headphones, says e-commerce sales increased 4.3% year over year for the second quarter. Total retail sales, including stores, decreased 11.4%.
E-commerce accounted for 21.4% of total retail sales in the second quarter, up from 18.1% a year earlier.
Brookstone also reports for the second quarter ended June 29:
● E-commerce sales, which includes sales initiated through its paper catalog, reached $17.65 million, up 4.3% from $16.92 million a year earlier;
● Total retail sales, including sales at more than 300 physical stores, were $82.62 million, down 11.4% from $93.26 million a year earlier;
● Total sales, including wholesale to other retailers, decreased 16.3% year over year to $7.72 million from $9.22 million.
For the six months ended June 29, Brookstone reports:
● E-commerce sales, including sales initiated through paper catalogs, rose 8.4% year over year to $35.16 million from $32.45 million a year earlier;
● Total retail sales, including store sales, fell 6.5% to $164.82 million from $176.33 million a year earlier;
● Total sales, including wholesale, decreased 6.0% to $179.96 million from $191.54 million a year earlier.
Brookstone also says it recently received additional financing of up to $25 million from Wells Fargo Capital Finance, a unit of Wells Fargo & Co.The financing includes a $10 million extension of Brookstone’s credit line, to $110 million, plus up to $15 million in additional short-term financing. The retailer plans to use the funds to develop new products. “We expect to be able to refocus our product offerings for the all-important fourth quarter and take better advantage of future gifting periods,” Brookstone president and CEO Jim Speltz says.
Brookstone has already seen an a year-over-year uptick in Q2 total sales through July and August, he adds, declining to offer more specifics.
Brookstone is No. 193 in the Internet Retailer Top 500 Guide.