GSI Commerce, Inc. reported earnings inched up 2.2% to $23.6 million, or 38 cents a share, in the fourth quarter as revenues advanced 9.9% to $430.2 million. The e-commerce services provider also forecast first quarter revenue above Wall Street expectations.
Revenues from Product Sales increased 3.8% to $254.1 million while service revenues jumped 20.1% to $176.1 million. Operating earnings advanced 10.5% to $47 million. Non-GAAP income from operations was $75.7 million in the fourth quarter, up 10% and above its previous guidance of $64 million to $68 million.
In its E-commerce Services segments, revenues were $370.7 million, up slightly from $368.4 million in Q4 2008. Segment operating profit was $60.3 million, up from $59.6 million in the prior-year period.
For the year, e-commerce sales were flat due to clients whose e-commerce businesses are no longer operating, continued decline in consumer electronics; and the transition of its agreement with Dick’s Sporting Goods from an owned-inventory model where it recorded sales on a gross basis to a service-fee model where GSI record sales on a net basis.