GSI Commerce reported that net revenues for the third quarter were $84.9 million, a 24% increase compared to $68.6 million in the same period last year. Product sales from the sporting goods category were $38.1 million, up 28% compared to $29.8 million for the same period last year, while merchandise sales for the category were $46.5 million, a 29% increase compared to $36.1 million in the same quarter last year.
The companys net loss was $4.5 million, or 10 cents per share, in Q3, compared to a net loss of $3.0 million, or 7 cents per share, in the same period last year.
For the full year, management expects net revenues to be approximately $432 million and net income to be approximately $5.0 million.
The net income guidance is modestly lower than previous guidance of $5.5 million to $6.5 million that was issued on Oct. 26, primarily due to a site launch shifting from November 2005 to January 2006, and additional professional fees related to the resolution of the investigation of whether $283,000 of credits recorded in the fourth quarter of fiscal 2004 were recorded in the proper period and the reconciliation of the company's accounts payable balance. The company concluded that the impact to fiscal 2004 was to change previously reported net income of $340,000 to a net loss of $337,000.
