GSI Commerce reported net revenue for 2002 increased 68.2% to $172.6 million. Comp sales increased approximately 16%. The net loss was $33.8 million for the year, compared to a net loss of $30.6 million last year. Net loss per share was $0.88 for 2002 compared to net loss per share of $0.90 in 2001.

In the fourth quarter, net revenue grew 47% to $75.3 million for Q4 of 2002. Comp sales increased approximately 15%. Net loss was $14.8 million for Q4 2002 compared to a net income of $260,000 in the prior year quarter. Net loss per share was $0.38 for Q4 2002 compared to net income per share of $0.01 in Q4 2001.

The fourth quarter included approximately $4.6 million in losses and restructuring charges associated with the sales of its ill-fated ashford.com unit.

GSIC also said it will operate the online store for Reebok’s Rockport brand at www.rockport .com.

KEY METRICS:

  • Q4 GM shrunk 680 bps to 29.3%
  • 2002 GM dipped 30 bps
  • 2003 revenue seen in the $200-$210 million range
  • 2003 net loss estimated at $18-$20 million.
  • Q1 2003 revenue projected at $43-$45 million.
  • Q1 net loss in the $6-$7 million range.
  • A/P outpacing inventory growth by 500 bps
  • Cash on hand shrunk $44.9 million, or 42.3%


 
>>> Comp sales of +15% lags far behind other e-commerce competitors. The model relying on the brick and mortar partners to drive traffic creates severe limitations on real growth. In the meantime, they continue to burn cash…