Fulfillment expenses for the fourth quarter of fiscal 2005 were $1.3 million, or 7.3 percent of net sales as compared to $1.5 million, or 7.0 percent of net sales for the fourth quarter 2004. The increase in fulfillment expenses reflected higher shipping costs associated with diamonds and fine jewelry.
For the Fiscal Year Ended December 31, 2005
Net sales declined slightly to $51.8 million, as compared to $52.2 million in fiscal 2004. The number of orders for the year decreased 2.7 percent to 151,700, as compared to 155,840 in fiscal 2004. Average order value increased by 3.4 percent to $387 from $374 in fiscal 2004, which reflected increased sales of diamonds and jewelry in 2005, which have greater average order values than watches and luxury goods.
Balance Sheet
At December 31, 2005, cash and cash equivalents were $3.8 million compared to $1.7 million at December 31, 2004. Inventories declined by $4.1 million to $10.2 million compared to $14.3 million at December 31, 2004. Capital expenditures for fiscal 2005 totaled $3.4 million compared to $3.7 million in fiscal 2004.
Odimo is an online retailer of current season high quality diamonds, fine jewelry, brand name watches and luxury goods. The Company operates three websites, http://www.diamond.com , http://www.ashford.com and http://www.worldofwatches.com and seeks to create long-term relationships with its customers by offering a broad selection of appealing merchandise.
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