Gift & accessory retailer RedEnvelope Q1 sales up 18.2%

03 Aug '05

5 min read

Gift & accessories retailer RedEnvelope Inc reported financial results for the first quarter 2006, which ended July 3, 2005.

First Quarter Results
The Company's net revenues for the first quarter of its 2006 fiscal year were $25.0 million compared to $21.1 million in the first quarter of the prior fiscal year, an increase of 18.2 percent. The net loss was $(1,752,000), or $(0.20) per share, compared to a net loss of $(952,000), or $(0.11) per share in the first quarter of fiscal year 2005.

"They are pleased with their results for the first quarter," said Alison May, RedEnvelope's President and Chief Executive Officer. "Their top line growth, at 18.2 percent over the first quarter of fiscal 2005, was comparable to their growth rate of 19.2 percent for the first quarter of their last fiscal year."

In addition, at 53.0 percent their gross margin was essentially unchanged from 53.2 percent for the first quarter of fiscal 2005.

While their net loss was greater than for the first quarter of fiscal 2005, it met their expectations as they invested in brand building advertising this quarter, and are now fully staffed compared to the first quarter of last fiscal year, having filled a number of key positions in areas such as marketing, information technology and product development.

They currently expect that the variance in general and administrative expenses over the prior fiscal year will narrow as they approach the Holiday season," continued Ms. May."

More RedEnvelope Inc News... More Fashion News - United States Of America...