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Home / Knowledge / News / Fashion / Fashion retailer Odimo Inc declares Q2 results

Fashion retailer Odimo Inc declares Q2 results

12
Aug '05
Premier online luxury goods retailer, Odimo Incorporated announced financial results for the second quarter and six months ended June 30, 2005.

"They continued to advance their key strategic goals during the second quarter," stated Alan Lipton, Odimo's President and Chief Executive Officer. "They successfully increased their mix of diamond and jewelry sales through the first six months of the year and drove higher average order values. At the same time, they implemented actions to more effectively direct their marketing spend while stabilizing the growth in advertising and general and administrative costs. This should benefit us during the balance of the year.

"As they look ahead, they remain enthusiastic regarding our growth prospects both in the short and long term," Lipton continued. "To this end, they believe their marketing and merchandising initiatives position us to expand their market share in the holiday season. During the third quarter, they have scheduled a re-launch of their diamond.com site with enhanced features and are also excited by the repeat business and new customers that they are attracting as focus on diamond and jewelry business."

Gross profit for the second quarter of fiscal 2005 was $2.8 million, or 24.6 percent of net sales, compared to $2.9 million, or 27.8 percent of net sales, for the second quarter 2004. The decline in gross profit margin was due to a mix shift toward lower margin diamond sales.

Fulfillment expenses forthe second quarter of fiscal 2005 were $805,000 as compared to $675,000 for the second quarter 2004. Fulfillment expenses as a percentage of net sales for the second quarter of fiscal 2005 increased to 7.0 percent compared to 6.6 percent for the second quarter 2004.


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