Fashion retailer Odimo Inc declares Q2 results

12 Aug '05

4 min read

Marketing expenses for the second quarter of fiscal 2005 were $1.8 million, as compared to $1.3 million in the second quarter of fiscal 2004. This increase reflected the Company's focus on customer acquisition, increasing the rate of repeat sales through the Company's e-mail and retention marketing programs, and increases in on-line advertising costs. The Company expects marketing expenses for the fiscal year to approximate $7.5 million, as compared to $6.6 million in fiscal 2004.

General and administrative expenses were $2.6 million for the second quarter of fiscal 2005 as compared to $2.0 million for the second quarter of fiscal 2004. As a percentage of net sales, general and administrative expenses for the second quarter of fiscal 2005 increased to 22.6 percent compared to 19.5 percent for the second quarter of fiscal 2004. This increase was primarily attributable to public company expenses of approximately $400,000 in the second quarter of this year. Excluding these costs, general and administrative expenses would have improved as a percentage of net sales to 19.1 percent.

Cash and cash equivalents at June 30, 2005 were $3.8 million compared to $1.7 million at December 31, 2004.

Inventories at June 30, 2005 decreased to $14.0 million compared to $14.3 million at December 31, 2004, a decrease of $0.3 million.

Capital expenditures for the first six months of 2005 totaled $1,855,000 compared to $922,000 for the first six months of 2004. This increase is primarily related to computer and related equipment and software development costs.

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