Revenue at online megastore Buy.com jumped 49.4% in the second quarter. The company reported revenue of $193.2 million for the quarter, which ended June 30, compared with $129.3 million for the second quarter of 1999.
A 195% increase in cumulative customer accounts drove the revenue leap, according to the company. Customer accounts in the second quarter totaled 2.8 million, vs. 900,000 a year ago. Repeat business represented 62% of orders, up from 58% in the first quarter of 2000.
The company edged closer to profitability, reporting a pro forma net loss for the quarter of $23.1 million, or 18 cents a share, compared with a loss of $25.5 million, or 29 cents, a year ago. Buy.com, which started out selling computers and electronics, now sells hundreds of thousands of items ranging from books, videos, and music to golf goods and travel packages. Still, the E-retailer earned 88% of its quarterly revenue from computer hardware and software. Only 12% of revenue came from nontechnology products.
Buy.com says it will focus on the most profitable segments of its business and improve customer service--objectives that should bring the outfit to break-even in cash flow during the first half of 2002