RedEnvelope's Q1 Revenue Up, Ends Strategic Review

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RedEnvelope Inc. reported yesterday that net revenue for the first quarter of fiscal 2007 ended July 2 totaled $26.9 million, a 7.5 percent gain over last year.

The San Francisco-based online retailer reported a first quarter net loss of $0.9 million compared to a net loss of $1.8 million in the first quarter of 2006.

RedEnvelope also said that following a comprehensive strategic alternative review, its board of directors and management decided to support a stand-alone business strategy.

Some highlights from the quarter include that net revenue per order grew to approximately $81 compared to approximately $77 last year; nearly 331,000 orders were shipped, an increase of 2.2 percent; and new customers grew by approximately 130,000 versus the end of fiscal 2006, bringing the total customer file to over 3 million names; and the jewelry and home categories were approximately 26 percent and 18 percent of net revenues, respectively.

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