RedEnvelope's Q1 Loss Grows
RedEnvelope Inc. reported a $1.75 million loss in its fiscal first quarter ended July 3, but its net revenue increased 18.2 percent to reach $25 million, the company said yesterday.By comparison, the San Francisco-based multichannel retailer said net loss totaled $952,000 for the same period last year. The catalog division performed below expectations, but online initiatives were above expectations, president/CEO Alison May said.
Net revenue from existing customers represented 55 percent of total net revenue, while RedEnvelope's customer file increased 139,000 to 2.5 million names. Net revenue per order rose from $76 to $80. Fulfillment expense as a percentage of revenue declined from 16.1 percent to 13.6 percent.
