Did you hear?… GSI Commerce Inc. reports revenue of $33.1 million for second quarter

GSI Commerce Inc. (NASDAQ: GSIC), an outsource solution provider for e-commerce formerly known as Global Sports Inc, has announced net revenue for the second quarter ended June 29, 2002, of $33.1 million, which represents a 95 percent increase compared to net revenue of $17.0 million for the second quarter of fiscal 2001. Comparable store sales, based on web sites operated for the entire comparision period, increased approximately 25 percent from the second quarter of fiscal 2001 to the second quarter of fiscal 2002. Still, net loss was $5.2 million for the second quarter of fiscal 2002, although that represents a 34 percent improvement compared to a net loss of $7.8 million in the second quarter of fiscal 2001. Gross profit was $12.7 million and gross margin was 38.3 percent for the second quarter of fiscal 2002 compared to gross profit of $5.3 million and gross margin of 31.0 percent for the second quarter of fiscal 2001. For Fiscal 2002, the company reported it expected net revenue to be in the range of $177-180 million, net loss to be in the range of $19-$23 million, and EBITDA loss is expected to be in the range of $8-$12 million. GSI operates, for example, sites for Kmart, Reebok (in the works), Fogdog Sports, and Sports Chalet. For details, go to www.gsicommerce.com.