GSI Commerce's Q3 net revenue up 79 percent

Formerly known as Global Sports, GSI Commerce (Nasdaq: GSIC), an outsource provider for e-commerce and the company that runs etail for the likes of Sports Chalet and Bally Total Fitness, reported that its third quarter net revenue for 2002 was $32.3 million, representing a 79 percent increase compared to 2001’s net revenue of $18.1 million. Comparable store sales increased approximately 32 percent from the third quarter of fiscal 2001 to the third quarter of fiscal 2002. Comparable store sales are calculated based on websites that GSI Commerce has developed and operated for its partners for the entire periods for which the comparisons are made. Net loss was $8.6 million for the third quarter of fiscal 2002, which represents a 41 percent improvement compared to a net loss of $14.6 million in the third quarter of fiscal 2001. Net loss per share was 22 cents for the third quarter of fiscal 2002 compared to net loss per share of 42 cents in the third quarter of fiscal 2001. Gross profit was $12.1 million and gross margin was 37.3 percent for the third quarter of fiscal 2002 compared to gross profit of $6.2 million and gross margin of 34.1 percent for the third quarter of fiscal 2001. GSI Commerce also reported its fiscal 2002 expectations are a net revenue in the range of $167 million to $172 million with net loss expected to be $20 million to $22 million. In the fourth quarter, it expects net revenue to be $70 million to $75 million, with a net loss of $1 million to $3 million. For details, go to www.gsicommerce.com.