Buy.com Reports Record Profits
By Alan Wolf -- TWICE, 9/4/2007
Aliso Viejo, Calif. — Buy.com, the No. 3 pure-play e-tailer in CE, reported net income of $1 million for the second quarter, ended June 30, a company record, compared with a $3.1 million loss during the year-ago period.
Net income for the quarter increased 41 percent over the preceding three months, when the full-line merchant recorded a $722,000 gain.
“With the help of operational efficiencies, we are pleased to report our third-straight profitable quarter,” said president/CEO Neel Grover. “Through improved shopping enhancements, our customers realize there is a great alternative to Amazon.com.”
Buy.com was founded 10 years ago by now semi-retired chairman Scott Blum. The pioneering e-tail site recently emerged from a corporate downsizing with 10 million customers and 2 million SKUs in tow, along with a new design and an image campaign that positions it as an upstart alternative to Amazon.com. The company said it enjoyed a 68 percent increase in gross profit to $60 million in 2006.
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