Yoox Group reports strong first quarter sales growth
May 10, 2011 05:19 PM
First quarter web sales got fiscal 2011 off to a flying start for international online apparel retailer Yoox Group.
For the quarter ended March 31, Yoox Group (US) reported:
- Online sales, including Yoox.com and TheCorner.com, totaled 52.9 million euros (US$75.8 million), a 38.1% increase from 38.3 million euros (US$54.9 million) in the first quarter of fiscal 2010.
- Total sales of 69.7 million euros (US$99.9 million), up by 38.6% from 50.3 million euros (US$72.1 million).
- Commercial web services revenue of 16.8 million euros (US$24.0 million), a 40% increase from 12.0 million euros (US$17.2 million) in the first quarter of fiscal 2010.
- Sales in Italy of 14.7 million euros (US$21.1 million), up by about 24.6% from 11.8 million euros (US$16.9 million).
- Sales to the rest of Europe of 35.3 million euros (US$50.6 million), up by about 42.9% from 24.7 million euros (US$35.4 million) in the prior year. Yoox Group (Europe) is No.81 in the Internet Retailer Top 300 Europe guide.
- North American sales of 13.3 million euros (US$19.0 million), up by about 40% from 9.5 million euros (US$13.6 million) in the first quarter of fiscal 2010.
- Sales in Japan of 4.5 million euros (US$6.4 million), up by about 45% from 3.1 million euros (US$4.4 million).
- Net income was 1.7 million euros, down about 15% from 2.0 million in Q1 2010.
Online sales accounted for 75.9% of total revenue for the quarter, the company says. The web contribution was changed little from the prior year period at 76.1%.
This web sales increase was attributed to both the improved performance of TheCorner.com and to the 2010-2011 fall and winter fashions collection of Yoox.com, which made a higher contribution to net sales than in the previous year, the company says, the result of a higher volume of purchases made during the second half of 2010.
Yoox, No. 67 in the new 2011 Internet Retailer Top 500 Guide, also operates third-party e-commerce services through Yoox Services. It provides retailers and manufacturers with e-commerce platform management and support, order and content management, merchandising, marketing, and fulfillment services. YOOX provides some or all such services to Bally.com, Moschino.com, DolceGabbana.com, Dsquared2.com, JilSander.com and RobertoCavalli.com.