Odimo Q4 Sales $21.5 Million, Net Loss $1.9 Million
March 31, 05
Retail web site operator Odimo, owners of Diamond.com, reported a 17.7 percent increase in sales in the fourth quarter to $21.5 million compared with the fourth quarter of 2003. However, this did not prevent a net loss before dividends to preferred stockholders of $1.9 million for the period, compared to of $2.4 million for the fourth quarter 2003.
Net sales for 2004 were $52.2 million, an increase of 25.3 percent from $41.7 million the year before. Net loss for the year was $12.5 million, up from a $7.1 million loss in 2003. The loss includes a stock-based compensation of $4.7 million.
The company did not offer a breakdown of sales by site.
“With the successful completion of our initial public offering in February 2005, the Company is better capitalized and positioned for our future growth," said CEO, Alan Lipton.
“Through our three branded websites: diamond.com, ashford.com and worldofwatches.com, we will continue to focus on our growth strategy of attracting new customers, creating long-term relationships with our existing customers, expanding our diamond and diamond jewelry sales, and pursuing operating efficiencies as we move forward on our online business strategy.”