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HolidayBuyer's Guide
Tech Industry

Bluefly sees strong sales ahead

Bluefly, Inc. (Nasdaq: BFLY) said Wednesday that total sales topped $4.2 million in the fourth quarter of 1999.

Shares in the discount Internet retailer of designer clothes gained 7/16 to 12 3/4, after reaching a high of 13 1/2 earlier on the news.

Gross product sales for the fourth quarter of 1999 exceeded $4.2 million, an increase of 1,300 percent over the fourth quarter of 1998 and 250 percent over the third quarter of 1999. Though returns and credit card chargebacks, still possible within the company's 90 day money back guarantee could still affect final results, Bluefly said it believes net sales for the quarter will be about $3 million.

Bluefly more than doubled its total number of customers during the fourth quarter, and the average order size was about $94. Other accomplishments for the year include Bluefly's receipt of over $17 million in new capital during 1999, including $10 million from billionaire financier George Soros.

During the fourth quarter, Bluefly said it added over 146,000 new registered users, increasing its user base by over 76 percent to 336,000.

"This was a breakthrough quarter for us, not just in terms of the growth in sales, but also in terms of registered users and traffic, said chief executive Ken Seiff in a statement.