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Buy.com slips past estimates in 2Q

    Buy.com posted a smaller-than-expected loss in its second quarter Thursday, dropping $23.1 million, or 18 cents a share, on sales of $193.2 million.

    First Call Corp. consensus expected the Internet retailer to lose 23 cents a share in the quarter.

    Buy.com (Nasdaq: BUYX) shares closed off 11/32 to a 52-week low of 4 3/8 ahead of the earnings report.

    The $193.2 million in sales marks a 49 percent improvement from the year-ago quarter when it lost $25.5 million, or 29 cents a share, on sales of $129.3 million.

    "We are concentrating on growing the business responsibly by focusing on the most profitable segments of our businesses, and we will continue to make investments in our customer experience," said CEO Greg Hawkins in a prepared release.

    Hawkins added that he believes Buy.com should reach a cash flow break-even point by the first half of 2002.

    Last quarter, Buy.com posted a loss of $32.8 million, or 28 cents a share, on sales of $207.6 million.

    Its shares raced up to a 52-week high of 35 7/16 in February before slumping below $5 a share this week.

    Four of the six analysts following the stock rate it either a "buy" or "strong buy."