Feeds

Buy.com to sell UK ops

Bigger than expected Q4 loss

  • alert
  • submit to reddit

The essential guide to IT transformation

Buy.com recorded bigger than expected losses for the fourth quarter, and said it is to sell its UK operations.

The company said it had recently signed a Letter of Intent to sell its UK business, which it launched last year, to a "European entity". It expects the deal to close in the first quarter. It will also shut is Canadian business tomorrow, and has chopped 25 staff.

The e-tailer saw losses of $27.4 million, or 20 cents per share, compared with a loss of $40.9 million, or 44 cents per share, for the same period in 1999. Analysts had forecast a loss of 19 cents per share.

Sales for the quarter ended December 31 dropped two per cent on the previous year's Q4 to $196.7 million.
It said its main business for 2001 will include computer, software, consumer electronics and wireless product sales.

For Q1, revenue is expected to be $132 million to $137 million, with gross margins at 10.5 per cent and $11.5 per cent. For the full year 2001, sales are forecast at $580 million to $600 million, with pro forma net loss at less than five per cent of sales - or around $30 million. It expects to see positive operating cash flow in Q4 this year. ®

Related Stories

Buy.com flees Australia
Buy.com prepares assault on UK
Letsbuyit ditches 200 staff
Europe to go titsup.com

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Judge nixes HP deal for director amnesty after $8.8bn Autonomy snafu
Lawyers will have to earn their keep the hard way, says court
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.