QXL grows Q3 losses
But sales are up, and it's got a bit of cash left
Online auction house QXL Ricardo.de has grown its Q3 losses to £41.1 million, up from £25.6 million for the same period a year earlier.
The London-based business blamed the situation on its acquisition strategy and the need to integrate the IT systems of its purchases.
Sales for the three months to 31 December hit £4.1 million, more than double the £1.6 million it managed the year before. Buying German auction business Ricardo.de helped boost the value of goods sold on QXL's sites. This figure jumped 24 per cent from Q2 to £24.9 million. At the end of Q3 the company had £37 million left to spend.
As well as auctioning goods from individuals and businesses, QXL is also a retailer and sells computer kit, amongst other things on its site. But that all ends this month. The company is going to stop selling stuff itself, and will just let its former suppliers auction products themselves. ®