LetsBuyIt.com posts Q1 loss
Be thankful for small mercies
Lazarus-like e-tailer, LetsBuyIt.com, has survived long enough to publish its Q1 results.
Although this in itself is a miracle, John Palmer, CEO and founder of LetsBuyIt.com reckons it's only time before the outfit starts making cash.
Said Palmer: "I feel sure that going forward, as a result of the successful restructuring and the cost structure of the company being significantly reduced, we are now in a strong position to drive the company forward to profitability and to deliver shareholder value for our investors."
LetsBuyIt.com only opened it doors for a business at the end of February after shutting up shop for two months to save itself from...well, itself.
Figures released today show that between 26 February and 31 March it received orders worth Euro 1.1 million (£661,544) generating Net revenues of Euro 734,000 (£441,842)
Operating expenses for the same period tipped the scales at Euro 15.3 million (£9.2 million) but bosses expect this to slide as costs fall following restructuring.
Net operating loss for Q1 was Euro 15.2 million (£9.2 million).
LetsBuyIt.com also said it had secured an extra Euro 3 million (£1.8 million) financing commitment from a new private investor. Since the beginning of the year the e-tailer has secured Euro 80.2 million (£48.3 million) in financing. ®
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