Feeds

LetsBuyIt.com posts Q1 loss

Be thankful for small mercies

  • alert
  • submit to reddit

Build a business case: developing custom apps

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. ®

Boost IT visibility and business value

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
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

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.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?