21 May Shoes.com Reports Record Revenue in Q1
Shoes.com reported record financial and operating results for its first quarter ended Mar. 31.
Q1 2015 Highlights:
- Gross revenue increased 89 percent year over year to $60 million.
- Gross profit margins remained robust at 44.5 percent.
- Site visits in Canada and the US increased 149 percent and 34 percent respectively year over year.
- Repeat customers up 86 percent year over year.
- Repeat revenue from repeat customers up 129 percent year over year.
- Returning customers in Canada increased 1600 percent year over year.
- Added more than 60 new brands for a total of over 500 brands across all sites.
- Successfully launched the exclusive Hardy Design Works brand.
- Established a new 150,000 square foot fulfilment center.
- Secured new key talent from Zulily, Zappos, Coastal Contacts, Lululemon and Goldcorp.
“We’re thrilled with the strong start to 2015 and significant growth across all key performance indicators,” said Roger Hardy, CEO of Shoes.com. “We’ve accomplished a lot since combining SHOEme.ca, OnlineShoes.com and Shoes.com only 9 months ago and we’ve already seen enormous increases in new and returning customers to our sites. We believe this is testament to our exceptional service, engaging content, and highly curated shopping experience. Over the next few quarters we expect to see our growth accelerate as we continue to focus on delivering the world’s best service and selection.”
Nick Bozikis, CFO of Shoes.com added, “Q1 of 2015 marked our first quarter as a consolidated company after successfully integrating the three businesses under one platform. We are very pleased with our financial results, as they confirm our tier one growth rates, tier one margins, and high customer retention rates relative to e-commerce peers.”
The company significantly strengthened its executive team in Q1 with the addition of Scott Julian as Senior Director of Merchandising, formerly of Zappos; Elsa D’Andrea as Director of Style and Care, formerly of Lululemon; Geoff Henshaw as Vice President of Brand and Retail Strategy, formerly of Coastal Contacts; and Tim Vipond as Vice President of Corporate Finance, formerly of Goldcorp.
The company is well positioned to meet its 2015 gross revenue target of over $300 million.