Fashionmall.com, Inc. (Nasdaq: FASH) was up 1/4 to 2 1/8 early Tuesday after the company reported a narrower loss for the second quarter and announced a stock buyback.
The New York-based operator of beauty and fashion portals said revenue for the quarter rose to $1.23 million from $950,000 a year earlier, while the pro forma loss before items totaled $460,000, or 6 cents per share, compared with $3.56 million, or 71 cents.
Separately, the company said directors authorized the repurchase of up to one million common shares over the next 12 months. According to chairman and chief executive officer Ben Narasin, the shares are trading at a “significant discount” to cash value. The 52-week high for the stock is 8 5/8.
Fashionmall gets its revenue from traffic-based contracts and slotting fees with manufacturers, retailers, magazines and catalogs, as well as from advertising and sponsorship sales.
In June, the company bought the rights to the Boo.com domain name and other assets of the failed British e-tailer.