Garden.com (Nasdaq: GDEN) was up 5/8 to 5 7/8 in early trading Monday after the online retailer of gardening products reported higher revenue and a smaller loss for the quarter ended March 31st.
The Austin, Texas-based company said revenue for the quarter rose to $3.2 million from $939,000, and the net loss narrowed to $11.4 million, or 65 cents a share, from $5.4 million, or $5.00, in the same quarter last year. Gross margin rose to 30.3 percent from 17.9 percent, as the number of members topped one million.
“Garden.com had an impressive third quarter,” said President and Chief Executive Cliff Sharples. “We believe our continued focus on growing revenue, improving gross margin and providing operational excellence is really paying off.”
Customer accounts at the end of the quarter totaled 183,000, up 205 percent from a year earlier, and repeat customers accounted for 42 percent of all orders during the quarter, up from 38.4 percent in the 1999 quarter.