Webvan Group, Inc. (Nasdaq: WBVN) was down 3/16 to 6 1/8 in early trading Friday, even after the online grocery retailer beat analysts estimates by reporting a pro forma loss of $38.7 million, or 12 cents a share. Nasdaq shares were sharply lower across the board.
Webvan posted a net loss of $57.8 million, or 18 cents a share, after including all costs. Revenue for the quarter amounted to $16.3 million.
Active customer accounts as of March 31st totaled 87,000, up from 47,000 at the end of the fourth quarter. Repeat orders accounted for 78 percent of total orders during the latest quarter, and the average order size rose to $90.33 from $81.31 in the fourth quarter.
President and Chief Executive Officer George T. Shaheen said the company’s results show “the scalability and effectiveness of the Webvan business model.”