BUY.COM® FIRST QUARTER PROFIT INCREASES 138 PERCENT
Internet Retailer Does Not See Recession
ALISO VIEJO, Calif., May 20, 2008 - Buy.com, the Internet Superstore™, today announced record profits for the first quarter of 2008 of $1.4 million compared to $568k in the first quarter of 2007. This reflects Buy.com’s sixth consecutive profitable quarter.
"Based on consumer spending on Buy.com, we do not see any evidence of an economic downturn – instead, consumers are looking to the site as a one-stop shopping destination for the best deals on millions of products," said Neel Grover, CEO and President of Buy.com.
"As we continue to see gas prices skyrocket around the country, more consumers are realizing they can get their products with free shipping online at Buy.com without ever leaving their home," said Jeff Wisot, VP Marketing of Buy.com.
Buy.com is a leading e-commerce company with more than 11 million customer accounts, focused on providing its customers with a rewarding shopping experience and a broad selection of high-quality technology and entertainment retail goods at competitive prices. Buy.com offers millions of products in a range of categories, including consumer electronics, computer hardware and software, cell phones, books, music, videos, games, toys, bags, home and outdoor, baby, jewelry, shoes and sporting goods. Founded in June of 1997, Buy.com is located in Aliso Viejo, California. Buy.com® and The Internet Superstore™ are trademarks of Buy.com Inc. Buy.com currently competes with a variety of companies that can be divided into two broad categories: (i) retailers and ecommerce marketplaces such as Amazon.com, eBay and Wal-Mart and (ii) specialty retailers or manufacturers such as Barnes & Noble, Best Buy, Circuit City and Dell.
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