Internet grocery store and delivery service Webvan Group yesterday posted Q4 results which beat Wall Street expectations and matched the company’s own revised estimates.
The etailer announced a $109.1 million pro forma net loss for the fourth quarter, equivalent to 23 cents per share. At the same time, sales increased 325% over Q4 1999 from $19.8m to $84.2m.
This gives the company yearly results of a $413.2m loss on $259.7m of sales (642% better than 1999). Shares in Webvan rose 43% following the statement, closing at 78 cents.
Webvan also announced it will seek a further $40m–$60m by the end of the year or the start of next year in an attempt to reach the dotcom fantasy of profitability. In the meantime, the company has postponed for the foreseeable future its launch in northern New Jersey, Washington and Baltimore.
News source: Advertising Age - Interactive Daily