Yoox, the Italian online retailer of fashion and designer products, increased its profitability in the first quarter of 2010. Revenues rose by 43.4 percent to €50.3 million, with sales at its multi-brand sites, yoox.com and thecorner.com, up by 30.5 percent to €38.3 million and turnover from the websites it manages on behalf of individual brands up by 109.0 percent to €12.0 million. Net profit rose to €2.0 million from €0.4 million.
At the end of March, the group managed 20 mono-brand virtual stores compared with 12 a year earlier. During the first quarter, it launched the online stores of the handbag brand Coccinelle, the footwear brand Giuseppe Zanotti, the casual and sportswear brand Napapijri and the fashion brand Alberta Ferretti. All the new sites operate in Europe, the U.S. and Japan, except Napapijri, which is only available in Europe and the U.S.
Italy represented 23.6 percent of turnover, other European markets 49.2 percent, North America 18.9 percent, Japan 6.2 percent and the rest of the world, as well as sales not related to a specific country, the remainder.
The number of unique monthly visitors rose to 8.8 million in the quarter from 6.6 million a year earlier. The number of customers who placed at least one order in the last 12 months rose to 514,000 from 357,000. The number of orders increased to 381,000 in the first quarter from 269,000 a year earlier and the average order totaled €169 compared with €167.
Yoox's Ebitda before corporate costs represented 16.2 percent of sales compared with 14.6 percent a year earlier. The margin of its multi-brand sites rose slightly to 15.8 percent from 15.5 percent and the margin of its virtual mono-brand stores surged to 17.5 percent from 9.6 percent.
The company had a net cash pile of €32.0 million at the end of March compared with €34 million at the end of 2009. Yoox forecast that it would finish 2010 with an increase in revenues and profitability and expects the cash pile to be in line with 2009.
The company also announced the surprise resignation of its chief financial officer, Paolo Fietta. He will leave Yoox on June 30 to pursue other professional opportunities.