by Christopher Freeburn | May 7, 2014 11:43 am
Shares of zulily (ZU) plunged almost 30% in Wednesday trading after the internet retailer reported a quarterly loss.
ZU posted a loss of $3 million during the first quarter, almost twice the $1.6 million loss it reported in the year-ago quarter. EPS showed a loss of 2 cents. That disappointed Wall Street which was looking for a profit of 1 cent per share, MarketWatch notes.
During the quarter, sales soared to $237.9 million, up 87% from the prior-year period. That exceeded earlier ZU guidance that anticipated sales of between $225 million and $235 million.
In the current quarter, zulily predicts sales between $261 million and $276 million, well above the $248.5 million that analysts have estimated.
ZU raised its sales outlook for the full year. It now estimates 2014 sales of between $1.15 billion and $1.2 billion, up from a previous range of between $1.1 billion and $1.15 billion.
Zulily shares began public trading in November. On Tuesday, ZU stock closed at $48.59 per share.
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