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Analyst boosts revenue estimate for e-commerces Global Sports
Published March 13, 2000
Saying that Global Sports Inc. is poised to become a leader in sporting goods e-commerce, the investment banking arm of E-Trade reiterated its buy rating on the stock earlier this month.
E-Offering e-commerce analyst Shawn Milne also increased his estimate on Global Sports' full-year 2000 revenue from $33.8 million to $38 million.
Milne said he raised the estimate in response to higher-than-expected revenue growth at the company. Global Sports last week reported fourth-quarter 1999 revenue of $5.5 million. Milne originally had predicted revenue of $3.8 million for that quarter.
Global Sports also reported a loss from continuing operations of $15.2 million, or 82 cents a share, for fourth quarter 1999.
Global Sports Inc. operates, under exclusive long-term agreements, the Internet businesses of leading sporting goods retailers and Internet companies, including The Sports Authority, The Athlete's Foot, Sport Chalet, MC Sports, Dunham's Sports, Oshman's Sporting Goods and Healtheon/ WebMD.
Milne said those seven sporting goods retailers posted combined annual sales of roughly $3.5 billion and operate nearly 1,500 retail stores.
"Going forward, we believe improved marketing integration with existing partners and the addition of new off-line and online partners will drive significant growth and a clear road to profitability," Milne said in his report.