Internet grocery company Webvan Group Inc. said it expects a
slightly smaller fourth quarter loss than expected, thanks to synergy
realized from its September
acquisition of rival HomeGrocer.com.
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Media Disclosures: Employees are strictly prohibited from speaking to the media on behalf of non-mortgage or non-financially related outside jobs as long
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The company, whose stock has been trading for less than $1 a share, said that
preliminary estimates for the fourth quarter of 2000 indicate a pro forma
diluted loss per share of approximately 23 cents with revenues of
approximately $84 million. Analysts had expected a loss of 26 cents a share
and revenue of about $100 million.
"We expect that fourth-quarter earnings for fiscal year 2000 will better our
earlier estimates for the period despite a general slowing of retail spending
in the quarter," said George T. Shaheen, chairman and chief executive officer
of Webvan. "We believe that this preliminary estimate of better-than-expected
loss per share is the direct result of the synergies realized from our
acquisition of HomeGrocer.com and a significantly more efficient marketing
spend."
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Webvan's stock was trading unchanged at about 47 cents a share in the early
going today. Its 52-week high is $18.50; the low is 21 cents. The company,
which has never made any money, had a loss of $49 million, or 22 cents a
share, in the year-ago quarter.
Shaheen said that a focus on customer retention and ordering frequency led to
an expected average order size in the fourth quarter of $112 -- a 10 percent
improvement over the third quarter of 2000.
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