RedEnvelope Inc. posted a net loss of $3.6 million for the first quarter compared with a loss of $900,000 in the prior year.
The giftware direct marketer reported net revenue of $24.5 million for the quarter ended July 1, a decrease from $26.9 million last year.
” This was a result of reduced prospecting late last year and early this year, which resulted in a weakened customer file,” said John Pound, executive chairman of the San Francisco company, in a statement. “Also, our creative and brand statement were weak through the first quarter, as we had not yet been able to change our message to our customer.”
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