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Buy.com expands 4Q loss
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February 1, 2001: 5:15 p.m. ET
Online superstore cites softness in tech sector, cuts 25 staff positions
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NEW YORK (CNNfn) - The Internet superstore Buy.com Inc. on Thursday reported a fourth-quarter loss that was larger than most forecasts, and said it has laid off 25 members of its staff.
The store, which sells a range of merchandise from books and CDs to computer equipment, reported a pro forma fourth quarter loss, excluding some unusual items, of $27.4 million, or 20 cents per share, compared with a loss of $40.9 million or 44 cents per share the year before.
 Analysts had been forecasting a loss of 19 cents per share, according to First Call/Thomson Financial, which tracks estimates.
The company also said revenue declined to $196.7 million from $200.7 million in the year-ago quarter.
"The fourth quarter was an intensely competitive environment with general softness in the technology sector. This resulted in a revenue performance that did not meet our expectations," said Greg Hawkins, Buy.com's chairman and CEO, in a press release.
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"Notwithstanding the progress we have made in the business this year, the continued tight capital market for the e-tail sector has caused us to proactively re-evaluate our business and implement several strategic initiatives designed to accelerate Buy.com's drive toward profitability," said Hawkins.
Shares of Buy.com (BUYX: Research, Estimates) closed 3 cents lower to 91 cents on the Nasdaq. 
-- from staff and wire reports
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