Brazilian Internet company Submarino S.A. announced that gross sales for the first quarter totaled US$ 37 million (99 million reais) and the number of customer orders reached 503 thousand, representing a 65% and 58% growth compared to the same period in 2004, respectively.
The results were positively impacted by better than expected client growth, a successful “Back to School” campaign for academic books, and the launch of the new musical instruments category in March.
In connection to the initial public offering, Submarino received net proceeds of US$ 47 million and has since paid down all its outstanding debt. Current cash balance is US$ 29 million.
Submarino is the leading pure-play online retailer in Brazil. The company built a strong brand and a premium customer base by offering a superior breadth and depth of product selection with best-in-class customer service.
The company offers more than 700,000 items across 22 product categories that are sourced from more than 950 suppliers, in addition to e-commerce services. Submarino delivers to the main cities in Brazil in up to two days and same day for certain items to the São Paulo metropolitan area.