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eToys' Experiences 4th Quarter Loss; Expects Profitability in 2002

etoys_logo.gif - 2016 BytesOnline toy retailer eToys Inc. on Thursday reported that its fourth-quarter fiscal loss more than tripled from the year-earlier period, but said it expects to be profitable by 2002.

The Santa Monica, Calif.-based company reported a net loss of $48.4 million, or 40 cents a share, for its fourth fiscal quarter ended March 31. For the same quarter in 1999, net loss was $13.2 million, or 15 cents a share.

Excluding deferred compensation and goodwill amortization the loss per share was 30 cents, beating the Wall Street consensus forecast of a loss of 32 cents per share.

The company said it expects overall operating losses to significantly decrease as a percentage of sales in the coming year.

EToys said net sales for its fourth quarter were $23.0 million, up from $6.1 million for the same period last year. It added 226,800 new customers in the latest quarter.

Shares in eToys fell 1-1/4 to 8-1/4 on Thursday morning in Instinet trade from their Nasdaq close on Wednesday.

[Updated 4/27/2000]

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