Bluefly Cuts Its Annual Loss 74%

New York-based Bluefly (Nasdaq Smallcap: BFLY) said it trimmed its annual net loss 74%, to $6.5 million for the year ended Dec. 31. The online-only discounter of designer apparel and accessories lost $25.0 million in 2001. Bluefly attributes the improvement to an increase in gross profit and a 16% cut in selling, marketing, and fulfillment expenses, to $11.5 million. Net sales for 2002 were $30.6 million, up 33% from $23.0 million in 2001.