Retail
Shopping.com CEO Sees Opportunities Here and Abroad
05/13/05 - 01:06 PM EDT
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In an exclusive interview with TheStreet.com's "StreetWatch " Webcast, Shopping.com SHOP Chairman and CEO Daniel Ciporin said the company is "on track to execute" its goals and expressed confidence that "investors will start to see evidence of how powerful the business is." Shopping.com shares are down over 50% in 2005 as investors have generally eschewed online stocks and specifically expressed concerns about the company's spending plans for its international expansion and, more recently, its guidance for the second quarter. In recent trading, Shopping.com was down 0.3% to $13.01. Ciporin said the company is on track to meet its goals for international expansion and said its French Web site has signed up 90% of France's top 50 merchants and 250 merchants overall in its first five weeks. The company plans to launch its German site by the end of the year and Ciporin said he expects both sites to reach at least break-even within 15 months of launch. The goal is to "build a demonstrably better product offering in Germany," Ciporin said, expressing confidence the company will be able to attract a partner in Germany as it did in France with AOL France. Going forward, Ciporin said Shopping.com is "very interested" in pursuing opportunities in Asia and predicted that international revenue will surpass U.S.-based revenue within five years. In 2004, international revenue -- from the U.K. -- was 15% of Shopping.com's total. Other issues Ciporin addressed include the company's recent expansion into consumer services such as mortgages as well as its relationship with search engine Google GOOG and merchant partners such as Wal-Mart WMT. The full video interview can be found here.
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