NEW YORK ( TheStreet) -- Bluefly (BFLY), founded in 1998, is an online retailer that sells high-end clothes at discounts. The company has struggled to achieve profitability since its founding in 1997. Despite consistent losses, visible below, Bluefly's business is on the mend.The New York-based company's first-quarter loss narrowed 52% to $1.5 million, or 7 cents a share, from the year-earlier loss. Revenue inched up 1.7% to $20 million. Bluefly has suffered nine consecutive quarterly losses, but the stock is safer than it appears. The company sold new common shares to growth investor Rho Ventures, which now owns 33% of the float, in December and February. The sale diluted its base, but put Bluefly on superior financial footing.
Online Retailer Gets Ready to Rebound
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