Groupon's Goods jump 67%

Groupon (NASDAQ:GRPN) announced a 67 percent quarterly sales jump in its Goods division, showcasing the company's growing strength as a retailer.

Groupon's revenue rose 23.5 percent in the second quarter, and the physical products division spearheaded profits with a 66.5 percent jump in growth rates from the same quarter last year, reported Internet Retailer. Groupon Goods generated $402.6 million in sales in Q2, accounting for 53.6 percent of the company's total revenue.

"Our marketplace continues to gain traction and add to our growth," Eric Lefkofsky, Groupon's CEO, told Internet Retailer. "We believe we're making great strides in connecting local commerce."

More than 92 million consumers have downloaded the company's mobile app and more than half of Groupon's customer transactions are conducted on mobile devices.

Groupon Goods reported a total revenue of $788.8 million for the first half of the year, up from $471.2 million in 2013—a 67.4 percent increase.

The company also cut its full-year profit outlook, citing the need to spend on promoting its comprehensive online retail services, instead of focusing on its trademark discount vouchers.

Trying to expand its online capabilities, Groupon recently purchased SnapSaves, an app that instantly offers cash back on grocery and personal care products purchased at any store in Canada.

For more:
-See this Internet Retailer article
-See this Reuters article

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