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August 20, 2004 Stock Pick: Bluefly, Inc. (BFLY)

Stock Price: $1.80

Bluefly, Inc. is a leading online retailer of designer brands, fashion trends and superior values. The company is headquartered in the heart of the Fashion District in New York City.

The company has been increasing its gross margins creating a more profitable operation. Sales increased 24% in May and 30% in June compared to the same months in 2003. On August 4th, the company reported Q2 sales of approximately $9.5 million and gross margin of over 40%.

BFLY has been trending up the last five trading days and appears to have bottomed at the $1.50 level. Billionaire investor George Soros has agreed to invest $10 million in the company. With around 15 million shares outstanding and improved results, this company appears to be a solid investment.

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