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June 6, 2005 Stock Pick: Bluefly, Inc. (BFLY)

Stock Price: $2.07

We first released BFLY as a stock pick on August 20th of last year at $1.80, within three months BFLY hit $3.59 for a gain of over 99%. BFLY is once again at a low level and trending higher each day.

Bluefly, Inc. is an online retailer of over 350 brands of designer apparel and home accessories. Bluefly buys merchandise directly from designers, as well as from retailers and resells it at is one of the best high-end Internet retailers out there and their business should only continue to improve as people continue to spend on clothing.

It was just announced that May sales increased to $4.2 million, 35% over May 2004. Bluefly is continuing to increase sales and gross margins. The company reported record revenues and margin levels last quarter. We expect record results again when second quarter earnings are released in early August.

George Soro's fund, Soros Fund Management LLC, owns 5.29 million BFLY shares. The float is only 9.59 million. BFLY will move fast as word continues to spread of the opportunity here.

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