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Nov 8 (Reuters) - South Korean online retailer Gmarket Inc GMKT.O posted quarterly results below analysts’ expectations hurt by the timing of the annual Korean thanksgiving holiday season and hot weather, pushing shares down 9 percent.
The Chuseok Thanksgiving holiday, which fell in September this year and lasted three days while it was in October and lasted two days in 2006, reduced the effective number of online shopping days by about four days in the quarter, the company said.
For the third quarter, the company earned $6.3 million, or 13 cents a share, compared with $5.9 million, or 12 cents a share, a year ago. Revenue rose 26 percent to $56.9 million.
The hot weather extended well into September, which delayed purchases of higher-margin fall clothing, the company said in a statement.
Analysts expected earnings of 16 cents a share, on revenue of $60.5 million, according to Reuters Estimates.
Gross merchandise value, which represents the total value of all items sold on Gmarket’s Web site, increased by 35 percent to $848.1 million.
Gmarket, which competes with eBay Inc (EBAY.O) and home rival Interpark (035080.KQ), said it still sees 2007 gross merchandise value to be in the range of $3.4 billion to $3.8 billion. Shares of the company fell to $21.90 in late electronic trade after closing at $24.06 Thursday on the Nasdaq. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan)