Computer Literacy Inc. has changed its name and Web site to Fatbrain.com. According to the company, the name change was made to make it easier for customers to remember its URL and to change the perception that it sells only computer books. Indeed, the new name coincides with plans to make Fatbrain.com a broader professional bookstore by adding new areas in business as well as science and math to its technical offerings. The company's two physical stores will continue to be run as Computer Literacy outlets.
For the fiscal year ended January 31, 1999, Fatbrain reported that online sales rose 253% to $10.7 million, while sales from bookstores, book fairs and trade shows increased 15% to $9.1 million. Total sales in the year were up 81% to $19.8 million; the company's net loss increased to $9.9 million from $3.2 million.
Fatbrain finished the year with 78,000 customers, with repeat orders representing 52% of total orders. During the last quarter of fiscal '99, Fatbrain reported "significant progress" in its business-to-business initiative, FindITnow, adding more than 60 new corporate accounts.
