Value Vision sales drop 1st quarter
- May 16, 2012 - 10:46 AM
By PATRICK KENNEDY
Declining sales of consumer electronics at multichannel retailer ValueVision Media contributed to a 4.9 percent drop in first quarter revenues. The Eden Prairie-based company reported sales for the quarter ended April 28th of $136.5 million compared to $143.5 million for same quarter last year.
The company, whose ShopNBC unit allows consumers to shop via TV, Internet, mobile devices and social media, also reported a net loss of $8.7 million, n improvement over the $28.9 million loss a year ago.
The company reported sales gains in product categories including jewelry & watches, health & beauty, home, and fashion & accessories that were up 12 percent for the quarter. But that was more than offset by consumer electronics sales that declined 76 percent in the quarter.
In the company's earnings release ValueVision CEO Keith Stewart said "While we are disappointed in our consumer electronics performance, we are encouraged by the improved results from out other product categories. We do not foresee a significant improvement in consumer electronics performance in the upcoming quarters."
1st quarter FY2012, 4/28
2012 2011 % chg.
Revenue $136.5 $143.5 –4.9
Income –8.7 –28.9 —
Earn/share –0.18 –0.71 —
Figures in millions except for earnings per share.
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