ValueVision International Inc., Minneapolis, has reported that consolidated net sales for the third quarter ended Oct. 31, totaled a record $76.6 million, a 53% increase over net sales of $50 million for the comparable fiscal 1999 quarter.
The company stated that the principal contributor to the improvement was its television home shopping operations, which reported record quarterly sales of $67.2 million, an 84% improvement from $36.6 million during the same period last year.
The company’s mail order operations contributed $9.5 million, or 12% of net sales for the third quarter, compared with $13.4 million, or 27% of net sales last year, a decrease of $4 million or approximately 30% as a result of the fiscal 1999 divestiture of the unprofitable HomeVisions catalog operations.
Consolidated operating income improved during the most recent quarter, showing a $1.1 million profit, compared with a loss of $5.2 million in the comparable fiscal year.
In other news, Richard D. Barnes, 42, has been named senior vice president and CFO of the company. Barnes most recently served as group senior vice president, operations and financial management with Bell Canada (Toronto).
