ValueVision Media Inc. reported a record $184.4 million in revenues for the fourth quarter ending Jan. 31. That’s 3% higher compared to the same period last year and the best quarter in the company’s history. However, the Minneapolis-based company still reported a net loss of $57.6 million for the fiscal year ending Jan. 31.
“We are optimistic about the outlook for 2005. Many of the initiatives we started in 2004 are beginning to yield significant results. We are projecting double-digit sales growth,” said William J. Lansing, president and CEO of the company in a prepared statement.
During the fourth quarter direct response TV and Internet business grew 6% compared to the previous year. Customer retention grew steadily in 2004 the company said.
ValueVision reported the number of units it shipped increased to more than 5 million, up from 4 million the prior fiscal year. The average price point for shipped products decreased to $179 in 2004, down from $213 in the prior fiscal year.
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