ValueVision Reports a $5.7 Million Third Quarter Loss
ValueVision Media Inc. reported a $5.7 million net loss for the third quarter that ended Nov. 3, which was higher than the $3.1 million loss it reported for the same quarter last year.
“Our results were for the third quarter were certainly below our expectations, but there were several factors that were encouraging as we look more closely at the results,” said in a statement John D. Buck, interim CEO.
High-ticket liquid crystal display (LCD) television sales were down significantly in the last quarter, but this was partially offset by growth in other product categories.
The company shifted its DRTV merchandising mix and devoted more on-air hours to offers for gemstones, watches, apparel and notebook computers, which resulted in increased sales, though not enough to offset the decline in sales of LCD televisions.
ValueVision reported that Internet sales generated through ShopNBC.com increased 18% during the third quarter, which now represent 28% of total sales for ValueVision.
