ValueVision International Inc., Minneapolis, reported net income of $6.4 million on net sales of $53.1 million for the first quarter ended April 30, 1999, compared with net income of $11.3 million on net sales of $43.7 million in the same period last year.
The company attributed the increase in net sales primarily to continued improvements in its television home shopping operations, which have reported greater than 30% sales increases for the past four quarters.
Net sales for ValueVision’s television home shopping operations for the first quarter of fiscal 2000 increased 52% to $44.4 million from $29.1 million for the comparable prior year-period, on a 29% increase in average full-time equivalent cable homes.
The company’s mail order operations contributed $8.7 million, or 16% of net sales for the first quarter, compared with $14.5 million, or 33% of net sales for the same period last year, a decrease of $5.8 million, or about 40%.
ValueVision said the decrease in catalog revenues resulted from the fiscal 1999 divestiture of its unprofitable HomeVisions (formerly known as Montgomery Ward Direct) mail order catalog operations.
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