Advertisement

$6.4M loss 'disappointing setback' for ValueVision

Double-digit declines in watch and electronics sales contributed to the loss.

November 17, 2011 at 1:48AM

Online and home shopping retailer ValueVision Media Inc. said Wednesday that it lost $6.4 million in the third quarter, hurt by a decline in electronics and watch sales.

Sales rose 2 percent to $135.2 million. CEO Keith Stewart called it a "disappointing setback in our progress toward rebuilding the business."

Eden Prairie-based ValueVision, which operates the ShopNBC shopping channel, has been trying to improve profitability through efforts that have included widening its merchandise beyond its mainstay of jewelry and watches.

In the third quarter, sales for consumer electronics declined 20 percent and watch sales declined 13 percent. But the company reported double-digit sales increases in home, health and beauty, fashion and accessories and jewelry.

The net loss came to 13 cents a share, missing analysts' expectations of an 11- cents-per-share loss.

A year ago, ValueVision reported a $5.8 million loss, or 18 cents a share.

ValueVision shares rose 7 cents, or 4 percent, to $1.82.

Wendy Lee • 612-673-1712

Advertisement
Advertisement
about the writer

about the writer

WENDY LEE, Star Tribune

More from Business

See More
card image

The public Minnesota Ballpark Authority will fund the renovations at the Minnesota Twins’ Major League Baseball stadium, which will be ready for the 2026 season.

card image
Advertisement
Advertisement

To leave a comment, .

Advertisement