Home textiles a new sweet spot for ShopNBC
March 7, 2013-- Home Textiles Today,
Minneapolis - Home was among the catalysts strengthening sales in the fourth quarter and fiscal 2012 for multi-channel retailer ValueVision Media Inc., which operates as ShopNBC.
The company has been pushing deeper into the category, according to ValueVision ceo Keith Stewart.
"In our home store we didn't have a kitchen business or a robust home textiles business, which are very big within our industry yet quite infant at ShopNBC. So we are very, very pleased with that progress," he said during the company's earnings call Wednesday evening.
Although there was an extra week in the fourth quarter and fiscal year, ValueVision reported its results based on an equivalent 13- and 52-week basis.
The company's net loss widened in the quarter, rising to $11.4 million from the year ago net loss of $8.3 million.
Better news came in net sales, which rose 11.7% to $164.8 million, thanks largely to a significant rebound in consumer electronics and "solid performances" in the home and beauty segments.
Quarterly net shipped units rose by 11.6% to 1.6 million, reflecting a better merchandise mix as well as a modest decline in average price points.
Internet net sales in the quarter jumped 160 basis points to 46.3%, driven mostly by growth in mobile transactions.
For the full fiscal year, ValueVision improved its net loss, dropping it to $27.6 million from the prior year's net loss of $48.1 million.
Net sales for the 52 weeks grew 2.8% to $574.1 million, and the company also noted it increased its distribution footprint to 84 million homes by 2012's yearend and began the New Year with two channels of exposure in 70% of its homes.