ShopNBC Posts First-Quarter Loss
Home & Textiles Today Staff -- Home Textiles Today, May 24, 2010
Despite improving trends in customer activity, ecommerce and return rate, ShopNBC barely narrowed its first quarter net loss.
Net loss for the quarter ended May 1 to $11 million, compare to a net loss of $12 million in last year's first quarter.
With consumer electronics sales slack, revenues fell 6.6% to $125 million.
“The company continued to strategically lower its net average selling price to $108 vs. $144 in the year-ago quarter, while increasing net shipped units by 23%,” according to a company statement.
The number of new customers rose 48%, with the number of active customers up 30% during the quarter. Ecommerce sales penetration hit 39.6%, a record for ShopNBC. That rate up was 950 basis points from last year's first quarter.
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