Stewart's Omnimedia seeing red
August 3, 2004,
NEW YORK — With ad revenue drying up in Martha Stewart's various magazines, and her television show on hold in the wake of her ongoing legal woes, Martha Stewart Living Omnimedia Inc. today reported a second quarter loss of $16.6 million, compared with a prior-year profit of $3.7 million.
Consolidated sales dropped by a third, to $44 million from $65.8 million last year. As advertisers and broadcasters walked away, publishing revenues plunged 50.1 percent, to $23.7 million from $39.6 million, and television revenues nose-dived 53.6 percent, to $3.1 million from $6.6 million.
Sales from Stewart's Internet and direct-commerce business tumbled 18.5 percent, to $6.4 million from $7.8 million, largely due to lower catalog sales stemming from lower circulation.