ValueVision racks up a strong Q1
Staff Staff -- Home Textiles Today, May 23, 2013
Minneapolis - Led by significant improvements in its home & consumer electronics category as well as strong results in its fashion & accessories segment, multichannel electronic retailer ValueVision/ShopNBC churned double-digit sales increases during its first quarter.
ValueVision Media Inc., which operated under the ShopNBC brand until this week when the company change this name to ShopHQ, posted an 11% net sales increase to $151.4 million.
Net income reached $1.0 million, or 2 cents per share, a shift to the plus side from the company's year-ago Q1 net loss of $8.7 million, or 18 cents per share.
Net shipped units jumped 12% to nearly 1.5 million, reflecting "continued improvements to our merchandise mix and a modest decline in average price points," the company said.
Internet sales penetration increased 30 basis points to 46.2%. Mobile transaction volume represented 23% of Internet sales compared to 13% last year.
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