MSLO Terse on Macy's, JC Penney
Home & Textiles Today Staff -- Home Textiles Today, May 16, 2013
NEW YORK - The rollout of Martha Stewart merchandise that began last month at JC Penney stores will continue well into the second quarter, but with Macy's still litigating against the deal, Martha Stewart Living Omnimedia said during the company's quarterly conference call there is too much uncertainty around the arrangement to forecast potential revenues from JCP.
Dan Taitz, who is serving as interim principal executive officer while MSLO seeks a new ceo, said the company has been in touch with returning JCP ceo Mike Ullman and other executives since the ouster last month of Penney chief Ron Johnson, who brokered the deal with Martha Stewart.
"All sides greatly value our partnership and we look forward to working with the new team," he added during the call, which took place April 30.
For the first quarter ended March 31, MSLO's merchandising revenues fell 15.6% to $11.5 million - in line with expectations. Operating income for the segment contracted 39.8% to $5.7 million, while adjusted EBITDA (earnings before interest, tax, depreciation and amortization) fell 52.7% to $6.2 million
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