ShopNBC/Macy's Alliance off to Promising Start
Home & Textiles Today Staff -- Home Textiles Today, April 7, 2012
MINNEAPOLIS - Value Vision, the electronic retail company that does business as ShopNBC, said the partnership it launched with Macy's last month to offer the department store's house brand home textiles and cookware could be expanded.
Speaking during last week's quarterly conference call, president Bob Ayd said: "As with any new business relationship, this is a test." He added, "I am generally pleased with it, and I expect to further build on it."
The company is looking to broaden its home goods portfolio, in part to off-set the waning sales contribution it previously enjoyed from consumer electronics. ShopNBC's home department team is focused on expanding the breadth of product being offered, he said.
For the quarter ended Jan. 28, the company reported a net loss of $8.3 million vs. a net loss of $1.4 million in the year ago quarter. Sales tumbled 17.4% to $147.5 million primarily due to slower sales in its consumer electronics business. For the full fiscal year, net loss was $48.1 million from $25.9 million in the previous fiscal year. Sales were relatively flat, down 0.7% to $558.4 million.
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