Martha at Kmart slides in Q2
August 14, 2003,
Troy, MI — Due to Kmart's bankruptcy and store closings, sales of Martha Stewart Everyday products at Kmart declined by 21 percent on a comp basis, and 38 percent on a total store basis, executives said during Martha Stewart Living Omnimedia's second quarter conference call.
Sharon Patrick, president and ceo, MSLO, added that on a comp-store, comp-category basis, MSE product had a "modest" drop of 10 percent, which excludes live plants, which were dropped from the 2003 line. The overall 9 percent decline to date was the result of softer sales of certain housewares items due to competitive pricing, and, because of the inclement weather during the spring, patio furniture.
"We should note that these swings in sales performance do not materially impact our full-year revenue or profitability numbers as, in accordance with our Kmart contract, we are expected to earn royalties for the full year at guaranteed minimal levels," she said. In addition, the MSE brand label and product is set to launch at Sears Canada next month, in a program of 2,300 skus.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...