MSLO textiles show "solid growth" at Macy's in Q1
HTT Staff -- Home Textiles Today, 4/27/2011 1:49:48 PM
New York - Strength in home textiles and online sales at Macy's as well as in home decor and other categories at The Home Depot aided Martha Stewart Living Omnimedia Inc.'s merchandising revenues over the first quarter.
The multi-media company today reported a 4.0% increase in merchandising revenues to $10.2 million from $9.8 million in the prior year's first quarter, which included revenue from Kmart as well a $1.0 million one-time payment from a merchandising partner, MSLO noted. Excluding these items, revenue increased 34% year-over-year in the first quarter.
Merchandising president and ceo Robin Marino noted the first quarter marked the first anniversary of the Martha Stewart launch at The Home Depot, "and the partnership is thriving. Our Martha Stewart Collection at Macy's also had an excellent quarter, with strong sales in key categories, and our Martha Stewart Crafts and Martha Stewart Pets lines continued to perform. Looking ahead, we see our merchandising business poised for continued momentum throughout 2011."
The Martha Stewart Collection at Macy's was driven by strength in soft home textiles, and high double-digit growth in online sales.
Merchandising proved the highlight in MSLO's otherwise lackluster results for its first quarter, ended March 31.
The company's total revenues declined 0.9% to $52.7 million and net loss per share widened to 13 cents from 7 cents in last year's 1Q.
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