ShopNBC to expand home, narrows 1Q loss
HTT Staff -- Home Textiles Today, 5/16/2012 12:22:29 PM
Minneapolis - Putting more emphasis on other departments as it makes consumer electronics a less critical category, Shop NBC will invest in people and inventory as it moves toward its goal of having home account for 45% to 50% of sales.
"This is a journey, not a wind sprint," Keith Stewart, ceo of parent company Value Vision, cautioned during this morning's quarterly conference call with investors.
The presence of home, beauty and fashion increased 990 basis points during the first quarter ended April 28, he noted.
In addition, ShopNBC has expanded its agreement to carry Macy's branded bedding, bath and housewares through 2014. The channel began carrying a curated selection of Macy's goods this past January.
Value Vision's net loss for the quarter narrow to $8.7 million to a net loss of $28.9 million in the year-ago quarter. Sales fell 4.9% to $3136.5 million.
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