In addition to unveiling its name change Tuesday, ShopHQ also reported its third-quarter earnings, posting a 7 percent increase in net sales, to $157.1 million.
The year-over-year revenue gain was due to strong sales in the fashion, accessories, beauty, health and fitness categories, the network — soon to be called Ervine Live — said.
Adjusted net income rose to $1.6 million, or three cents a share, compared with an adjusted net loss of $900,000 a year ago.
“I am pleased with our third-quarter results,” ShopHQ CEO Mark Bozek said in a canned statement. “We achieved improvements in operating metrics across the P&L, and we are excited for the holiday season. I am also looking forward to accelerating our transition to a true digital commerce company and implementing our new, unified strategy, which should expand our reach and further drive long-term growth.”
Chief Financial Officer William McGrath also chimed in.
“We ended the quarter with $26 million in cash and restricted cash,” he said. “During the quarter, the company had borrowings under our PNC credit facility of around $5 million to fund capital expenditures incurred for our Bowling Green distribution center expansion.”