Posts Tagged ‘earnings’

ShopHQ Postpones 4Q Earnings Report Due To Pandemic

March 31, 2020

ShopHQ has rescheduled its fourth-quarter earnings release, originally slated for this week, until April 15.

“Due to COVID-19 complexities, including the recent shelter in place orders affecting iMedia employees in both Minnesota and Kentucky, iMedia Brands is using additional time to complete its year end audit procedures,” ShopHQ, whose corporate name is iMedia, said in a press release.

QVC, HSN Suffer 3% Revenue Dive In 4Q

February 26, 2020

Fourth-quarter blues for QVC and HSN.

Combined, the two leading home shopping networks, saw their revenue drop 3% for the quarter as well as for the full year 2019, their parent Qurate Retail reported Tuesday.

In the fourth quarter last year, sales slid to $2.692 billion from $2.789 billion the same year-ago period.

In addition, the unit that includes both channels, called QxH, saw revenue declines in all categories. For the full year QxH realized declines in all categories except electronics.

“Our fourth quarter results were in line with full-year trends, notably we experienced pressure on revenue and margins from the investment in network optimization at QxH,” Mike George, president and CEO of Qurate Retail, said in a statement.

“Despite these challenges, we were encouraged with our ability to grow free cash flow in 2019 on an operating basis,” he said. “We are accelerating the execution of our strategic priorities as we work to return to profitable growth. We continue to lead the curation of special products at compelling values across multiple platforms, providing customers an important third way to shop.”

Operating income declined in the fourth quarter and full year primarily due to an increase in impairment charges at HSN, partially offset by the absence of transaction-related expenses incurred in 2018.

Operating income included non-cash impairment charges related to the fair value of HSN’s trade name of $147 million in the fourth quarter of 2019 and $30 million in the fourth quarter of 2018.

For the quarter and full year, adjusted OIBDA margin(3) contracted primarily due to cost of sales pressure, which included higher fulfillment (freight and warehouse) expenses related to the network optimization plan and general freight rate increases as well as inventory management including costs associated with the exit from Ingenious Designs.

That company, FYI, is Joy Mangano’s former business.

For the full year, these headwinds were partially offset by a favorable product mix impact, according to Qurate. Adjusted OIBDA margin benefited in the fourth quarter and full year from TV distribution commissions, which were partially offset by higher marketing expenses.

The fourth quarter also benefited from lower incentive compensation. Lower TV distribution commissions were in part associated with the accounting treatment for certain renewed HSN carriage agreements, as well as favorable renegotiated rates at HSN.

Beginning in the third quarter of 2018, HSN began renewing TV carriage agreements with its distribution partners, which provided multi-year upfront payments that are amortized over the life of the agreements, versus its previous convention of expensing quarterly payments as incurred.

ShopNBC To Report Fourth Quarter Earnings March 16

March 9, 2010

ShopNBC will discuss its fiscal fourth quarter and full year 2009 results in a conference call March 16, the company said Tuesday.

The company will release its earnings the morning of the conference call, which will take place at 11 a.m.

Participating in the call will be ShopNBC CEO Keith Stewart, ShopNBC president Bob Ayd, and Bill McGrath, ShopNBC interim chief financial officer and vice president of quality assurance.

HSN CEO Mindy Grossman Pooh-Poohs Talk Of Merger With QVC, Says The Home Shopping Nets Aren’t Two Peas In A Pod

March 3, 2010

HSN CEO Mindy Grossman Wednesday downplayed the possibility that her home shopping network and rival QVC will be merged, saying they are each unique businesses without much synergy. MMMMM, not sure we buy that.

During a fourth-quarter conference call, Grossman was asked about the possible plans that Liberty Media, QVC’s parent, might have for HSN. The Liberty Media unit Liberty Interactive owns a 33 percent stake in HSN. There’s a standstill on that stake that expires in a few months, one analyst said. You tell us what a standstill is.

Anyway, Grossman didn’t duck the question, although we find it hard to argue that merging two shopping channels wouldn’t create some kind of benefits and synergy — not that we would want to see it.

Liberty has two directors on HSN’s board, according to Grossman.

“Other than that, we don’t have a relationship per se with Liberty, so we can’t tell you what they’re thinking or not thinking prior to the standstill,” she said on the conference call. “It really is up to them and our board if they were to choose to even accept such an offer. So I can’t really speak for what they may or may not do.”

Grossman poured water on the notion that HSN and QVC are so similar that there would be many benefits to combining their operations into one monster home shopping network.

“In terms of the synergies, I think that we’ve said before that we are two very distinct businesses,” Grossman said. “You’re going to have to continue to run them as very distinct platforms. And so there’s not as much synergies as I think that some people believe that there might be. So it really comes down to our performance overall, and both companies.”

We Hate To Break It To You, Fellow Jewelry Lovers, But It Looks Like Another Year Of Boring Laptops, B. Makowksy Bags and Wii On QVC

February 25, 2010

Mike, enough with the Clarisonic, cause we don't care if it's one of Lisa's favorite things

QVC had a great fourth quarter, which is good for the home shopping network but bad for jewelry geeks like us.

The U.S. channel, a unit of John Malone’s Liberty Media, Thursday reported a 13 percent jump in revenue to $1.7 billion in the fourth quarter.

“We posted our strongest quarterly results in over 10 years, and moved our full-year results into positive territory,” QVC CEO and president Mike George told analysts during a conference call Thursday.

And George got a pat on the back from his boss, Liberty CEO Greg Maffei.

“At Liberty Interactive, QVC had a very impressive fourth quarter, which capped a greatly improved 2009 overall,” Maffei said.

Why is all this bad news for bling lovers? George said that QVC saw the revenue gains because it posted strong sales on consumer electronics, kitchen and floor care, beauty, accessories and fashion jewelry. Apparel, while soft, improved significantly over the trend for prior quarters, according to George.

“Jewelry, especially gold, did remain difficult, however,” he said, at one point noting, “We continue to pull back our time on jewelry.”

That means more Wii and Clarisonic shows, not sterling and gold (fashion jewelry doesn’t count). Break out the No-Doz.

George spent quite a bit of time crowing about Isaac Mizrahi joining the QVC family, but offered no numbers on how well the designer’s extensive line of products have sold.

“Compelling exclusive content is powering our business,” he said, calling the debut of the Mizrahi line as “one of the biggest brand launches in our history.”

QVC also premiered Godiva chocolate, NARS cosmetics, Stephen Dweck diamonds and fashions by celebrity styliest Rachel Zoe in the fourth quarter, said George, who boasted that the channel in its history had never had the level of publicity and buzz it got in the final quarter.

Veteran brands on QVC — B. Makowsky, Rachael Ray, Philosophy, Bobbi Brown and Dennis Basso in fashion — performed well in the quarter, according to George.

Some 720,000 new customers joined QVC in the fourth quarter (which we presume means they made purchases), a 22 percent increase in the number of new customers a year ago. Revenue from new customers was up 53 percent from last year.

“At any given point in time we have 10 non-customers watching QVC for every customer watching QVC,” George said. “So when we get it just right, and get the right kind of products that have high appeal to new names, as we did in Q4, you can really get explosive growth without any additional advertising or other support, just by people coming by the channel.”

He also attributed some of QVC’s fourth-quarter success to the more favorable channel position it now has on DirecTV and Dish Network, and the fact that the network’s HDTV channel is now in more than 25 million homes.

In December QVC launched an iPhone application that’s been downloaded by 115,000 customers in a little over two months, George said.

HSN To Report Fourth Quarter and Fiscal 2009 Results March 3

February 3, 2010

HSN will release its fourth-quarter earnings and fiscal 2009 results March 3 before the market opens, the company said Wednesday.

CEO Mindy Grossman and Judy Schmeling, executive vice president and chief financial officer, will hold a conference call at 11 a.m. to review the results.

Those interested in participating in the conference call should dial 800-210-9006 or 719-457-2506 at least five minutes prior to the call. There will also be a simultaneous audio webcast available via the company’s website at http://www.hsni.com.

A replay of the conference call can be accessed until March 17 by dialing 888-203-1112 or 719-457-0820, plus the passcode 2149417 and will also be hosted on the company’s Web site for a limited time.