Posts Tagged ‘first-quarter results’

Evine To Report First-Quarter Results May 23

May 3, 2017

Evine will release its first-quarter earnings May 23 before the market opens, the home shopping network said Tuesday.

CEO Bob Rosenblatt and Chief Financial Officer Tim Peterman will hold a conference call at 8:30 a.m. to review the results.

Those interested in participating in the conference call should dial 1-877-407-9039 or 1-201-689-8470 (international) at least five minutes prior to the call.

There will be a simultaneous audio webcast at http://event.on24.com/wcc/r/1336366/E19C012FADA147573983E34DDF0EE365

A replay of the conference call will also be hosted on Evine’s website for a limited time.

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Evine Live’s First-Quarter Sales Dip 1 Percent, To $158 Million

May 21, 2015

It wasn’t exactly a stellar first quarter for Evine Live.

The No. 3 home shopping network posted fiscal first-quarter earnings Wednesday, reporting that net sales were $158 million, down 1 percent compared with the same period last year.

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That’s not a good showing compared to Evine Live’s rivals. QVC saw a 3 percent sales gain, to $1.3 billion in the first quarter, while HSN was up 10 percent, to $600.5 million.

Mark Bozek

Mark Bozek

And quite frankly, CEO Mark Bozek had a lot of ‘splaining to do, as Ricky Ricardo used to say in “I Love Lucy.” Bozek doth protest too much, as far as we’re concerned.

This is straight from Evine Live’s press release, from Bozek:

“While we hoped to deliver top line growth of at least 3 percent, several factors including a lower than ideal average selling price in watches, discounting excess textiles inventory on-air and lower shipping revenues worked against us. These factors also contributed to the decrease in our adjusted EBITDA to $2 million.

On the other hand, we’ve launched over a dozen proprietary brands since the beginning of the year, and our new brands are being well received and are driving higher sales per minute than our legacy product.

In addition, our Fashion Day at the end of April was an extraordinary success, and contributed to year-over-year segment growth of 18 percent in the quarter. With time, we expect new, higher margin brands to grow to represent an increasing share of the total, which should lift the top and bottom lines overall. We have a lot of exciting growth initiatives underway and I look forward to sharing more detail about them at our Investor Day on May 28.

Penny Burnett

Penny Burnett

This was another productive quarter for our team. After an extensive recruiting process, we completed our executive transition plan during the first quarter when we hired our new Chief Financial Officer, Tim Peterman, and our new Chief Merchandising Officer, Penny Burnett.

Tim and Penny are great additions to our team and I couldn’t be more excited to be working with them. Furthermore, just last week we celebrated the official opening of our expanded distribution facility and call center in Bowling Green, Ky. There is still work to do, but when complete it will allow us to deliver faster shipping times and improved customer service.

It has been just under a year since I took over as CEO of a company that needed a cohesive strategic vision. Our success hinges on our commitment to be nimble and continuously test new product launches, merchandising mix and programming platforms.

While new initiatives take time, the progress we are making is clearly reflected in several encouraging first-quarter records – including total customers, average purchase frequency and units shipped. While the balance of 2015 will continue to be a transition period, the heavy lifting has been done and the benefit of changes we have made should be visible in our bottom line by year end.”

Excuses, excuses.

As Bozek said, fashion was Evine Live’s fastest-growing segment, with sales up 18 percent.

Jewelry posted sales growth of 8 percent, followed by beauty with 7 percent gains.

Watches declined 15 percent on less primetime air time allocation. Less air time? Really?

Total active customers on a trailing 12 month basis were 1.4 million, a 2 percent increase.

There were 2.2 million net shipped units, a 17 percent increase.

Average purchase frequency rose to 4.1 units per customer, a 15 jump.

Mobile remained the fastest-growing platform, with sales of $28 million, a 26 percent gain.

Peterman did some brown-nosing for his new boss, as well.

“I’m a long time student and fan of the home shopping industry, and actually worked with Mark at IAC,” he said.

“It is great to see that the Evine Live platform is catching up with the times and being positioned as a relevant competitor in the digital commerce space. Our peers are posting robust margins and we expect that we should be able to as well. Achieving sustainable, positive earnings per share growth is one of my primary goals. And while posting margin improvement is particularly challenging for smaller retail companies given the recent shipping pressures of higher costs and lower margins, we are committed to working more efficiently as an organization to deliver our overall profitability goals.”

Peterman continued, “We have a solid liquidity position that includes $18 million of cash, including restricted cash, and $30 million of availability on our revolving credit facility as of the end of the first quarter. We are focused on improving our existing distribution footprint with thoughtful changes, including a possible second channel similar to our peers.

“Furthermore, by year end, we expect to improve our inventory life cycle by establishing an outlet center close to our Bowling Green distribution center, which will provide an avenue to move merchandise that no longer meets our minimum performance levels for on-air allocation and avoids the situation we experienced this quarter in discounting excess textiles. As a reminder, given our $298 million Federal NOL position, our ability to generate free cash flow will accelerate once we deliver taxable income.”

The company also offered an outlook for the rest of the year, saying that it expects the cumulative effect of its changes to have an impact by the fourth quarter.

“In the meantime, for the next two quarters sales are anticipated to be relatively flat with prior year results, followed by sales growth in the fourth quarter,” the press release said. “The company expects to turn the corner on generating positive net income on a sustainable quarterly basis in the fourth quarter.

QVC Sees 3 Percent Revenue Gain, To $1.3 Billion In First Quarter

May 9, 2015

On the heels of HSN seeing double-digit gains, QVC’s domestic revenue increased a measly 3 percent to $1.3 billion in the first quarter, the No. 1 home shopping channel reported Friday.

That compares to the 10 percent gain in net sales, to $600.5 million, that HSN recently reported.

QVC units sold increased 3 percent, average selling price per unit increased 1 percent to $61.75 and returns as a percentage of gross product revenue increased 41 basis points in the quarter.

The U.S. network experienced growth in all categories except electronics. Ecommerce revenue increased 7 percent to $632 million and rose to 47 percent from 45 percent of total U.S. revenue.

Adjusted OIBDA increased 2 percent to $306 million. Adjusted OIBDA margin decreased 26 basis points primarily due to lower shipping and handling revenue and higher personnel costs for severance, merit and benefits, which were partially offset by improved product margins and higher credit card income.

QVC’s consolidated revenue, which includes all its international networks, decreased 2 percent in the first quarter to $1.9 billion. Adjusted OIBDA decreased 1 percent to $407 million and adjusted OIBDA margin increased 26 basis points.

Operating income decreased 5 percent to $246 million. Consolidated eCommerce revenue increased 5 percent to $813 million in the quarter and was up 42 percent from 39 percent of consolidated revenue. Mobile orders were 52 percent of total eCommerce orders in the quarter, compared to 38 percent a year ago.

“Our first quarter results demonstrate the strength of our highly differentiated retail model,” QVC President and CEO Mike George said in a canned statement. “We expanded our eCommerce business with exceptional growth in our mobile penetration. We generated strong margin expansion, led by Germany and the UK. We invested in our U.S. leadership position with new shipping and handling polices and realized strong growth in new customers. We continue to expand our global presence as we prepare to launch in France this summer. We are well positioned to continue to define the next generation of retail.”

HSN, QVC Set First-Quarter Earnings Releases

April 18, 2015

It’s that time of the year, first-quarter earnings.

Last week HSN said that it would report first-quarter results May 6 at 8 a.m. Eastern Time before the market opens.

CEO Mindy Grossman and COO and CFO Judy Schmeling will hold a conference call at 9 a.m. Eastern Time to review these results.

There will 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 May 20 by dialing 855-859-2056 or 404-537-3406, plus the pass code 16764611 and will also be hosted on the company’s website for a limited time.

QVC’s parent, Liberty Interactive Corp., will do its first-quarter earnings call May 8 at 12:15 p.m.

The first-quarter earnings conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Interactive website at http://www.libertyinteractive.com/events to register for the webcast.

Links to the press release and replays of the call will also be available on the Liberty Interactive website. The conference call and related materials will be archived for one year.

QVC Posts 1 Percent Revenue Gain In First Quarter

May 8, 2014

QVC squeaked by with a slightly better first quarter than HSN. At least the No. 1 home shopping network generated a revenue gain, up 1 percent to $1.3 billion, the company reported Thursday.

QVC attributed its performance to primarily “a result of strength in all categories except electronics,” according to a press release. MMMMMM — maybe we’ll be seeing more jewelry now!

In contrast, HSN saw its net sales drop 1 percent in the first quarter, to $544.5 million.

“We achieved solid first quarter results, with the U.S. market expanding profitability in the midst of a difficult retail environment,” QVC President and CEO Mike George said in a canned statement.

“We attribute part of this to QVC’s high-quality, differentiated product offering and our ability to know what customers want, when they want it. We look forward to bringing this expertise, as well as our engaging multi platform shopping experience, to the French market.”

The average selling price per unit (“ASP”) at the domestic home shopping network increased 1 percent from $60.51 to $60.89 and units sold increased 1 percent compared to the prior-year first quarter.

Returns as a percent of gross product revenue increased by 106 basis points due to higher rates in electronics, home and accessories.

In the same period, eCommerce revenue increased 8 percent to $590 million and grew to 45 percent from 42 percent as a percentage of total U.S. revenue.

Adjusted OIBDA increased 3 percent to $301 million and adjusted OIBDA margin increased 63 basis points in the first quarter. Adjusted OIBDA margin increased primarily due to higher product margins.

Overall at QVC, including its international networks, its consolidated revenue increased 1 percent in the first quarter to $2 billion. During the same period, adjusted OIBDA increased 2 percent to $412 million and operating income remained flat at $260 million.