The TV and web retailer will bring its e-commerce and video programming to France in 2015. QVC already sells in Germany, Italy and the ...
CDNow Sets Plan to Cut Costs
Editor in Chief
CDnow fell short of analysts' estimates for its first quarter, losing $28.2 million, or 92 cents per share. An analyst polled by First Call/Thomson Financial had forecast a loss of 88 cents per share.
The company announced a new operating plan to trim expenses by more than $12 million per quarter, reduce customer acquisition costs by half and drive up online advertising sales. Still reeling from its terminated merger with Columbia House, the company continues to seek a merger partner or investor and has retained Allen & Co. to field offers. In a conference call with analysts, the company said it expects to have a partnership or new financing in place by the end of the second quarter.
In other first-quarter news, CDnow says revenue rose 99% from the same period last year, reaching $43.6 million. It added 440,000 new customers during the period.