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TV and web shopping network ShopNBC.com, expects to report $156 million in sales for Q1, down 17% from $188 million a year ago. It also predicts a net loss of $18 million for Q1 compared to a net income of $34 million for the first quarter of 2007.
TV and online shopping network ShopNBC.com, a division of ValueVision Media Inc., expects to report $156 million in sales for the first quarter, down 17% from $188 million a year earlier. It also predicts a net loss of $18 million for Q1 compared to a net income of $34 million for the first quarter of 2007. The company says the income for Q1 of 2007 was largely driven by the sale of the retailer’s stake in Polo.com. The figures are in ShopNBC’s preliminary earnings results, which were announced yesterday.
ShopNBC says the economic slowdown and the shift away from consumer electronics accounted for 4% of the sales decline. The retailer notes that consumer electronics typically attracts one-time customers, who don’t contribute to long-term growth,
The multi-channel retailer also cut prices on much of its high-end jewelry to reduce inventory, which reduced margins, says John Buck, ShopNBC`s executive chairman.
"ShopNBC has tremendous underlying assets, an asset-rich balance sheet, and a strategic relationship with NBC Universal. Our goal is to reposition this business to deliver long-term shareholder value by returning to a focus on the basics that make home shopping companies thrive,” says ShopNBC president and CEO, Rene Aiu. ShopNBC is No. 65 in the Internet Retailer Top 500 Guide.