In its second-largest acquisition, Amazon buys the company for $970 million.
ValueVision Media Inc., which owns and operates ShopNBC.com, posted healthy e-commerce sales in the first quarter, but total sales dropped.
For the quarter ended May 1, ValueVision, No. 89 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 22.8% to $49.5 million from $40.3 in the first quarter of 2009.
- Total sales declined 6.6% to $125.0 million from $133.8 million in the first quarter of 2009.
- Net loss in the first quarter was $11 million compared with a net loss of $12 million in the prior year.
- Average ticket was $108 compared with $144 in the first quarter of 2009.
“We continued to make progress in the first quarter across the many leading indicators that drive our business," says CEO Keith Stewart. "Our e-commerce penetration continued to perform at industry-leading levels.”
Internet Retailer calculates the web accounted for 39.6% of total sales compared with 30.1% in the first quarter of the prior year.