August 24, 2010, 3:44 PM

The web accounted for almost 40% of ShopNBC’s Q2 sales

Q2 web sales grew 35.2% while total revenue increased 5.8%.

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Web sales increased and accounted for a bigger portion of total revenue for ValueVision Media Inc. in the second quarter.

ValueVision, which owns and operates ShopNBC and ShopNBC.com, No. 89 in the Internet Retailer Top 500 Guide, posted:

  • An increase in web sales of 35.2% to $49.6 million from $36.7 million in the second quarter of 2009.
  • Total sales increased year over year 5.8% to $126.2 million from $119.3 million.
  • Net loss was $7.7 million compared with a net loss of $8.2 million in the second quarter of 2009.

“We are pleased with our second quarter progress, reflecting another consecutive quarter of overall improved performance,” says CEO Keith Stewart. “Positive customer activity trends and strong gross margin rates, along with disciplined execution in merchandising and financial planning, helped drive the business on the top and bottom line.

Internet Retailer calculates the web accounted for 39.4% of total sales in the second quarter compared with 30.8% in the prior year.

For the first two quarters, ShopNBC and ValueVision also recorded:

  • Year-to-date web sales increased 28.6% to $99 million from $77 million.
  • Total sales decreased year over year 0.8% to $251.2 million from $253.1 million.
  • Net loss was $18.7 million compared with a net loss of $20.2 million in the second quarter of 2009.

“Going forward, we recognize there is still much work to be done,” says Stewart. “We continue to prudently manage our working capital while focusing on increasing the top line through improved merchandising strategies, aligning price points with consumer demand and refining our customer outreach initiatives during the second half of the year."

Internet Retailer calculates the web accounted for 39.4% of total sales in the first two quarters, compared with 30.4% in the prior year period.

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