E-commerce sales at ValueVision Media Inc., which owns and operates ShopNBC.com, grew by 19.7% in the second quarter.
Web sales rose to $51.4 million from $43 million in the second quarter of 2006. For the quarter, ValueVision, No. 64 in the Internet Retailer Top 500 Guide, posted a net loss of $5.4 million on revenue of $190.6 million vs. a net loss of $700,000 on revenue of $187 million in the prior year.
Overall the web accounted for 27% of all second quarter sales. “Our sales growth of 2% reflects the general softness in consumer spending,” says ValueVision Media CEO William J. Lansing. “We are pleased that the restructuring efforts we undertook earlier this year enabled us to achieve positive EBITDA, as adjusted, for the quarter.”
ValueVision continues to restructure and save annual expenses of about $10 million. In May the company announced plans to cut its work force by 12%, consolidate its distribution operations into a single warehouse facility and close two outlet stores.
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