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ValueVision’s web sales reached $14 million in the just-ended quarter, while overall sales reached $105 million. The company also authorized a share buyback.
Internet sales for ValueVision International Inc., a retailer that sells via the web and interactive TV, are expected to total $14 million in the quarter that ended July 31, a 225% increase over the same quarter last year, the company reported today. ValueVision said it expects total revenue for the quarter to be $105 million, 17% over the prior year period. Confirmed orders carried over from July into the third quarter totaled $11 million, $9 million greater than a year ago, the company said.
"While the economic climate remains difficult and our performance this quarter is below expectations in some areas, we continue to achieve positive results overall,” said Gene McCaffery, ValueVision`s chairman and CEO. “Internet sales remain particularly strong, even exceeding our fourth quarter`s holiday period. While paying a short-term cost for rapidly growing FTEs, we will be well-positioned in the long run. We are also seeing significant improvement in our gross margins, and I believe this will continue to be a positive trend."
The company expects gross margins to be 39.5% in the second quarter versus 37.3% in the prior year.
ValueVision International owns and operates ShopNBC the nation`s third largest home shopping network. Its programming is simulcast live on the web at www.shopnbc.com.
The company will release its final second quarter results on August 28.
ValueVision International also announced that its board of directors has authorized the company to repurchase up to $25 million of its common stock over a period of time.