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E-commerce was a bright spot in an otherwise dour third quarter for ValueVision Media Inc., which owns and operates ShopNBC.com. Web sales rose by 18%, but overall sales were flat and the company’s net loss grew year over year by 84%.
E-commerce was a bright spot in an otherwise dour third quarter for ValueVision Media Inc., which owns and operates ShopNBC.com.
For the quarter web sales rose by 18% to about $51 million from $43.2 million in Q3 of 2006. At the same time ValueVision, No. 64 in the Internet Retailer Top 500 Guide, reported a net loss of $5.7 million on revenue of $184.8 million, compared with a net loss of $3.1 million on sales of $184.9 million in Q3 of 2006. “Our results for the third quarter were certainly below our expectations, but there were several factors that were encouraging as we look more closely at the results," says interim CEO John D. Buck. "Although sales equaled last year`s quarter, the comparison was adversely affected by a change in our merchandise mix.”
Overall the web accounted for 28% of all sales in the third quarter vs. 29% in the prior year. “Our Internet business continues to deliver solid sales growth and our Internet video initiative continues to move forward,” says Buck.