May 27, 2010, 2:15 PM posts higher first quarter web sales

Web sales increased almost 23% in Q1 for ValueVision Media Inc., which owns and operates The web also accounted for about 40% of total sales.

Lead Photo

Carol Steinberg, senior vice president, e-commerce, marketing and business development, ShopNBC

ValueVision Media Inc., which owns and operates, 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.

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