March 18, 2011, 4:19 PM

ShopNBC’s web sales grow 30% in 2010

E-commerce sales now represent 41.2% of total sales for the TV retailer.

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Web sales increased for ShopNBC in 2010, and the TV retailer’s e-commerce channel now accounts for 41.2% of total revenue.

For the fiscal year ended Jan. 29, ValueVision Media Inc., which owns and operates ShopNBC and, No. 89 in the Internet Retailer Top 500 Guide, reported:

  • Web sales increased 30.2% to $231.6 million, compared with $177.9 million in 2009.
  • Total sales were $562.3 million, up 6.5% from $527.9 million in 2009.
  • E-commerce sales represented 41.2% of total sales, compared with 33.7% in the prior year.
  • Net loss was $25.87 million compared with a net loss of $41.99 million

“Our full-year performance highlights progress in each of our key operating metrics, including new and active customers, Internet sales penetration, gross margin, net units shipped, and a strategic reduction in average price point,” says CEO Keith Stewart.

For the fourth quarter ended Jan. 29, the retailer also reported:

  • Web sales jumped 30.3% to $78.7 million, compared with $60.4 million in Q4 2009.
  • Total sales grew about 15.2% to $178.8 million from $155.3 million.
  • Internet sales accounted for 44.0% of total sales for the quarter, compared with 38.9% in the prior year period.
  • Net loss was $1.39 million compared with a net loss of $8.83 million last year.

In 2011, Shop NBC says it will focus on its jewelry, health and beauty businesses, which have drawn strong customer response and attractive margins. “Having markedly improved the business over the past two years under a new management team and committed employee base, we are now turning our full attention to driving top-line growth through a more diversified base of merchandise categories and broader product selection,” Stewart says.

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