The city is broadening the reach of its 9% “amusement tax” to include streaming entertainment services like Netflix and Spotify.
The web accounted for 44% of Q3 sales, compared with 40.5% last year.
Total sales increased only moderately for ValueVision Media Inc. in the third quarter, but the web continues to account for a bigger share of all revenue for the parent company of ShopNBC.com.
For the quarter ended Oct. 29, ValueVision, which owns and operates ShopNBC.com, No. 84 in the Internet Retailer Top 500, reported:
- Web sales increased year over year 11.2% to $59.6 million from $53.6 million in the third quarter of 2010.
- Total revenue grew 2.2% to $135.2 million from $132.3 million.
- Net loss was $6.3 million compared to a net loss of $5.8 million.
- The average ticket in the first quarter was $105, up 9.4% from $96.
- The web accounted for about 44.1% of sales compared with 40.5% in the third quarter of 2010
“Lower-than-expected Q3 net sales is a disappointing setback in our progress toward rebuilding the business,” says CEO Keith Stewart. “Third quarter sales were principally impacted by a sales shortfall of 20% in consumer electronics along with a greater-than-anticipated decline of 13% in sales of watches.”
For the first three quarters, ShopNBC also reported:
- Web sales increased year over year 21.2% to $184.9 million from $152.6 million in the first three quarters of 2010.
- Total revenue grew 7.2% to $410.9 million from $383.4 million.
- Net loss was $39.7 million compared to a net loss of $24.5 million.
- The web accounted for 45.0% of sales compared with 39.8% in the first three quarters of 2010.