ShopNBC posts loss
David Perry -- Furniture Today, May 19, 2010
Minneapolis – Despite improving trends in customer activity, ecommerce and return rate, ShopNBC barely narrowed its first-quarter net loss.
Net loss for the quarter ended May 1 to $11 million, compared to a net loss of $12 million in last year’s first quarter.
With consumer electronics sales slack, revenues fell 6.6% to $125 million.
“The company continued to strategically lower its net average selling price to $108 vs. $144 in the year-ago quarter, while increasing net shipped units by 23%,” according to a company statement.
The number of new customers rose 48%, with the number of active customers up 30% during the quarter.
E-commerce sales penetration hit 39.6%, a record for ShopNBC. That rate up was 950 basis points from last year’s first quarter.
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