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ShopNBC Blames CE For Q4 Loss

Minneapolis – ValueVision Media, which operates the ShopNBC home
shopping TV network, said a shortfall in CE sales was the main cause of a $6.9
million net loss in the fourth quarter.

 “Although volatility
occurs in any turnaround process, we are disappointed with our sales
performance in the quarter,” ValueVision CEO Keith Stewart said in a statement.
“We expect our consumer electronics business to remain challenging during the
first half of the year. However, we have developed and are executing plans to
help restore growth in this business segment.”

Net sales fell 17 percent to $147.5 million for the fiscal
fourth-quarter ended Jan. 28, while full-year sales slipped 0.7 percent to
$558.4 million.

Excluding its CE segment, full-year sales would have risen 4
percent, the company said.

During the fourth quarter, the retailer strengthened its merchant
organization with new personnel, added several high-profile national brands,
and increased its digital sales penetration, Stewart added.

ShopNBC sells a full line of CE products, including A/V, PCs,
digital imaging, gaming and handhelds by such manufacturers as Acer, Canon,
Coby, Garmin, Hitachi, JBL, JVC, LG, Mitsubishi, Monster, Nikon, Nintendo,
Panasonic, Philips, Samsung, Sony, Toshiba and Yamaha.