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RAPAPORT... Vaibhav Global Ltd., the parent company of The Liquidation Channel in the U.S. and Canada and The Jewellery Channel in the U.K., reported that its total revenue fell 8.4 percent year on year to $43.8 million (Rs. 281 crore) for the first quarter that ended on June 30. Retail sales declined 8.3 percent to $43.1 million (Rs. 276 crore). The company's expenses fell 3.7 percent to $42 million (Rs. 269 crore) and profit plummeted 66.5 percent to $1.1 million (Rs. 7 crore), due in part to weaker revenue, coupled with higher taxes and depreciation costs. The company said the volume of units sold on TV shopping channels rose 5 percent to 2.1 million units. The average selling price per item sold on TV fell to $22 compared with $25 one year earlier, while the average price was stable for ecommerce sales at $14 per unit. At the close of the quarter, the company reported that it was debt free. Sunil Agrawal, the chairman of Vaibhav Global, said the company is continuing to strengthen the customer experience, having recently launched the Hybris (by SAP) platform for mobile ecommerce. "The diversification into home and other lifestyle products has drawn a positive response from customers. We believe these substantial initiatives undertaken by the company, and several other in the pipeline, would allow us to regain volume momentum and deepen shopper engagement with our base of 1.7 million TV and web customers," he said.
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