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ShopNBC Notes 12% Drop in Watch Sales for Q3

Nov 3, 2011 10:14 AM   By Ricci Dipshan
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RAPAPORT... ValueVision Media, the multichannel retailer operating as ShopNBC ( Inc, anticipates third quarter net sales of $135 million representing growth of approximately 2 percent year-on-year.  Sales of watches missed expectations and fell 12 percent year on year, however, jewelry sales rose.  Gross profit  is expected to rise approximately  6 percent to $50 million, but the company anticipates a net loss. 

ValueVision will report its third quarter results for the three months that ended on October 29, on Wednesday, November 16.

Keith Stewart, ValueVision's chief executive, said, "We are disappointed with [watch sales] and recognize there is more progress to be made in diversifying the watch vendor base and product assortment. However, we are encouraged by the addition of a dozen new watch brands to this business segment over the past year. Lastly, we expect our four remaining product categories delivered healthy sales gains and good margins during third quarter, based on solid product assortments that provide a good base for future growth.''
Tags: Keith Stewart, ValueVision Media's CEO, Q3, Ricci Dipshan, sales, ShopNBC, Third Quarter, ValueVision Media, watch
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