Evine Cuts Q1 Loss With Gain In Home

Evine narrowed its net loss and home categories helped propel sales in a productive first quarter.

For the first quarter ended May 5, Evine Live posted a net loss of $3 million, or five cents per share, versus a net loss of $3.2 million, or five cents per diluted share, in the year-prior period. Earnings per share in the quarter included a three-cents per share decrease related to executive transition expenses and contract termination costs.

Net sales were $156.5 million versus $156.3 million in the year-earlier quarter while operating loss was $1.9 million versus $581,000 in the period a year previous.

According to Evine, the top performing merchandise category in the quarter was beauty and wellness, up 17.3% year-over-year, reflecting strong results from the company’s subscription business. Home and consumer electronics also had strong year-over-year growth, the company reported, up 5.5% with strength in the tabletop category.

Bob Rosenblatt, Evine CEO, said, “It was a very productive quarter for us and the results reflect the hard work and focus of many over the past two years towards our turnaround efforts. Strategically, 2018 is about profitable revenue growth, product development and increasing our customer base. We can achieve our goals if we maintain our focus and deliver on our stated strategy to position Evine as a leading omnichannel purveyor of proprietary, exclusive and under-discovered goods. This, when combined with our fully built out direct-to-consumer and increasingly valuable video commerce platform, will deliver increased value for our shareholders, customers and vendors.”

In addition, in the quarter, Evine also appointed Diana Purcel evp/CFO, and Mark Locks evp/product sourcing and business development.