Martha Stewart Living Omnimedia, Inc., in announcing its financial results for the third quarter ended September 30, 2015, reported that its merchandising revenues for the third quarter of 2015 were $11.7 million, compared to $13.7 million in the prior year’s third quarter.
According the MSLO officials, the drop in revenue was due in large part to “the expiration of certain partnerships” as well as lower sales at The Home Depot. The decline in revenue was partially offset by increased revenue from the company’s partnership with PetSmart.
The company’s operating income in the merchandising segment was $8.3 million for the third quarter of 2015 as compared to an operating loss of $1.5 million in the third quarter of 2014. Last year’s third quarter included a non-cash impairment charge of $11.4 million.
Overall, MSLO’s revenues totaled $17.5 million in the third quarter of 2015, compared to $29.6 million in the third quarter of 2014.
“Third quarter results came in line with expectations reflecting the continued realization of cost savings initiatives and third-party partnerships put in place at the start of the fiscal year,” said CEO Dan Dienst. “Our planned merger with Sequential Brands Group remains on track.”
Dienst added, “As we approach the 25th anniversary of the first issue of Martha Stewart Living magazine, our entire organization looks forward to helping write this next exciting chapter of our company.”