Eden Prairie-based Evine Live Inc. home shopping channel has been a troubled company for as long as anyone can remember. The company’s latest financial results – first quarter numbers released on Wednesday – won’t do much to change that perception.
The company’s sales for the quarter, which ended May 4, were $131.5 million – a steep 16 percent drop compared to the same period a year ago. Evine also reported a net loss of $21 million for the first quarter, significantly larger than the $3 million net loss in the first quarter of 2018.
“In terms of our first quarter, 2019 performance, there is no other way to say it – our performance was poor,” said Tim Peterman, Evine’s new CEO, in a statement. Peterman has only been CEO since May 2.
But beyond the numbers, Evine announced a lot of news.
In 2013 activist investors targeted the company, then known as ValueVision Media Inc., agitating for big changes. In June 2014 the activists prevailed in a proxy fight and installed a new CEO, Mark Bozek.
Bozek was leading the company when it changed both the company’s name and its ShopHQ network brand to Evine Live.
But plans for Bozek to lead a big turnaround didn’t pan out. He lasted just 19 months at the helm before resigning in February 2016. His shoes were filled by Bob Rosenblatt, who had been the company’s chairman of the board, until Peterman was tapped as the new leader.
The company’s stock last closed above a dollar per share on Nov. 27, 2018, at a price of $1.05 per share. The next day the stock plummeted 37 percent in response to the company’s third quarter 2018 earnings announcement. The stock closed at 45 cents per share on Tuesday and was nominally down slightly in Wednesday trading.
For fiscal year 2018, Evine reported $596.6 million in sales – down 8 percent from the year before – and a net loss of $22.2 million.