Loss Narrows For EVINE Live

Loss Narrows For EVINE Live

Sales up 5.3 percent in 2014 for former ValueVision Media.

Eden Prairie-based EVINE Live Inc., the nation’s third place home shopping network, reported a net loss of $1.4 million on revenue of $674.6 million for 2014.
EVINE, formerly known as ValueVision Media Inc. before announcing the name change in November, released its results before the market opened on Wednesday.
The company’s sales were up 5.3 percent compared to its fiscal 2013. The company has long struggled to make a profit, but its loss for last year was smaller than the $2.5 million the company lost in 2013. The company’s 2014 fiscal year ended on January 31.
CEO Mark Bozek took the helm of the company in June after a bruising proxy battle with activist investors. Bozek has touted a strategy of selling more proprietary products to drive a turnaround for the company

For its second quarter of 2014, the company reported $5.1 million in expenses related to the proxy fight.

But in an encouraging sign for the company, EVINE did post a profit of $3.3 million for its fourth quarter of 2014 on revenue of $201.2 million. The company’s fourth quarter sales were up 4.1 percent from a year ago, when it lost $1.5 million in the fourth quarter of 2013.
The latest results mean that EVINE had two profitable quarters in 2014: the first and fourth quarters.
“Our fourth quarter results were solid, and we are pleased with the progress we have made in strengthening the organization and repositioning to a digital commerce company,” said Bozek in a statement announcing the results. “Most importantly, at this early stage we have created a high level of enthusiasm and competitiveness that has not existed at this company in a long time. We have begun a range of brand partnerships and digital commerce initiatives that we believe will help drive long-term sustainable growth in sales and profitability. We look forward to hosting an investor day at our headquarters on May 28th, where we will share more on our progress.” 

Prior to its shift to the EVINE name, the company’s network was known as ShopHQ.
The company has not posted an annual profit since fiscal 2007, when it had net income of $22.5 million on sales of $781.6 million.