ValueVision Posts 3Q Results

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ShopNBC parent ValueVision Media Inc. announced its third-quarter-2004 financial results Tuesday.

The company posted consolidated net sales of $144.3 million; Internet net sales of $27.6 million, a third-quarter record; a consolidated net loss of $34.6 million; and earnings before interest, taxes, debt and amortization were a loss of $29.9 million.

ValueVision said it took third-quarter charges of approximately $11.3 million related to asset impairments at its FanBuzz subsidiary and approximately $3.3 million associated with the elimination of a number of positions within the company.

Among third-quarter highlights: ShopNBC.com represented 19% of consolidated net sales; the home, apparel and cosmetics categories grew to 21% from 17% in the year-earlier quarter; the company’s new customer count was up 17% over the prior-year period; unit volume growth was up 16% versus the third quarter of 2003; and the company’s average price point was $180, down 20% from the prior-year quarter.

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