ShopNBC's jewelry sales drop 32 percent in '08

Financial Reporting

Save

E-mail

ShopNBC's jewelry sales drop 32 percent in '08

April 21, 2009

Similar Stories | Topics

STORIES

First-quarter sales down 14 percent for ShopNBC

ShopNBC lowering its jewelry ambitions

ShopNBC, Jewelry Television announce layoffs

Azotic settles with one party in trademark case

Tough holiday leads to cutbacks, worse for chains

Eden Prairie, Minn.--Jewelry struggled as a category last year for ValueVision Media Inc., the parent of home shopping network ShopNBC, a recent Securities and Exchange Commission filing shows.

For the year ended Jan. 31, 2009, sales of jewelry decreased 32.3 percent compared with fiscal 2007, from $289.8 million to $196.2 million, according to an April 16 10-K filing.

Other categories to experience significant sales declines included home goods, which decreased 52.5 percent, from $84.7 million in fiscal 2007 to $40.2 million in fiscal 2008, and consumer electronics, with a 35.7 percent drop in sales, from $170.3 million in fiscal 2007 to $109.5 million in fiscal 2008.

According to the filing, sales of watches, coins and collectibles fared better, increasing from $113.9 million in fiscal 2007 to $121.1 million in fiscal 2008.

Overall, according to the filing, sales for ValueVision decreased 27.4 percent for the year ended Jan. 31, falling from $781.6 million to $567.5 million.

In January, following a difficult year for jewelry sales, ShopNBC--which experienced a changing of the guard with the installation of new Chief Executive Officer Keith Stewart earlier this year--announced a shift in jewelry strategy, with the company now focused on selling lower-priced items, bringing down its average selling price per item to $550.

According to National Jeweler's 2008 State of the Majors report, ShopNBC ranked 18th on the list of $100 Million Supersellers, with an estimated $350 million in watch and jewelry sales in 2007.

Save

E-mail

Financial Reporting

In January, jewelry shines at Saks, Neiman, Penney

With some exceptions, department stores and big-box retailers that sell fine jewelry saw modest sales increases in January, with several retailers, including Saks, Neiman Marcus and J.C. Penney Co., pinpointing jewelry as one of the better performers. Read More

LVMH watch, jewelry sales down 13 percent

Finlay stores close with $122M in holiday sales

Birks and Mayors same-store sales fall 4 percent

Shane Co. asks court for more time to reorganize

More Financial Reporting News

More Like This

First-quarter sales down 14 percent for ShopNBC

May 20, 2009 | National Jeweler Network

ShopNBC lowering its jewelry ambitions

January 27, 2009 | National Jeweler Network

ShopNBC, Jewelry Television announce layoffs

January 08, 2009 | National Jeweler Network

Azotic settles with one party in trademark case

December 22, 2006 | National Jeweler Network

Tough holiday leads to cutbacks, worse for chains

April 14, 2009 | National Jeweler Network

Design Portfolio

BROWSE

Daily News

Get breaking news from the industry's premier information source.

Video

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.