MSLO Merchandising Posts $7.2 Million Profit in Q3
NEW YORK-Powerful results from home products lifted the merchandising segment of Martha Stewart Living Omnimedia to a third-quarter operating profit of $7.2 million, up 31 percent from the third quarter of a year ago.
The unit recorded a revenue increase of 29 percent, finishing the quarter--which ended on Sept. 30--at $12.3 million. An MSLO statement said sales were strong for the Martha Stewart Collection at Macy's, in particular for textiles and tabletop. The Martha Stewart Living line at Home Depot also performed well, driven by sales of storage and organization products, outdoor furniture, kitchen cabinetry and decor items.
Lisa Gersh, MSLO's president and chief operating officer, said the merchandising unit "continues to produce solid growth, led by our relationships with The Home Depot and Macy's, and supported by a portfolio of trusted and popular brands and attractive product categories."
The merchandising unit was the only MSLO segment to post a profit in the quarter. Overall, the company reported a net loss of $9.7 million, compared with a net loss of $8.6 million in last year's third quarter. Total revenues were $52.2 million, an increase of 5.1 percent.