MSLO Narrows Loss in Q2
NEW YORK-Increased merchandising revenues and slimmed-down expenses helped reduce the second-quarter net loss for Martha Stewart Living Omnimedia (MSLO) from $2.7 million last year to $1.2 million this year.
MSLO's merchandising revenues registered an 11.2 percent gain in the quarter, which ended on June 30. Much of this, according to an MSLO statement, was due to royalty revenue from the company's program with J.C. Penney, which has begun selling Martha Stewart merchandise in party merchandise, selected home decor items, food, crafts and books.
Total second-quarter revenues were $42.2 million, down 11.9 percent from last year's second quarter. MSLO's publishing revenues fell 16 percent, and broadcasting revenues took a dive of 58.8 percent.
Total expenses dropped 15.6 percent. Don Taitz, MSLO's interim principal executive officer, attributed the decrease to "strategic actions taken over the last 18 months. While much remains to be done to drive sustainable performance improvement, we are encouraged with the results this quarter and the steps we have taken across our media and merchandising operations to position the company to drive greater engagement with consumers."