Digital commerce firm Evine Live slightly widened its first-quarter loss, although beauty and fashion were the two fastest-growing categories in the quarter.
For the three months ended April 30, the net loss grew to $4.9 million, or 9 cents a diluted share, from a net loss of $4.7 million, or 8 cents, a year ago. On an adjusted basis, earnings before interest, taxes, depreciation and amortization was $3.4 million, a 117 percent increase year-over-year, the company said. Net sales rose 5.3 percent to $166.9 million from $158.5 million. The company said online net sales as a percentage of total net sales was 48.8 percent. Further mobile remained the fastest-growing platform with net sales of $37.1 million, representing a 31 percent gain year-over-year.
Bob Rosenblatt, chairman and interim chief executive officer, said, “By bringing added discipline and a greater commitment towards building a cohesive, more balanced business strategy, we’re proving that we can deliver both great exciting products to our customers, and improved profitability to our stakeholders.”
In the quarter, beauty was the fastest growing category, up 19 percent compared with a year ago, while fashion was up 18 percent. Home and consumer electronics fell by 4 percent, while jewelry and watches declined 2 percent.
The company said it added two to its senior leadership team.
Nicole Ostoya was named chief marketing officer, and Michael Henry was appointed chief merchandising officer.
Rosenblatt said of the new members of the senior team: “Together they will bring more energy and focus to attracting new customers while capturing an even greater share of wallet from our existing shoppers.”
The company said it expects second quarter sales growth to be in the low single digits, with second quarter adjusted EBITDA similar to the first-quarter result.