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Evine Live Inc. Reports First Quarter Results; Announces New Interactive Media Growth Strategy and $15 million Reduction in Overhead Costs
Company to Change its Name to iMedia Brands, Inc.
MINNEAPOLIS, MN – May 29, 2019 – Evine Live Inc. (NASDAQ: EVLV) today announced results for the first quarter ended May 4, 2019. In addition, the Company announced its new interactive media growth strategy to build shareholder value.
First Quarter 2019 Financial Summary
|·||Net sales of $131.5 million, a 16.0% decrease compared the prior year|
|·||Gross profit margin of 28.4%, a 750 basis point decrease year-over-year|
|·||Net loss of $21.0 million, compared to net loss of $3.0 million in the prior year|
|·||Adjusted EBITDA of ($8.5) million, compared to $3.3 million in the prior year|
|·||EPS of ($0.31) compared to ($0.05) in the prior year|
|·||Total liquidity of $34.4 million at quarter end, consisting of unrestricted cash of $28.7 million and $5.7 million of availability on the Company’s revolving credit facility|
Executive Commentary – Tim Peterman, CEO since May 2, 2019
“I am excited to rejoin Evine as its new CEO. Although we have only been working as a team again for less than a month, we have already identified the primary causes for Evine’s dramatic financial declines these last few quarters and begun to implement focused remediation actions.
In terms of our first quarter, 2019 performance, there is no other way to say it – our performance was poor. In fact, our performance over the past three quarters has significantly missed expectations, and we must perform better for our shareholders and employees. Our plan to reverse our recent negative financial trend is clear, exciting and already in motion. In the last 20 days, we have accomplished the following:
|·||We have hired Jean Sabatier into a new role, EVP, Chief Commerce Officer, with his first official day yesterday. This is an important change expected to re-establish operating fundamentals in pricing, merchandising, programming and planning. Jean rejoins the company after having served as SVP, Sales & Product Planning and Programming from 2008 to March 2017. Most recently, Jean has served as a planning and programming consultant in both Germany and Italy to HSE24, an omni-channel retailer. Prior to joining Evine in 2008, Jean spent 11 years at QVC.|
|·||We are optimizing the current merchandising mix to drive better customer engagement and immediately improve our merchandising margin and shipping margin. We expect this changed mix will lower our variable costs as a percentage of revenue. This is a cornerstone remediation effort that we anticipate will create an increase of 5 to 7 percent in the airtime mix of our strongest categories of Jewelry, Beauty, Wellness and Watches, and a corresponding decrease of 5 to 7 percent in the airtime mix of our lowest performing categories of Home and Fashion.|
The following information was filed by Evine Live Inc. (EVLV) on Wednesday, May 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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