Martha Stewart Omnimedia revenues down, home also soft
Source: By HTT
NEW YORK - Martha Stewart Living Omnimedia reported revenues for the first quarter of $37.8 million, down 15 percent from last year's first quarter. The quarter's operating loss widened from $16.5 million last year to $19.8 million.
Merchandising, revenues fell 13 percent to $9.4 million. MSO pegged the decline to lower sales of Martha Stewart Everyday products, noting particularly declines in home and paint product lines. The slump was partially offset by sales of Everyday garden and housewares products.
"Soft home, particularly our Five Star sheets and towels, has been soft," said Susan Lyne, president and CEO.
In May, Lyne said the company will expand the Martha Stewart Everyday product line into ready-to-assemble furniture, featuring 42 skus for the bedroom, kitchen and living room.