ShopNBC rebrands as ShopHQ
May 22, 2013 04:43 PM
ValueVision Media Inc., the TV shopping network and online retailer that has operated under the ShopNBC brand for the last 12 years, is rebranding its business as ShopHQ.
The merchant unveiled the redesigned look of the new brand today on TV, online, mobile and social platforms. The retailer says it will carry out a gradual transition to the new brand and URL over the balance of the fiscal year.
The new brand reflects the company’s aim of making ShopHQ a shopping destination, the merchant says. Starting today, customers will begin to see the new name and logo alongside the current logo, with a gradual transition to the new brand. A variety of on-air marketing promotions are planned over the remainder of the year to educate viewers and make them comfortable with the transition, ShopHQ says.
“The ShopHQ brand clearly communicates to current and potential customers that we aim to be their place for shopping, wherever they are and whenever they need us—on TV or online and across a broad array of merchandise categories,” says Keith Stewart, ValueVision CEO. “Our research showed the brand provides a clear, focused and empowering foundation for our company and its future. This is an important step in the long-term building of our business, our customer base, and vendor relationships that allows us to control the brand equity we are building. While we value the relationship with our friends at NBCUniversal, it was the right time for our company to branch out and establish our own brand.”
ValueVision Media and ShopHQ report web sales reached $69.9 million in Q1 2013 ended May 4, up 11.5% from $62.7 million in Q1 2012. The web accounted for 45.9% of total sales in Q1 2012 and 46.2% in Q1 2013, ShopHQ says. ShopNBC.com is No. 98 in theInternet Retailer Top 500 Guide. Total sales hit $151.4 million for the first quarter of 2013, up 10.9% from $136.5 million in Q1 2012.
For the first quarter of 2013, ValueVision Media and ShopHQ also report:
- Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, improved to $5.8 million versus an adjusted EBITDA loss of $1.0 million for the same quarter last year. This reflects improved sales and lower TV distribution costs, the retailer says.
- Net income reached $1.0 million compared with a year-ago Q1 net loss of $8.7 million.
- Mobile commerce sales hit $16.1 million, up 96.3% from $8.2 million in Q1 2012. Mobile accounted for 13% of web sales in Q1 2012 and 23% of web sales in Q1 2013.