ShopHQ’s customer base grows while average ticket falls
November 26, 2013 04:30 PM
ShopHQ, six months beyond its rebranding from ShopNBC, switched up its product mix and booked across-the-board sales gains in the third quarter.
The total number of customers making purchases during the last 12 months rose 13% to about 1.25 million, the television shopping network and e-retailer says. Customer base growth reflects a shift to lower-priced merchandise, ShopHQ says, as its product mix moves from an emphasis on jewelry and watches to fashion and accessories and home and consumer electronics categories.
For the quarter ended Nov. 2, ShopHQ, No. 98 in the 2013 Internet Retailer Top 500, reported:
- Online sales accounted for 47.2% of total sales compared with 44.8% in the third quarter of 2012. Based on those percentages, web sales were $69.4 million for the quarter, up by 12.3% from $61.8 million last year.
- Mobile net sales represented 22% of online sales, compared with 18% in the third quarter of 2012. Based on those metrics, mobile sales were $15.3 million in the third quarter of 2013, up by 37.8% from $11.1 million.
- Total net sales of $147 million, up by 6.5% from $138 million.
- Average order value of $80, down by 20% from $100.
- Net loss of $1 million compared with a net loss of $4 million in the prior year quarter.
“We continued to improve our product offerings and to diversify our product mix,” says Keith Stewart, CEO of ShopHQ parent ValueVision Media Inc. “Our rebranding to ShopHQ, ‘your shopping headquarters,’ is largely complete, and we believe we are well-positioned for the holiday season.”
For the first nine months, ShopHQ reported:
- Online sales accounted for 46.2% of total sales compared with 45.4% in the same period last year. Based on those percentages, web sales for the period were $206.5 million, up by 11.2% from $185.7 million.
- Average order value of $85, down by 14.1% from $99.
- Total net sales of $447 million, up by 9.3% from $409 million.
- Net loss of $1 million compared with a net loss of $16 million.