ValueVision Media, Inc. shares rose on Tuesday despite the media company's report of a third-quarter loss on Monday.
The Minneapolis-based direct marketing company posted a loss of $5.7 million, or 16 cents a share, wider than a loss a year earlier of $3.1 million, or 9 cents a share.
Total revenue for third-quarter - ending November 3 - totaled $184.8 million, in line with analyst estimates of $184.9 million. Revenue last year was $184.9 million.
Our results for the third quarter were certainly below our expectations, but there were several factors that were encouraging as we look more closely at the results, said John D. Buck, interim Chief Executive Officer of ValueVision Media, Inc.
William Lansing, ValueVision's former CEO, unexpectedly stepped down on Oct. 26 and was replaced by John Buck, who presently serves as the interim CEO.
Although sales equaled last year's quarter, the comparison was adversely affected by a change in our merchandise mix. High ticket LCD TV sales, which drove sales growth in 2006, were down significantly for the current quarter, Buck added.