ValueVision, which operates as ShopNBC, reported that Q4 net sales fell 17.5% to $147.5 million. Adjusted EBITDA was a negative $2.7 million, versus a positive $8 million a year earlier.
The company had warned Wall Street of the disappointing results on February 10th.
“As previously reported, Q4 results were primarily impacted by a sales shortfall in our Consumer Electronics business. Although volatility occurs in any turnaround process, we are disappointed with our sales performance in the quarter. We expect our Consumer Electronics business to remain challenging during the first half of the year. However, we have developed and are executing plans to help restore growth in this business segment,”said ValueVision CEO Keith Stewart.
For all of 2011 revenues declined 0.7% to $558.4 million. Adjusted EBITDA dropped 58% to $1 million.
ShopNBC is available in 81 million cable/satellite households. The company said it renewed three major distribution deals in 2011 covering more than 50% of that footprint.