Photo: The Associated Press
Martha Stewart Living Omnimedia is up more than 8% today mostly on healthy sales of its products at Macy’s and new partner Home Depot.Overall the company posted a decline for its revenue for the year and its fourth-quarter profits in its earnings release this morning.
Part of the reason for the revenue decline was because ex-partner Kmart’s contributions from the fourth quarter of 2009 were included, which pulled it down by 31%.
- Net income decreased to $4.10 million or $0.07 per share from $20.75 million a year ago, which was in-line with analyst predictions.
- Revenues reduced from $87.6 million in 2009 to $72.6 million for this year, which fell under analyst expectations
- The media and merchandising operations earned $4.1 million, down from $20.8 million in 2009 but this was partly due to the Kmart impact
- Macy’s and Home Depot both did well during the holidays with Macy’s reporting a double-digit revenue increase
- Revenue from its broadcasting segment also went up 15% to $16.4 million
- Shares of Martha Stewart Living have lost about 22% of their value over the past year
Executive Chairman and Principal Executive Officer said 2010 was a transformation year for the company. It partnered with Home Depot, added content to its Hallmark Channel and brought in more digital offerings including the Martha Stewart Living magazine app.