Martha Stewart Living Narrows First-Quarter Loss
President and COO Lisa Gersh says the company is on track to return to profitability in 2012.
Martha Stewart Living Omnimedia on Wednesday reported a narrowed first-quarter loss as its broadcasting unit thanks to lower costs and expenses.
The loss of $3.6 million compared to a $7.1 million loss in the same period a year earlier. Revenue at the lifestyle media company declined to $49.8 million from $52.7 million due to lower revenue in the firm's publishing and broadcasting segments.
"Our first quarter results were overall better than we anticipated," said Lisa Gersh, president and COO of MSLO. "We believe we are making good early progress in implementing our strategic initiatives to improve performance. Expected improvements in publishing results beginning in the second half of the year, continued growth in the merchandising business and "the benefit of a lower-cost broadcasting platform should position MSLO to return to profitability in 2012," she said.
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