topic Re: EVINE NEWS in Community Chat

EVINE NEWS

nycgrl — Wed, 29 May 2019 21:09:11 GMT

For those of you interested, I just read that Evine is changing its name back to SHOP HQ - LOL.

http://tcbmag.com/news/articles/2019/may/evine-live-is-out-shophq-returns

Re: EVINE NEWS

newjersey — Wed, 29 May 2019 21:15:01 GMT

I started watching this channel around 2006 and it was then called Shop NBC.

Re: EVINE NEWS

GAQShopr53 — Wed, 29 May 2019 21:19:03 GMT

@nycgrl wrote:
For those of you interested, I just read that Evine is changing its name back to SHOP HQ - LOL.

http://tcbmag.com/news/articles/2019/may/evine-live-is-out-shophq-returns

Read an article where they also cut executives and made some other internal changes. I hope that changing the name will come with a better business model. Only time will tell...hope the future changes are good for the company and customers.

Re: EVINE NEWS

butterfly123 — Wed, 29 May 2019 21:30:49 GMT

Eden Prairie-based Evine Live Inc. home shopping channel has been a troubled company for as long as anyone can remember. The company’s latest financial results – first quarter numbers released on Wednesday – won’t do much to change that perception.

The company’s sales for the quarter, which ended May 4, were $131.5 million – a steep 16 percent drop compared to the same period a year ago. Evine also reported a net loss of $21 million for the first quarter, significantly larger than the $3 million net loss in the first quarter of 2018.

“In terms of our first quarter, 2019 performance, there is no other way to say it – our performance was poor,” said Tim Peterman, Evine’s new CEO, in a statement. Peterman has only been CEO since May 2.

But beyond the numbers, Evine announced a lot of news.

The company is planning to drop the Evine name in the second quarter and replace with a brand that it previously used: ShopHQ. According to the company’s statement: “ShopHQ is easier to recognize for existing television retailing customers.” The company summarized customer response to the Evine name: “It was not positive.”

The company also announced eliminating $15 million in “annual overhead costs” by cutting 20 percent of its fulltime staffers and the “permanent elimination” of 11 senior executive positions.

Evine disclosed plans to launch a “Spanish language television shopping brand” called LaVenta in the first quarter of 2020. According to the company’s statement: “LaVenta will be produced in Miami by a standalone Latin management team.”

Evine plans to rebrand its existing Evine Too channel to Shop Bulldog, focused on “men’s merchandise and services,” in the fourth quarter of 2019.

Evine announced that Michael Porter, previously vice president of finance and investor relations, has become the company’s new CFO effective Tuesday. Porter replaces Diana Purcel, who had been named CFO in April 2018. Purcel had actually replaced Peterman as Evine’s CFO in his previous stint with the company.
The company hired Jean Sabatier to a new role: executive vice president and chief commerce officer. Sabatier previously worked for the company from 2008 to 2017. His first day in the new job was Tuesday.

The company’s stock last closed above a dollar per share on Nov. 27, 2018, at a price of $1.05 per share. The next day the stock plummeted 37 percent in response to the company’s third quarter 2018 earnings announcement. The stock closed at 45 cents per share on Tuesday and was nominally down slightly in Wednesday trading.

For fiscal year 2018, Evine reported $596.6 million in sales – down 8 percent from the year before – and a net loss of $22.2 million.

Re: EVINE NEWS

ValuSkr — Wed, 29 May 2019 21:38:26 GMT

The new chief executive, Tim Peterman, said the "Evine Live name had never resonated with customers." No kidding - most of use could have told them it wouldn't. He also said that, among other initiatives, ShopHQ would launch a men's shopping brand called Shop Bulldog.

ShopHQ lost $21 million on the first quarter, compared to a $3 million loss a year ago. Peterman himself is a former CFO of the company and he's already been sharpening his pencils and eliminating senior executive positions.

Re: EVINE NEWS

SahmIam — Wed, 29 May 2019 22:07:38 GMT

Eliminating so many executives is proof that it was definitely top heavy. Biggest expense is Mahogany Row.

I have always wondered why the name change to "EVINE"; does anyone know WHY they chose that name?

One of the things I hope they don't change is the high end quality that is offered as well as a limited quality of those items. IMHO, it makes them more unique and the vendor doesn't have to put a ton of money into making thousands of them which means a great price for us.

Re: EVINE NEWS

carlycat — Wed, 29 May 2019 22:21:08 GMT

If they would just sell more than watches!

Re: EVINE NEWS

Foxxee — Wed, 29 May 2019 22:21:54 GMT

The name Evine didn't click with me. The company needs to go HDTV on Comcast.

IMO, it's production is not as classy as QVC and some of the show hosts are annoying, but it does carry some good brands.

But, with 2018 7% sales down for HSN and only 2018 1.5% increase for QVC, something doesn't look good for home shopping. All three have online shopping websites, so what's the problem?

Many legitimate reasons, shipping, products, etc have been discussed. Could some of it be Amazon?

Re: EVINE NEWS

pupwhipped — Wed, 29 May 2019 22:36:59 GMT

@newjersey wrote:
I started watching this channel around 2006 and it was then called Shop NBC.

When I first started shopping with this channel it was called Value Vision. That's been a looooong time ago. 😲

Re: EVINE NEWS

KKlim — Wed, 29 May 2019 22:46:12 GMT

@pupwhipped... I remember watching and buying from Value Vision also! I bought great 18K jewelry from Stefano I think during that era..😊

Re: EVINE NEWS

Eager2Learn — Wed, 29 May 2019 22:47:18 GMT

Yes! I remember when it was Value Vision.

Re: EVINE NEWS

MoJoV — Wed, 29 May 2019 22:49:40 GMT

I hope evine or shop NBC whatever they call it stays alive. With the Q and HSN being the same,we need competition. Ive

never ordered from evine but have been tempted. Way too many watch shows.

JTV 100% jewelry and the hosts are all awful.

Re: EVINE NEWS

Shelbelle — Wed, 29 May 2019 22:51:47 GMT

@Eager2Learn wrote:
Yes! I remember when it was Value Vision.

It began in 1991 as Value Vision, changed to Shop NBC in 2001. Then it was Shop HQ, then Evine.

Re: EVINE NEWS

Pecky — Wed, 29 May 2019 22:57:25 GMT

I was thinking that maybe if they didn't go on cruises and broadcast from Miami, Las Vegas and Italy that would save some money. They have been going on location like they won the lottery.

Re: EVINE NEWS

blackhole99 — Wed, 29 May 2019 23:02:29 GMT

It does not surprise me they are having money troubles and the name is not the problem. I have never had a continuous good experience in buying from that shopping channel, no matter what they were calling themselves at the time. The masses do not buy that very high end merchandise they sell and the Millennial's would never shop there for anything due to the high S&H and returns.

Re: EVINE NEWS

SeaMaiden — Wed, 29 May 2019 23:02:47 GMT

I hope they can hang in there and turn things around. I do enjoy watching many shows and like their beauty and health segments. The watches not so much.....

Re: EVINE NEWS

Pecky — Wed, 29 May 2019 23:14:41 GMT

@SeaMaiden wrote:
I hope they can hang in there and turn things around. I do enjoy watching many shows and like their beauty and health segments. The watches not so much.....

@SeaMaiden ITA, There are way too many watch shows. They can have them for a week straight. Now that Invita is involved, they will have alot more.

Re: EVINE NEWS

Dar321 — Wed, 29 May 2019 23:15:35 GMT

That would explain why all their prices suddenly went up. I shop there often, especially for beauty and clothing. All the sale stuff in my cart suddenly disappeared, even the item numbers not found. And things I had on my wish list, all went up in price.....So I guess no deals for us anymore.

Re: EVINE NEWS

Pqfan — Thu, 30 May 2019 01:15:30 GMT

Good I never liked the name Evine lol

Re: EVINE NEWS

chrystaltree — Thu, 30 May 2019 01:28:00 GMT

I don't recall them ever beingn ShopHQ. They were ShopNBC and a couple of other things but never ShopHQ. They change their name everytime they change hands.