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- Interactive media Company iMedia Brands Inc (NASDAQ:IMBI) expects second-quarter FY22 sales of $133 million, a 17% year-on-year growth.
- The sales figure was below management's previously provided guidance by $25 million, driven primarily by three factors: an estimated $8 million net sales impact from ShopHQ not renewing the DISH Network Corp (NASDAQ:DISH) carriage in the quarter, an estimated $7 million net sales impact from several business divestitures, and an estimated $6 million net sales impact from the Russian conflict on 123tv net sales in Germany.
- The company's Q2 inventory as of July 30, 2022, is expected to be $105 million, a decrease of $10 million compared to the inventory balance as of the end of Q1 2022.
- iMedia sees a net loss of $(14.3) million in the quarter. It sees an adjusted EBITDA of $5 million, a 37% decrease Y/Y, and an estimated $5 million below management's previously provided guidance.
- The company expects FY22 sales to grow 12% Y/Y to $615 million, denoting an approximate $60 million reduction from the low end of its previous full-year guidance.
- It sees FY22 adjusted EBITDA to be $41 million, representing an approximate $9 million reduction from the low end of its previous full-year guidance.
- Meanwhile, IMBI reiterated its previous guidance to report positive quarterly EPS in 4Q22.
- CEO Tim Peterman said, "And our flagship entertainment network, ShopHQ, was performing as expected until our negotiations with Dish stalled and we could not finalize the renewal terms by the renewal date."
- Price Action: IMBI shares are trading lower by 23.7% at $1.32 on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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