whether out of practical necessity or not i think its going to be a slow transformation. I'm not expecting to see much in the way of tangible visible change until next year. As other posters have alluded he is getting his team together and his strategy, but I think the visible impact will be a few qtrs away. I hope that I'm wrong and we see some sort of impact in the 4th quarter, but I didnt hear anything last conference call that leads me to look for an impact on financials before next year.
as a side note--i think carriage is 108-110mm this yr.
i do think patience is easier if investors feel like they are hearing something from the company. before yr end the communication needs to improve (but I cant argue with those that think it needs to happen now).
Saw a story about a jewelry line called The Jacobs coming to ShopHQ from QVC. I guess they used to be with ShopNBC in the past.
Also using Manhattan Associates as software provider for their warehouse. anyone have any insight on the software?
VVTV paid $750,000 (to Clinton presumably) related to the cost reimbursement. This may be common with successful proxy fights--dont know. I have seen some other reimbursements in other fights.
i dont really disagree with your points other than i think it makes sense for him to keep the game in front of him and to not overreach too soon. I do agree on filling the merchandising position and that they should have someone in mind.
I think the outreach to the marketplace will be dramatically better as I think they were scared to let KS out of EP since he appears to have been a bit of a train wreck outside of his office. I'd like to see them put the brakes on additional carriage expense in 2015 so that we can see some real bottom line improvement. sounds like they have had mixed results on channel placement moves and are evaluatng how to move forward.
Not that I heard. The call was heavy on the merchandising side. Talked a lot about the amt of airtime avail and that they have to develop proprietary brands to fill that airtime. Made subtle references to longstanding complaints like staff and vendor treatment and the amt of. Watch airtime, but made the references professionally without criticizing. He is going to be a much better public face of the company
Good call. Not replacing coo position. Return to 24 hour programming early next yr hopefully. Virtually all discussion about merchandising and proprietary brands. Company in more professional hands with a focus on merchandising so better than where they have been. It's going to be mid next yr until we really get a sense where this company is headed with the new approach.
Generic first earnings report. Likely to be some disappointed with the "it's an evolution not a revolution" line possibly suggestive of no infusion of cash (or perhaps just conservative talk). Conference call will be the tell, but pr bland and passionless. GM up which is good, asp well below what they projected last qtr so the revenue numbers in that context are good. Internet sales slipping is not what we want to see. And returns continue to be poor
hes going to want his team and some departures were cooked in when the clinton agenda was to replace the ceo and members of the mgmt team so dont think its specific to earnings. plus they got the severance deal sweetened by the change of control provisions that the previous board gifted mgmt.
earnings reports wont be very good remainder of the yr due to the severance, other transition costs and the increase in carriage this yr. bigger issue will be what is the plan and any funding. The market should look past poor earnings if those poor results are due to one time items and Bozek can create confidence in the future. will get our first taste tomorrow. 4th qtr could surprise me if quality strategies are implemnted by Christmas but definitely not looking for much in 2nd/3rd qtrs.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Departure of Carol Steinberg as Chief Operating Officer and Annette Repasch as Chief Merchandising Officer
Effective as of Monday, August 18, 2014, two of our named executive officers, Carol Steinberg, Chief Operating Officer and Annette Repasch, Chief Merchandising Officer, are no longer with ValueVision Media, Inc. (the "Company"). Both executives are eligible to be paid a severance in accordance with the Executives' Severance Benefit Plan's change of control provisions.
The Company will be commencing a search for a new Chief Merchandising Officer utilizing the services of a nationally recognized search firm, Karen Harvey Consulting
i do agree that an update on the 1st 90 days plan is warranted. Bozek was probably their pick from the start so he should have had a head start on identifying what needs to be done. nonetheless, 4th qtr is the soonest I expect to see any tangible financials impact related to any of the new approaches they take. Two more weeks to see what they have to say and at that point they will give us something to applaud or criticize.
thats way too soon to determine if their plan will be successful. Their plan may include signficant outside funding and capital investment. I think its reasonable to look at 4th quarter results as an indication of where things are headed but you wont be able to really extrapolate longer term results for several quarters.
I do agree that by 3rd quarter conf call we should have a good indication as to cultural and philosphical changes that we can all extrapolate out for purposes of determining whether we think they are on the right track.
Lets hope that the conf call is the beginning of much better communication and some excitement around the organization.
I'm not terribly concerned about lack of communication at this pt. I dont think it makes sense to communicate anything until after earnings. Better to get out whatever negatives there are related to transition costs and then get into observations and plans for the future. that said, after this first conference call I want to see much better communication, but for now im ok as I'd rather get the negatives out there first before sending his first message on his vision.
We knew the first 3 qtrs this yr were going to be mediocre due to the increased carriage cost so its really 4tf qtr that im looking at for signs of life.
I would not be surprised to hear a funding announcement in conjunction with the conference call
not sure it makes much sense until after earnings. At that pt they can get any of the negative financial consequencies of the mgmt turnover out there and then they can discuss their plan and the future. Im with you about transparency just ok with anything revelatory coming until after the next conf call.
i think the CC reference was whether they would hold more meaty earnings calls that are longer than 30mins and not cut-off due to being "out of time"
i think it will be a rough few quarters with one time costs and turnover. if they come out with a strong plan and funding that is not very dilutive then the market will probably look past the weak near term performance. if they are able to post strong performance through this transition then that will be hugely positive for the stock. they do have time to make a splash fo the holiday season which is a good thing
i think we have to put to rest the notion that Clinton cost shareholders 4mm. it is clear at this pt that mgmt and the previosu board cost the shareholders 4mm by trying to defend themselves from changes most shareholders wanted to see.