Martha Stewart Living Omnimedia revenue chopped 41pc to $17.5m for third quarter of 2015
Revenue for Martha Stewart Living Omnimedia has been almost chopped in half for its third quarter of 2015, dropping 41 per cent to $17.5m (£11.5m) from $29.6m in the same period last year.
Despite this, the lifestyle company reported that it had edged closer to the black, with a net loss of $1.5m, compared to a net loss of $11.1m last year.
“Third quarter results came in line with expectations reflecting the continued realisation of cost savings initiatives and third-party partnerships put in place at the start of the fiscal year," said chief executive Dan Dienst.
He added: “As we approach the 25th anniversary of the first issue of Martha Stewart Living magazine, our entire organisation looks forward to helping write this next exciting chapter of our company.”
Share price initially dropped 4.75 per cent to a low of $5.81 from a close the previous day of $6.10, although it recovered later on.