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Martha Stewart Living Posts 62% Profit Gain

May 04, 2000|Bloomberg News

Martha Stewart Living Omnimedia Inc., a multimedia company built on its founder's food and craft tips, said first-quarter profit climbed 62% to $5.58 million, or 11 cents a share, nearly triple the consensus estimate of 4 cents, as Internet and advertising sales increased. Sales at the company founded by craft and entertainment maven Martha Stewart rose 30% to $69.1 million. Revenue from the Internet and catalog division nearly doubled to $10.6 million from $5.56 million, and the publishing, television and merchandising businesses all posted healthy sales gains. Meanwhile, Homestore.com Inc. said its pro forma loss narrowed to $10 million, or 14 cents a share, in the first quarter, from a loss of $17.2 million, or 31 cents, a year ago, as revenue surged 271% to $38.6 million. Struggling Internet grocer Peapod Inc. said its first-quarter loss widened to $8.6 million, or 47 cents a share, from $5 million, or 29 cents, a year ago. Analysts expected a loss of 46 cents. Sales jumped 38% to $24.9 million.

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