It's not a good thing
AP
Martha Stewart isn’t winning many fans on Wall Street.
Stewart’s company, Martha Stewart Living Omnimedia, continues to post weak earnings as a result of a slump in advertising and consumer spending.
In the third quarter, the company’s loss widened to $12.1 million, or 22 cents per share, compared with a loss of $3.7 million, or 7 cents, in the year-ago period.
In publishing, the company’s biggest segment, lower magazine ad, subscription and newsstand sales cut revenue by 22 percent. TV station revenue also fell.
But it’s not all bad news for investors. The company recently signed a number of deals to boost its floundering merchandise business. It plans to sell home improvement products at Home Depot in 2010, when its deal with Kmart ends. The company will also develop and sell pet-care products at retailer PetSmart next year.
In trading for the day, shares fell 48 cents, or 9.1 percent, to $4.80.
Associated Press
