Martha Stewart Living Omnimedia yesterday reported a quarterly loss because of an impairment charge on an investment and falling advertising revenue at its magazines.
The loss beat analyst expectations as the company cut costs, just as many publishers and broadcasters have done during the second quarter, to exceed Wall Street forecasts.
The publisher and retailer reported a second-quarter net loss of $6.4 million, or 12 cents a share, compared with a profit of $328,000, or a penny a share, a year earlier.
Excluding a 10-cent charge for an equity investment, the company’s loss was 2 cents a share, beating analysts’ forecast of a 6-cent loss.
Revenue fell 26 percent to $57 million.
Publishing revenue fell 28 percent on a decline in ad pages at the magazines. Merchandising revenue dropped 44 percent as the company wound down its relationship with Kmart.