iMedia Brands, Inc. (IMBI) delivered disappointing second-quarter revenue due to delays in inventory receipts arising from industry-wide container shortages and congestion delays at U.S. ports. Shares plunged 7.6% on the news, closing at $6.11 on August 24. IMBI is a multichannel electronic retailer that markets, sells, and distributes products to consumers through television, online, mobile, and social media. (See iMedia Brands stock charts on TipRanks) Net sales for the quarter declined 9% year-over-year to $113.44 million and fell short of analysts’ estimates of $121 million. Sales took a hit due to inventory receipt delays caused by short-term logistics challenges. Moreover, iMedia reported a loss of $0.
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iMedia Brands (NASDAQ:IMBI)
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