IMBI - iMedia Brands dips ~17% as Q3 results fall short of expectation

iMedia Brands ([[IMBI]] -17.8%) reports Q3 revenue of $109M (-5.3% Y/Y), beating consensus by $0.63M.Active customer file grew +4% Y/Y, driven by a 31% growth in new customers.Shaq kitchen products launched in over 2,000 Target and Sam’s Club stores in October 2020.Q3 Gross margin was 37.4%, an improvement of 130 bps and YTD was 37.2%, a 370 bps improvement.Adj. EBITDA was $6.4M, a $7.4M improvement compared to last year.Net shipped units were 1,664 (+5% Y/Y) & Average Selling Price was $58 (-12% Y/Y).The return rate for the quarter declined 460 bps at 14.4%.Total customers-12 month rolling were 1,028 (-8% Y/Y).Total unrestricted cash was $19M, additional $1.3M of unused availability on its revolving credit facility and net debt of $33.6M, a $25.1M reduction from prior-year end.Q3 2020: Supplemental Financial DataOutlook: In Q4, iMedia Brands anticipates posting adj. EBITDA in the mid-to-high single-digit millions.Previously: iMedia Brands EPS misses by $0.18, beats on revenue (Nov. 24 2020)

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iMedia Brands dips ~17% as Q3 results fall short of expectation