IMBI - iMedia Brands rallies on updated 2021 guidance

iMedia Brands ([[IMBI]] +11.0%) reports Q1 revenue of $113.2M (+18.1% Y/Y), beating consensus by $14M.During Q1, the Co. launched 34 new brands across its television networks ShopHQ, ShopBulldogTV and ShopHQHealth.Gross margin was 40.6%, an improvement of 350 bps and Adj. EBITDA improved by $9.8M to $8.1M.Net shipped units were 1,513 (+12% Y/Y) and Average Selling Price was $66 (+3% Y/Y).The return rate for the quarter declined 100 bps at 16.8% and ShopHQ Digital Net Sales too declined 160 bps to 51.5%. Active customer file grew 14% Y/Y with Total customers-12 month rolling of 1,071 (+8% Y/Y).Total unrestricted cash was $14.9M, additional $9.3M of unused availability on its revolving credit facility and net debt of $37.8M, a $0.1M reduction from prior-year end.Q2 Outlook: Anticipates reporting at least $8M of adj. EBITDA and ~$121M in revenue vs. consensus of $118.93M, which is roughly a 3% Y/Y decline.2021 Outlook: Adj. EBITDA between $35-37M, which is ~$7M increase from previous guidance; Revenue of at

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iMedia Brands rallies on updated 2021 guidance