iMedia Brands Reports Q2 Earnings Below Street View

Interactive media Company iMedia Brands Inc IMBI reported second-quarter FY22 sales growth of 17% year-on-year to $133.2 million, missing the consensus of $154.45 million.
Gross margin for the quarter contracted 597 basis points to 36.3%.
Operating expenses for the quarter rose 13.7% Y/Y to $57.3 million.
Related: iMedia Brands Shares Plummet On Downbeat Guidance
Operating loss expanded to $(8.8) million from $(2.4) million last year.
The company held $21.5 million in cash and equivalents as of July 30, 2022.
Adjusted EBITDA decreased 39% Y/Y to $5.1 million.
EPS loss of $(0.42) missed the analyst consensus of $(0.22).
Outlook: iMedia sees Q3 sales of about $138 million versus the consensus of $158.07 million.
The company expects FY22 sales of about $615 million (original forecast $675 million - $725 million) versus the consensus of $661.87 million.
IMBI expects to report positive quarterly EPS in Q4 2022.
Price Action: IMBI shares closed lower by 6.97% at $1.13 on Tuesday.