The company founded by jailed lifestyle guru Martha Stewart has reported that its quarterly losses have widened. Martha Stewart Living Omnimedia posted a loss of $15m in the third quarter compared with a shortfall of $3.9m a year earlier. Sales fell 24% to $38.7m.
It has struggled to attract advertisers and customers since Stewart was investigated about a share sale and found guilty of lying to investigators. Analysts said the firm is likely to continue to face difficulties.
Comeback?
Each of the company's four divisions - publishing, television, merchandising, and internet and direct commerce - saw revenues decline in the third quarter.
The company, however, said it is "increasingly optimistic" about an advertising recovery next year.
Stewart is expected to resume working for the firm once she is released from prison in the spring of 2005.
Depending on whom you speak to, that will either help or hinder the company.
Stewart was sentenced to five months' imprisonment in July, after being found guilty of conspiracy and obstruction.
Although she stepped down as chairwoman and chief executive of her firm, Stewart remains the biggest shareholder in the business that sells domestic items and lifestyle advice.
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