Martha Stewart at the Big Board: Looking Ahead
Martha Stewart was down at the New York Stock Exchange Wednesday afternoon, talking to Maria Bartiromo about her company's outlook for the rest of the year.
Martha Stewart Living Omnimedia profits rose 450% last quarter from one year ago, amid growth in magazine advertising gains.
“We have every media within this company. It’s a very focused buy,” said President and CEO Susan Lyne, who joined Stewart on "Closing Bell." The company’s net income rose to $16 million as revenue rose 15% to $97 million.
This year’s initiatives for Martha Stewart Living include new product lines, including a Lowe’s paint line with 350 colors. In September, Martha Stewart Living will formally launch the “Martha Stewart Collection” in Macy’s stores nationwide, which includes bedding, rugs and lighting fixtures.
“We’re going to be able to furnish complete homes,” said Stewart.
When asked whether the slumping housing market has affected sales, Lyne says they haven't. . Bartiromo also asked about plans to expand Martha Stewart Living into China, to which Lyne replied “We think the company has big opportunities internationally.”