Second quarter net profits for Nutri/System, the US-based producer and marketer of weight-loss products, grew from $189,000 to $1.3 million (€1.34m), helped by a strong rise in sales through the QVC network.
Total revenues for the second quarter were up 22 per cent to $7.56 million, while operating profits of $1.4 million were a significant improvement on losses of $91,000 a year earlier.
For the first six months of the year, net profits were $3.1 million, up from $826,000, while sales rose from $13.2 million to $18 million. Operating profit for the half was $3.17 million, compared to a loss of $57,000 in 2001.
The company said that all its earnings in 2002 had come from continuing operations, while earnings in 2001 had been primarily from discontinued operations.
"Sales through QVC accounted for $1.9 million in revenue, an increase of $1.1 million from last year's second quarter," said Brian D. Haveson, Nutri/System's chief executive officer. "In addition, Internet sales continued to increase relative to the second quarter of 2001 despite the fact that we reduced advertising spending by almost $1.0 million. Our Internet sales benefited from QVC exposure, returning customers and continuity billing."