Meredith Reports Strong First Quarter Earnings Growth
Meredith continued to expand its consumer connection during the first quarter of fiscal 2011 as demonstrated by:
- Audience gains for Meredith's measured magazines, up 3 percent according to the most recent data from Mediamark Research and Intelligence. It currently stands at 113 million readers.
- Traffic to Meredith's digital properties. Monthly average unique visitors across Meredith's National Media websites were 16 million and monthly page views averaged 200 million. Monthly unique visitors from mobile devices to the new Better Homes and Gardens, Parents and Fitness mobile sites combined averaged nearly 1 million during the first full quarter of operation, while page views averaged approximately 6 million.
- Continued expansion of the Better Homes and Gardens-branded line of home products sold at Walmart. Today, the program encompasses approximately 2,500 SKUs, up from approximately 1,500 in the year-ago period. A new line of high-quality cookware and small appliances debuted earlier this month.
Meredith Integrated Marketing's fiscal 2011 first quarter revenues rose 7 percent. Growth was driven by a cross-platform approach incorporating content development, CRM, digital and social capabilities for new and existing clients, including Lowe's, SunTrust Bank and Chrysler.
"The relevance of our national brands to consumers and marketers alike continues to increase," Lacy said. "We remain focused on growing our already very strong connection to American women across multiple platforms - including print, online, mobile, social, events and licensed products sold at retail - and providing clients with innovative marketing solutions to reach their target audiences."
National Media Group fiscal 2011 first quarter operating expenses declined 2 percent as efforts to improve efficiencies continued to be realized.
For more information on Meredith's fiscal year 2011 first quarter financial statement click here.