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September 05, 2015 7:17 AM ET

Internet and Catalog Retail

Company Overview of Bluestem Brands, Inc.

Company Overview

Bluestem Brands, Inc., a multi-brand online retailer, together with its subsidiaries, offers a selection of name-brand, private label, and non-branded merchandise through catalog and Internet Websites serving low to middle income consumers in the United States. It primarily sells consumer electronics, domestics, housewares, home furnishings, children’s merchandise, and apparel. The company’s brands include Fingerhut, a retailer that sells furniture, beddings, washers, wedding rings, and electronics; and Gettington.com, a brand for shopping. It also offers PayCheck Direct, an employee purchase program offered via employers and organizations where members can purchase various brand-name, large...

6509 Flying Cloud Drive

Eden Prairie, MN 55344

United States

Founded in 2002

Key Executives for Bluestem Brands, Inc.

Chief Executive Officer and President
Executive Chairman
Age: 56
Chief Financial Officer and Executive Vice President
Age: 54
Chief Operating Officer
Chief Marketing Officer and Executive Vice President
Age: 48
Compensation as of Fiscal Year 2015.

Bluestem Brands, Inc. Key Developments

Fingerhut Suit Alleges Hidden Finance Charges

A Georgia woman represented by a Minneapolis law firm has filed a suit against the parent company of Eden Prairie-based Fingerhut alleging that the mail-order retailer marks up prices as "finance charges in disguise. The class-action suit was filed Aug. 27 in U.S. District Court in Minneapolis on behalf of Georgia-resident Jessica Parm by attorney's Melissa Wolchansky of Halunen Law in Minneapolis and Jeffrey Kaliel of Tycko & Zavareei, based in Washington, D.C. The suit targets Bluestem Brands, the parent company of Fingerhut.com. The suit claims Fingerhut's interest 24.9% annual interest rate and finance charges violate usury laws in Minnesota and Georgia; it also alleges deceptive trade practices, unjust enrichment and violations of the federal Truth in Lending Act. The suit, which seeks to be certified as a class-action, alleges, for example, that Fingerhut charged $539.99 for an iPad Mini 3 when its retail price is $399.00 on the Apple iTunes store. The suit also compares the price to another retail website operated by Bluestem, called Gettingiton.com, that offers the same device for $439.99.

Bluestem Brands, Inc. expected to report Q2 2016 results on September 4, 2015. This event was calculated by Capital IQ (Created on June 17, 2015).

Bluestem Brands, Inc. expected to report Q2 2016 results on September 4, 2015. This event was calculated by Capital IQ (Created on June 17, 2015).

Bluestem Brands, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 1, 2015

Bluestem Brands, Inc. announced unaudited consolidated earnings results for the first quarter ended May 1, 2015. For the quarter, the company reported net sales of $206,175,000 compared to $171,251,000 a year ago. Loss before income tax was $16,425,000 compared to income before income tax of $6,425,000 a year ago. Net loss was $11,266,000 compared to net income of $4,120,000 a year ago. Adjusted EBITDA was $6,898,000 compared to $22,339,000 a year ago. Adjusted pro forma EBITDA was $6,898,000 compared to $6,115,000 a year ago. Net cash used in operating activities was $22,629,000 compared to $9,823,000 a year ago. Net purchase of property and equipment was $6,304,000 compared to $5,509,000 a year ago. The company reported a net loss for the quarter due to a $19.0 million increase in net credit expense, an $8.9 million increase in amortization and depreciation not included in costs of sales, a $5.5 million increase in sales and marketing expenses and a $2.9 million increase in interest expense, net, partially offset by a $13.4 million increase in gross profit and a $7.5 million decrease in income tax expense. The net sales increase was due to strong sales to both new and existing customers. New customer accounts acquired were driven by broader visibility of website through TV advertising and assortment expansion. Sales to existing customers increased due to a 14.5% increase in the number of active accounts and improved rebuy rates.

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