Investor PresentationFourth Quarter 2015

Safe Harbor Statement

2

This document may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements

may be identified by words such as anticipate, believe, estimate, expect, intend, predict, hope, should, plan, will or similar expressions. Any statements

contained herein that are not statements of historical fact may be deemed forward-looking statements. These statements are based on management's current

expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained

herein due to various important factors, including (but not limited to): consumer preferences, spending and debt levels; the general economic and credit

environment; interest rates; seasonal variations in consumer purchasing activities; the ability to achieve the most effective product category mixes to

maximize sales and margin objectives; competitive pressures on sales; pricing and gross sales margins; the level of cable and satellite distribution for our

programming and the associated fees; our ability to establish and maintain acceptable commercial terms with third-party vendors and other third parties with

whom we have contractual relationships, and to successfully manage key vendor relationships and develop key partnerships and proprietary brands; our

ability to manage our operating expenses successfully and our working capital levels; our ability to remain compliant with our credit facilities covenants; our

ability to successfully transition our brand name and corporate name; customer acceptance of our new branding strategy and our repositioning as a digital

commerce company; the market demand for television station sales; changes to our management and information systems infrastructure; challenges to our

data and information security; changes in governmental or regulatory requirements; litigation or governmental proceedings affecting our operations;

significant public events that are difficult to predict, or other significant television-covering events causing an interruption of television coverage or that directly

compete with the viewership of our programming; our ability to obtain and retain key executives and employees; our ability to attract new customers and

retain existing customers; changes in shipping costs; our ability to offer new or innovative products and customer acceptance of the same; changes in

customers viewing habits of television programming; and the risks identified under “Risk Factors” in our recently filed Form 10-K and any additional risk

factors identified in our periodic reports since the date of such Form 10-K. More detailed information about those factors is set forth in our filings with the

Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are

cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. We are under no obligation (and

expressly disclaim any such obligation) to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Adjusted EBITDA

EBITDA represents net income (loss) for the respective periods excluding depreciation and amortization expense, interest income (expense) and income

taxes. We define Adjusted EBITDA as EBITDA excluding non-operating gains (losses); activist shareholder response costs; executive and management

transition costs; distribution center consolidation and technology upgrade costs; Shareholder Rights Plan costs and non-cash share-based compensation

expense. We have included the term “Adjusted EBITDA” in our EBITDA reconciliation in order to adequately assess the operating performance of our

television and online businesses and in order to maintain comparability to our analyst's coverage and financial guidance, when given. Management believes

that the term Adjusted EBITDA allows investors to make a more meaningful comparison between our business operating results over different periods of time

with those of other similar companies. In addition, management uses Adjusted EBITDA as a metric to evaluate operating performance under our

management and executive incentive compensation programs. Adjusted EBITDA should not be construed as an alternative to operating income (loss), net

income (loss) or to cash flows from operating activities as determined in accordance with generally accepted accounting principles and should not be

construed as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly entitled measures reported by other companies. We have included

a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, on Slide 12 of this presentation.

Data in this presentation may be unaudited.

Percentage changes represent Q4 2015 as compared to Q4 2014.

3

+47%Cable & Satellite

Homes

88M

Mobile Net Sales

Year over Year

50%

Online Net Sales

Percentage changes represent Q4 2015 as compared to Q4 2014.

4

Net Sales

%+5

Percentage changes represent Q4 2015 as compared to Q4 2014.

5Percentage changes represent Q4 2015 as compared to Q4 2014.

Return Rate

bps-100

6

%

Increase Average

Selling Price

5

Percentage changes represent Q4 2015 as compared to Q4 2014.

Investors are advised to review carefully the risk factors contained in our most recently filed

annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

Appendices

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8

9

10

11

Summary P&L

(In thousands, except per share data) F11 FY F12 FY* F13 FY F14 Q1 F14 Q2 F14 Q3 F14 Q4 F14 FY F15 Q1 F15 Q2 F15 Q3 F15 Q4 F15 FY

1/28/2012 2/2/2013 2/1/2014 5/3/2014 8/2/2014 11/1/2014 1/31/2015 1/31/2015 5/2/2015 8/1/2015 10/31/2015 1/30/2016 1/30/2016

Net Sales 558,394$ 586,820$ 640,489$ 159,701$ 156,587$ 157,106$ 201,224$ 674,618$ 158,451$ 161,061$ 162,258$ 211,542$ 693,312$

Cost of Sales 354,299 374,448 410,465 99,695 96,152 98,040 135,683 429,570 101,146 102,205 106,348 145,133 454,832

Gross Profit 204,095 212,372 230,024 60,006 60,435 59,066 65,541 245,048 57,305 58,856 55,910 66,409 238,480

Gross Profit % 36.6% 36.2% 35.9% 37.6% 38.6% 37.6% 32.6% 36.3% 36.2% 36.5% 34.5% 31.4% 34.4%

Operating Expenses:

Distribution and selling 188,813 193,037 191,695 49,729 50,110 49,457 53,283 202,579 50,799 51,357 51,038 56,134 209,328

General and administrative 19,542 18,297 23,799 5,912 6,776 5,357 5,938 23,983 5,712 6,391 5,975 6,442 24,520

Depreciation and amortization 12,578 13,224 12,320 2,268 2,163 2,034 1,980 8,445 2,131 2,107 2,131 2,105 8,474

Executive & Mgmt transition costs - - - - 2,620 2,415 485 5,520 2,590 205 754 - 3,549

FCC License Impairment - 11,111 - - - - - - - - - - -

Activist Shareholder Response Cost - - 2,133 1,045 2,473 - - 3,518 - - - - -

Distribution facility consolidation and technology upgrade costs - - - - - - - - - 972 294 81 1,347

Total operating expense 220,933 235,669 229,947 58,954 64,142 59,263 61,686 244,045 61,232 61,032 60,192 64,762 247,218

Operating income/(loss) (16,838) (23,297) 77 1,052 (3,707) (197) 3,855 1,003 (3,927) (2,176) (4,282) 1,647 (8,738)

Other income (expense):

Interest income/(expense) (5,463) (3,959) (1,419) (391) (381) (404) (386) (1,562) (596) (667) (688) (761) (2,712)

Gain/(Loss) on sale of investments or assets - 100 - - - - - - - - - - -

Debt extinguishment (25,679) (500) - - - - - - - - - - -

Total other income/(expense) (31,142) (4,359) (1,419) (391) (381) (404) (386) (1,562) (596) (667) (688) (761) (2,712)

Income tax provision/(benefit) (84) (20) (1,173) (201) (201) (207) (210) (819) (205) (205) (205) (219) (834)

Total Net Income/(Loss) (48,064)$ (27,676)$ (2,515)$ 460$ (4,289)$ (808)$ 3,259$ (1,378)$ (4,728)$ (3,048)$ (5,175)$ 667$ (12,284)$

EBITDA, as adjusted 996$ 4,494$ 18,012$ 5,513$ 5,528$ 4,780$ 6,952$ 22,773$ 1,579$ 2,532$ 169$ 4,926$ 9,206$

Weighted average number of common shares outstanding (000's) 46,451 48,875 49,505 56,341 52,200 55,433 57,598 53,459 56,641 57,093 57,125 57,158 57,004

Net income/(loss) per common share (1.03)$ (0.57)$ (0.05)$ 0.01$ (0.08)$ (0.01)$ 0.06$ (0.03)$ (0.08)$ (0.05)$ (0.09)$ 0.01$ (0.22)$

*Includes 53rd week

12

Summary Balance Sheet

(In thousands)

F11 F12 F13 F14 Q1 F14 Q2 F14 Q3 F14 Q4 F15 Q1 F15 Q2 F15 Q3 F15 Q4

Current assets: 1/28/12 02/02/13 02/01/14 05/03/14 08/02/14 11/01/14 01/31/15 05/02/15 08/01/15 10/31/15 01/30/16

Cash & restricted cash and investments 35,057$ 28,577$ 31,277$ 27,149$ 22,890$ 26,087$ 21,928$ 18,155$ 16,173$ 12,579$ 12,347$

Accounts receivable, net 80,274 98,360 107,386 96,638 92,972 93,460 112,275 94,169 91,954 96,251 114,949

Inventories 43,476 37,155 51,162 52,996 52,332 67,797 61,456 67,517 59,311 74,721 65,840

Prepaid expenses and other 4,464 6,620 6,032 5,988 6,463 5,043 5,284 5,908 6,449 6,843 5,913

Total current assets 163,271 170,712 195,857 182,771 174,657 192,387 200,943 185,749 173,887 190,394 199,049

Property and equipment, net 27,992 24,665 24,952 25,569 26,619 33,647 42,759 47,764 50,790 53,231 52,629

FCC broadcasting license 23,111 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000

NBC trademark license agreement, net 1,215 3,997 - - - - - - - - -

Other assets 2,871 725 896 864 1,062 986 1,989 2,069 1,975 2,050 2,085

218,460$ 212,099$ 233,705$ 221,204$ 214,338$ 239,020$ 257,691$ 247,582$ 238,652$ 257,675$ 265,763$

Current liabilities:

Accounts payable 53,437$ 65,719$ 77,296$ 72,099$ 59,030$ 73,990$ 81,457$ 71,813$ 62,221$ 79,456$ 77,779$

Accrued liabilities and other 37,927 30,681 38,620 29,645 37,874 41,207 38,504 33,316 36,535 33,106 37,570

Total current liabilities 91,364 96,400 115,916 101,744 96,904 115,197 119,961 105,129 98,756 112,562 115,349

Capital lease liability - - 88 80 62 49 36 23 9 - -

Deferred revenue 507 420 335 313 292 271 249 228 207 185 164

Deferred tax liability - - 1,158 1,355 1,551 1,749 1,946 2,143 2,340 2,537 2,734

Long term debt 25,000 38,000 38,000 38,000 38,000 42,087 50,971 57,245 56,709 66,173 70,537

Total liabilities 116,871 134,820 155,497 141,492 136,809 159,353 173,163 164,768 158,021 181,457 188,784

Common stock, preferred stock and warrants 1,053 1,024 1,031 1,031 552 561 564 570 571 571 571

Additional paid-in capital 403,849 407,244 410,681 411,725 414,310 417,247 418,846 421,854 422,718 423,480 423,574

Accumulated deficit (303,313) (330,989) (333,504) (333,044) (337,333) (338,141) (334,882) (339,610) (342,658) (347,833) (347,166)

Total shareholders' equity 101,589 77,279 78,208 79,712 77,529 79,667 84,528 82,814 80,631 76,218 76,979

218,460$ 212,099$ 233,705$ 221,204$ 214,338$ 239,020$ 257,691$ 247,582$ 238,652$ 257,675$ 265,763$

13

Adjusted EBITDA Reconciliation

(In thousands)

F11 F13 F14

FY FY* FY FY Q1 Q2 Q3 Q4 FY

EBITDA, as adjusted 996$ 4,494$ 18,012$ 22,773$ 1,579$ 2,532$ 169$ 4,926$ 9,206$

Less:

Executive and management transition costs -$ -$ -$ (5,035)$ (2,590)$ (205)$ (754)$ -$ (3,549)$

Distribution facility consolidation and technology upgrade costs - - - - - (972) (294) (81) (1,347)

Activist Shareholder Response Costs - - (2,133) (4,003) - - - - -

Shareholder Rights Plan costs - - - - - (364) (82) - (446)

FCC license impairment - (11,111) - - - - - - -

Gain on sale of investments or asset - 100 - - - - - - -

Debt extinguishment (25,679) (500) - - - - - - -

Non-cash share-based compensation (5,007) (3,257) (3,218) (3,860) (609) (768) (762) (135) (2,274)

EBITDA (as defined) (29,690) (10,274) 12,662 9,875 (1,620) 223 (1,723) 4,710 1,590

A reconciliation of EBITDA to net income (loss) is as follows:

EBITDA, as defined (29,690) (10,274) 12,662 9,875 (1,620) 223 (1,723) 4,710 1,590

Adjustments:

Depreciation and amortization (12,827) (13,423) (12,585) (8,872) (2,307) (2,399) (2,559) (3,063) (10,328)

Interest income 64 11 18 10 2 2 2 2 8

Interest expense (5,527) (3,970) (1,437) (1,572) (598) (669) (690) (763) (2,720)

Income taxes (84) (21) (1,173) (819) (205) (205) (205) (219) (834)

Net income (loss) (48,064)$ (27,676)$ (2,515)$ (1,378)$ (4,728)$ (3,048)$ (5,175)$ 667$ (12,284)$

*Includes 53rd week

F12 F15

14

Key Operating Metrics

F11 FY F12 FY* F13 FY F14 Q1 F14 Q2 F14 Q3 F14 Q4 F14 FY F15 Q1 F15 Q2 F15 Q3 F15 Q4 F15 FY

Homes (Average 000s) 79,822 82,761 86,120 87,034 87,522 87,466 87,889 87,481 88,303 88,334 88,248 87,719 88,105

Net Shipped Units (000s) 4,947 5,620 7,152 1,913 2,110 2,134 2,898 9,055 2,230 2,434 2,282 2,907 9,853

Average Selling Price 104$ 96$ 81$ 76$ 67$ 67$ 63$ 67$ 65$ 60$ 65$ 66$ 64$

Return Rate % 22.6% 22.1% 22.3% 22.2% 22.9% 21.2% 19.9% 21.5% 20.3% 21.4% 18.9% 18.9% 19.8%

Internet Sales % 44.9% 45.7% 45.2% 44.7% 43.5% 43.5% 46.1% 44.6% 45.2% 45.9% 46.0% 49.7% 46.9%

Transaction Costs per Unit 2.91$ 2.60$ 2.48$ 2.51$ 2.51$ 2.57$ 2.49$ 2.52$ 2.78$ 2.92$ 3.00$ 2.69$ 2.84$

Total Variable Costs % of Net Sales 8.0% 7.3% 8.0% 8.4% 9.0% 8.9% 8.6% 8.7% 9.7% 9.5% 9.1% 8.7% 9.2%

Mobile % of Internet Sales 7.8% 16.9% 25.2% 31.5% 32.7% 34.0% 34.4% 33.5% 39.6% 42.4% 41.8% 44.5% 42.3%

Distribution cost per home - annualized 1.34$ 1.33$ 1.07$ 1.12$ 1.13$ 1.13$ 1.13$ 1.13$ 1.13$ 1.13$ 1.14$ 1.15$ 1.15$

Interactive Voice Response % 19% 27% 25% 29% 30% 30% 27% 29% 30% 29% 26% 24% 27%

Total Customers (000s)** 1,060 1,132 1,357 590 574 593 749 1,446 592 593 610 749 1,436

Average Purchase Frequency - Items 5.1 5.4 5.8 3.6 4.1 4.0 4.3 7.0 4.1 4.5 4.1 4.3 7.5

% of Net Sales by Category:

Jewelry & Watches 53% 52% 43% 47% 43% 40% 37% 42% 45% 42% 36% 35% 39%

Home & Consumer Electronics 28% 27% 35% 27% 25% 29% 38% 30% 25% 22% 33% 39% 31%

Beauty 12% 13% 11% 13% 13% 13% 11% 12% 13% 15% 13% 13% 14%

Fashion & Accessories 7% 8% 11% 14% 19% 18% 14% 16% 16% 21% 18% 13% 16%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

*Includes 53rd week

**Customers can be active within one to four quarters per year and therefore quarterly active customer counts are not additive.

***Certain fiscal 2013 & 2014 product category percentages in the above table have been reclassified to conform to our fiscal 2015 product group hierarchy.

15

Cash Flow

(In thousands) Year Ending Year Ending Year Ending Year Ending Year Ending

January 28, February 2 February 1 January 31, January 30,

2012 2013 2014 2015 2016

OPERATING ACTIVITIES:

Net loss (48,064)$ (27,676)$ (2,515)$ (1,378)$ (12,284)$

Adjustments to reconcile net loss to net cash

provided by (used for) operating activities-

Depreciation and amortization 12,827 13,424 12,585 8,872 10,327

Share-based payment compensation 5,007 3,257 3,217 3,860 2,275

Asset impairments and write-offs - 11,111 - - -

Amortization of deferred revenue (1,061) (87) (85) (86) (85)

Amortization of debt discount & deferred financing costs 1,184 249 178 231 271

Write-off of deferred financing costs - 2,306 - - -

Debt extinguishment 25,679 500 - - -

Deferred Income Taxes - - 1,158 788 788

Gain on sale of property and investments or assets (416) (102) - - -

Changes in operating assets and liabilities:

Accounts receivable, net 9,909 (18,086) (9,026) (4,889) (2,674)

Inventories, net (3,676) 6,321 (14,007) (10,294) (4,384)

Prepaid expenses and other 40 (2,066) 649 815 (565)

Accounts payable and accrued liabilities (15,447) 2,367 21,799 766 (3,080)

Accrued dividends payable on Series B Preferred Stock 1,069 - - - -

Net cash provided by (used for) operating activities (12,949) (8,482) 13,953 (1,315) (9,411)

INVESTING ACTIVITIES:

Property and equipment additions, net or proceeds from sale of (10,680) (6,157) (8,247) (25,119) (22,014)

Purchase of NBC trademark license - (4,000) (2,830) - -

Purchase of EVINE trademark - - - (59) -

Proceeds from sale of investments or assets - 102 - - -

Change in restricted cash 2,861 - - - 1,650

Net cash used for investing activities (7,819) (10,055) (11,077) (25,178) (20,364)

FINANCING ACTIVITIES:

1 Payments for deferred financing costs (306) (552) (390) (307) (537)

2 Payments on capital lease - - (13) (50) (52)

3 Proceeds from issuance of revolving loan - 38,215 - 2,700 19,200

4 Proceeds from issuance of term loan - - - 12,152 2,849

5 Payments on long term debt - (25,715) - (145) (2,076)

6 Proceeds from exercise of stock options 1,828 109 227 2,794 2,460

7 Proceeds from issuance of common stock, net 55,500 - - - -

8 Payments for repurchases of Series B Preferred stock (40,853) - - - -

9 Payment for Series B Preferred Stock Dividend (8,915) - - - -

Net cash provided by (used for) financing activities 7,254 12,057 (176) 17,144 21,844

Net increase (decrease) in cash (13,514) (6,480) 2,700 (9,349) (7,931)

BEGINNING CASH 46,471 32,957 26,477 29,177 19,828

ENDING CASH 32,957 26,477 29,177 19,828 11,897