HSNi Net Jumps 29 Percent in Second Quarter
August 4, 2011,
ST. PETERSBURG, Fla.--Net income for HSNi, the parent of the HSN shopping network, finished the second quarter at $32 million, up a robust 29 percent over last year's second quarter.
The company accomplished its firmer bottom line through a gain in net sales of 8 percent, to $482 million, for the quarter, which ended on June 30. Much of the sales increase came from HSNi's Cornerstone catalog segment, whose sales rose 19 percent in the quarter. Gross margin finished at 59.5 percent, up 399 basis points over last year. The company did not break out selling, general and administrative expenses, but operating income for the period increased 24 percent.
Mindy Grossman, HSNi's CEO, said, "The continued increase in the penetration of our e-commerce sales, the expansion of our mobile business and the success of our new online gaming site, HSN Arcade, reflect our commitment to digital growth and leveraging our content across all of our platforms."