HSNi Net More Than Doubles in Q3
November 6, 2013,
ST. PETERSBURG, Fla.-Effective controls on expenses enabled HSNi to post a 137.8 percent gain in second-quarter net income, to $42.1 million.
Selling, marketing, general and administrative expenses were down 4.2 percent in dollars and 191 basis points as a percentage of sales, to 27.2 percent. In addition, interest expense fell 56.9 percent in the quarter, which ended on Sept. 30.
Net sales edged up 2.6 percent to $789.9 million. HSNi's Cornerstone segment reported an 8 percent gain in sales, to $260.3 million, largely from sales growth from its home brands and from a 10 percent increase in digital sales. The HSN segment's sales were up 0.2 percent, with growth seen in home design and household products, and a favorable mix shift to categories with historically lower return rates.