HSNi Net Falls 10 Percent in Q3
November 4, 2010,
ST. PETERSBURG, Fla.--Net income for multichannel retail company HSNi, parent of HSN and the Cornerstone catalog division, totaled $14.9 million in the third quarter ended Sept. 30, 2010 on a non-adjusted basis, down 10 percent from the third quarter of last year.
Included in this bottom-line figure were a $2.5 million sales provision for an upcoming voluntary product recall at one of the company's Cornerstone catalog brands, and costs related to a $2.5 million legal settlement. Factoring these out, net income was $18.7 million, up 1 percent from last year.
"We undertook key strategic initiatives this quarter that were focused on customer engagement by creating content-immersive experiences and leveraging our unique multichannel platform," said Mindy Grossman, chief executive officer of HSNi.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.