HSNi Net Falls 10 Percent in Q3

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.

Net sales overall for HSNi were $708.4 million in the third quarter, an increase of 10 percent. This included a 23 percent sales gain from the Cornerstone sector and a 15 percent pickup in sales from HSNi's Internet operation. Net sales from the HSN portion rose 6 percent.

"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.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN August 2017 cover

    HFN's DIGITAL EDITION

    August 2017


    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.