HSNi Q1 Net Climbs 20.5 Percent
May 2, 2013,
ST. PETERSBURG, Fla.-Growth in both sales and margins across the company's platforms helped firm HSNi's bottom line by 20.5 percent in its first quarter, to $31.5 million.
In the quarter, which ended on March 31, the multichannel retailer posted total sales growth of 4.7 percent to $772.7 million. Most of this surge occurred in the company's Cornerstone unit, whose sales shot up 14 percent, while the HSN segment saw sales edge up 2 percent. In addition, digital sales across both units rose 10 percent, according to Mindy Grossman, HSNi's CEO.
Grossman said HSNi's ability "to reach and engage customers through content-rich, immersive experiences" was a major factor in its growth on both the top and bottom lines in the quarter.