HSN web sales increase 16% in the third quarter
November 13, 2012 11:31 AM
Third quarter e-commerce sales at HSN Inc. improved, as did overall sales, but the online, television and catalog retailer posted a decrease in net income.
For the quarter ended Sept. 30, HSN, No. 26 in the Internet Retailer Top 500 guide, reported:
- Total web sales increased 15.7% to $344.2 million from $297.4 million in Q3 2011.
- Web sales for HSN.com increased 10.5% to $185.9 million from $168.3 million.
- Web sales for Cornerstone Brands, a collection of apparel and home furnishings brands that sell via catalog and the web, increased 22.5% to $158.1 million from $129.1 million.
- Total sales for the company, consisting of HNS and Cornerstone, increased 7.1% to $778.8 million from $727.1 million in Q3 2011.
- Total sales for HSN amounted to $537.4 million, up by 4.8% from $513.0 million.
- Total sales for Cornerstone Brands increased about 12.8% to $241.4 million from $214.1 million.
- The web accounted for about 34.6% of HSN Inc.'s total sales in Q3 compared with 32.8% in Q3 2011.
- For the Cornerstone segment, the web accounted for 65.5% of sales in Q3 2012, compared with 60.3% a year ago.
- HSN posted net income of $17.7 million during the quarter, a 27.2% decline from $24.3 million in the prior year.
HSN’s overall sales were aided by growth in home design, household, culinary and beauty products, HSN says, which partially offset an expected decline in electronics sales. Cornerstone’s performance was helped by the acquisition earlier this year of Chasing Fireflies LLC, a family clothing retailer, and sales growth in the home furnishings brands, HSN says.
For the first three quarters HSN reported:
- E-commerce increased 13.7% to $990.5 million from $870.8 million in the first three quarters of 2011.
- Total sales grew year over year 6.0% to $2.28 billion from $2.15 billion.
- Total sales for the HSN brand grew year over year 3.9% to $1.58 billion from $1.52 billion.
- Total sales for the Cornerstone brand grew year over year 12.2% to $702.6 million from $626.2 million.
- Net income decreased 2.6% to $74.6 million from $76.6 million in the first three quarters of 2011.