HSN 1Q net income rises, revenue improves

HSN 1st-quarter net income climbs, revenue rises on strong sales from Cornerstone unit

Associated Press

ST. PETERSBURG, Fla. (AP) -- HSN Inc., which runs a television shopping channel and a companion website, said Wednesday that its first-quarter net income increased 29 percent, led by strong sales in its Cornerstone unit and better online sales.

The company earned $26.2 million, or 44 cents per share, compared with $20.3 million, or 34 cents per share, during the same period a year ago.

Stripping out stock-based compensation expense and other special items, earnings were 50 cents per share.

The results topped the 37 cents per share forecast by analysts, according to Fact Set.

For the period ended March 31, revenue rose 5 percent to $747.3 million, which just about matched Wall Street expectations.

Sales for the Cornerstone unit, which includes home and clothing brands such as Ballard Designs, Frontgate and TravelSmith, climbed 11 percent to $205.4 million. HSN segment sales were up 3 percent to $541.9 million as higher sales of beauty, home design and cooking products were offset by lower sales of electronics, fashion and fitness goods.

Online sales climbed 8 percent for HSN and increased 18 percent for Cornerstone.

HSN shares rose 43 cents to $38.92 in morni9ng trading.

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