ST. PETERSBURG, Fla. (AP) -- HSN Inc., which runs a television shopping channel and a companion website, said Thursday that its fourth-quarter profit climbed 13 percent, thanks in part to strong results from its Cornerstone division and growing online sales.
HSN earned $46.5 million, or 76 cents per share, for the three months ended Dec. 31. That's up from $41.3 million, or 69 cents per share, a year earlier.
Removing impairment charges and other items, earnings were 89 cents per share.
The performance topped the average expectations of analysts polled by FactSet, who forecast earnings of 81 cents per share.
"HSN's positive performance for the quarter and the year was a result of maintaining our focus on expanding our digital presence, deepening customer engagement and emphasizing customer acquisition and retention," CEO Mindy Grossman said in a statement.
Revenue rose 4 percent to $955 million from $915.2 million as online sales climbed 13 percent. The Cornerstone unit, which includes retail brands such as Frontgate, Ballard Designs and Garnet Hill, posted a 13 percent revenue increase to $315.8 million.
Wall Street predicted revenue of $963.2 million.
HSN's full-year earnings increased 25 percent to $123.1 million, or $2.03 per share, from $98.5 million, or $1.65 per share, in the prior year.
Adjusted earnings were $2.37 per share.
Annual revenue climbed 6 percent to $3.18 billion from $3 billion.
HSN also said that its board declared a 12.5 cent per share dividend on Wednesday. The dividend will be paid on March 21 to shareholders of record on March 7.
HSN shares added $1.14, or 3.1 percent, to $37.50 in morning trading. The stock has changed hands between $27.55 and $38.45 in the past 52 weeks.
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