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RAPAPORT... HSN Inc.'s revenue rose 8.3 percent year on year to $841.9 million in the first quarter that ended on March 31, with every division experiencing sales growth except jewelry. The company's gross margin improved 20 basis points to 35.7 percent. Profit jumped 39.3 percent to $33.7 million or 63 cents per share. The average price point per item sold during the period improved 3.2 percent to $61.83, while the number of units shipped rose 4.1 percent to 15.2 million. HSN's return rate fell to 16.5 percent compared with 17 percent one year earlier.
HSN's net sales increased 10 percent to $600.5 million, including 18 percent growth from digital sales, while Cornerstone's net sales increased 4 percent to $241.4 million, including 5 percent growth from digital sales.
"Our performance in the quarter reinforces the experiential power of our content and our ability to create engagement across our platforms," said Mindy Grossman, the CEO of HSN. She added that revenue and earnings "demonstrate the continued execution of our strategy to drive commerce by creating personal connections with our customers and offering unique and compelling products. Once again, accelerated performance in digital was a key factor in our strong growth momentum with digital up 12 percent, representing half of our total business. Mobile sales grew 31 percent for the quarter, with penetration at 18 percent of total sales."
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