|
RAPAPORT... HSN Inc. reported a 6 percent year on year increase in revenue at $767.2 million for the second quarter that ended on June 30. The average price point fell 3 percent to $64.54, but the number of units shipped rose 9 percent to 13.5 million. Profit slipped 4 percent to $30.7 million. HSN's net sales increased 4 percent year on year to $501.9 million, including 8 percent growth in digital sales, while Cornerstone's net sales increased 11 percent to $265.3 million, including 17 percent growth in digital sales. ''This quarter, we made excellent progress in building our interactive, content-driven, direct to consumer portfolio of aspirational lifestyle brands,'' said Mindy Grossman, the chief executive of HSN Inc. ''Our consistent execution enabled us to achieve sales growth of 6 percent, digital sales growth of 12 percent, and customer file growth across the portfolio. We completed the acquisition of Chasing Fireflies and the divestitures of Smith+Noble and The Territory Ahead as we reposition the Cornerstone portfolio for the future. We also continued to drive shareholder value by doubling the pace of our share repurchase program from first quarter and declaring another cash dividend.''
|