HSNi, the parent company of HSN and Cornerstone, reported an increase in sales for its fourth quarter as the company continued to see growth across all its mediums including television and e-commerce.
Net sales for the quarter ended December 31 were up 8% to $838.7 million from $778.5 million in the prior year. HSN’s net sales increased 12% to $611.8 million, the highest quarterly sales volume in its 32-year history. Cornerstone’s net sales decreased 2% to $226.9 million, a notable improvement compared to the year-to-date decline in net sales of 19% through the end of the third quarter.
“HSN reported sales growth in every division,” said Mindy Grossman, CEO of HSN, Inc. “In addition, our continued focus on driving a multi-channel experience resulted in sales growth on HSN.com of more than 22%, with e-commerce sales penetration now reaching a high of 32%.”
She noted all product divisions had strong sales performance in the quarter, led by significant increases in electronics, fitness and fashion.
Full year company wide net sales were $2.75 billion, down slightly from sales of $2.82 billion the previous fiscal year. Net income for the year was $72.5 million, up from a net loss of $2.4 billion the previous year.