HSN Q4 Sales Rise

 

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.