November 13, 2009, 12:00 AM

HSN serves up flat web sales in Q3

TV and online retailer HSN posted flat web sales in Q3 and continues to struggle with its Cornerstone business. Total online sales increased 0.7%, but declined 7% for Cornerstone.

TV and online retailer HSN Inc. posted flat total web sales in the third quarter and continues to struggle with its Cornerstone business.

For the third quarter ended Sept. 30, HSN reported:

  • Total web sales increased 0.7% to $238.2 million from $236.6 million in the prior year.
  • Web sales for HSN.com increased 7% to $139.1 million from $130 million.
  • Web sales for Cornerstone Brands decreased 7% to $99.1 million from $106.6 million.
  • Total sales declined 4.6% to $641.2 million from $672.3 million in the third quarter of 2008.
  • Net sales for HSN totaled $467.0 million, down 0.8% from $471.0 million in Q3 of 2008.
  • Net sales for Cornerstone Brands declined year over year 13.5% from $201.3 million to $174.2 million.
  • The web accounted for 37.1% of total sales in Q3 of 2009 compared with 35.2% in the previous-year quarter.
  • For the HSN segment, the web accounted for 29.8% of sales in Q3 of 2009.
  • For the Cornerstone segment, the web accounted for 56.9% of sales in Q3 of 2009.
  • HSN posted Q3 net income of $16.5 million compared with $2.1 million in the prior year.
"At HSN, sales momentum continued to build as the quarter progressed,” says CEO Mindy Grossman. “And 10 years after the launch of HSN.com, we now have one of the most video-pervasive sites in e-commerce.”

For the first three quarters:

  • Total web sales decreased 3.3% to $699.1 million from $722.8 million in the prior year.
  • Web sales for HSN.com increased 3.9% to $410.2 million from $394.7 million.
  • Web sales for Cornerstone Brands decreased 11.9% to $288.9 million from $328.1 million.
  • Total sales decreased 6.4% to $1.91 billion from $2.04 billion in the prior year.
  • Net sales for HSN totaled $1.39 billion, down 1.4% from $1.41 billion in the first three quarters of 2008.
  • Net sales for Cornerstone Brands declined year over year 18.8% from $634.2 million to $514.8 million.
  • The web accounted for 36.6% of total sales in the first three quarters of 2009
  • For the HSN segment, the web accounted for 29.5% of sales.
  • For the Cornerstone segment, the web accounted for 56.1% of sales.
  • HSN posted net income of $33.1 million compared with a net loss of $238.3 million in the prior year.
HSN is No. 26 in the Internet Retailer Top 500 Guide, (a PDF version of HSN’s financial and operating profile can be ordered by clicking on its name).

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