August 4, 2010, 2:52 PM

Web sales increase 16% for HSN in Q2

Web sales increased 15.9% to $265.65 million from $229.15 million in Q2 of 2009.

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TV and web retailer HSN Inc. turned in solid e-commerce sales for the second quarter.

For the quarter ended June 30, HSN, No. 25 in the Internet Retailer Top 500 Guide, recorded:

  • Web sales increased 15.9% to $265.65 million from $229.15 million in the second quarter of 2009.
  • Total sales grew year over year 7.8% to $690 million from $640.1 million.
  • Total sales for the HSN brand grew year over year 2.7% to $466.4 million from $454.2 million.
  • Total sales for the Cornerstone brand grew year over year 20.3% to $223.6 million from $185.9 million.
  • Average ticket was $56.64.
  • Net income increased 81.6% to $24.7 million from $13.6 million in the second quarter of 2009.

“At HSN, strong growth in fashion and wellness helped drive an increase in gross profit of 120 basis points and contributed to the 11% growth in the number of best customers,” says CEO Mindy Grossman. “At Cornerstone, the recovery of the business accelerated with net sales increasing 20% led by renewed demand for the Frontgate, Ballard Designs and Garnet Hill brands, turnaround efforts at TravelSmith, and e-commerce initiatives across the portfolio.”

Internet Retailer calculates the web accounted for 38.5% of total sales in the second quarter, compared with 35.8% in the prior year.

For the period of January through June:

  • Web sales increased 11.2% to $411.9 million from $370.5 million in the prior year period.
  • Total sales grew year over year grew 8.2% to $1.373 billion from $1.269 billion in the same period in 2009.
  • Total sales for the HSN brand grew year over year 6% to $985.3 million from $929.2 million.
  • Total sales for the Cornerstone brand grew year over year 13.9% to $387.9 million from $340.5 million in the period of January through June in 2009.
  • Average ticket was $58.03.
  • Net income increased 155.4% to $42.4 million from $16.6 million in the prior year period.

Internet Retailer calculates the web accounted for 30% of total sales, compared with 29.2% in the period of January through June in 2009.

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