February 24, 2011, 5:26 PM

Web sales grow almost 15% for HSN in 2010

E-commerce also accounted for about 40% of total revenue.

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HSN Inc. closed out the year and the fourth quarter with a nice bump in e-commerce sales.

For the year ended Dec. 31, HSN, No. 25 in the Internet Retailer Top 500 Guide, posted:

  • Web sales increased 14.7% to $1.17 billion from $1.02 billion in 2009.
  • Total sales grew year over year 9.1% to $2.99 billion from $2.74 million.
  • Total sales for the HSN brand grew year over year 5.5% to $2.11 billion from $2 billion.
  • Total sales for the Cornerstone brand grew year over year 18.8% to $880.9 million from $741.7 million.
  • Average ticket was $61.34.
  • Net income increased 35.9% to $98.5 million from $72.5 million in 2009.
  • Web sales accounted for 39.1% of total revenue compared with 37.4% in 2009.

“In 2011, we are focused on giving customers even more reasons to deepen their engagement with our brands at HSN,” says CEO Mindy Grossman. “We continue to strengthen our merchandise portfolio at HSN and are developing strategic partnerships to create compelling special events and experiences. At Cornerstone, we will continue to grow our customer base while driving further e-commerce penetration across the portfolio."

For the fourth quarter:

  • Web sales increased 14.7% to $377.9 million from $329.6 million in the prior year period.
  • Total sales grew year over year 9.1% to $915.2 million from $838.7 million in the same period in 2009.
  • Total sales for the HSN brand grew year over year 4.1% to $636.8 million from $611.8 million in the same period in 2009.
  • Total sales for the Cornerstone brand grew year over year 22.7% to $278.4 million from $226.9 million in Q4 2009.
  • Net income increased 5.1% to $41.3 million from $39.3 million in the prior year period.

The web accounted for 41.3% of total sales compared with 39.3% in 2009.

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