TV and web retailer HSN Inc. posted a healthy increase in web sales in the first quarter, but revenue for its core HSN brand grew only moderately.
For the first quarter ended March 31, HSN, No. 26 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 12.7% to $289.6 million from $256.9 million in Q1 2010.
- Total sales grew year over year 6% to $724.0 million from $683.2 million.
- Total sales for the HSN brand grew year over year 1.4% to $526.2 million from $518.9 million.
- Total sales for the Cornerstone brand grew year over year 20.4% to $197.8 million from $164.3 million.
- Average ticket was $61.85.
- Net income increased 14.7% to $20.3 million from $17.7 million in the first quarter of 2010.
Internet Retailer calculates the web accounted for 40% of total revenue compared with 37.6% in the first quarter of 2010.
“Our focus on maximizing performance through innovative product launches and events, strategic partnerships, and increased digital efforts led to HSN sales growth of 6% and e-commerce sales penetration of 40%,” says CEO Mindy Grossman. ”We are committed to positioning our business for long-term success by delivering on our strategy of offering unique products and experiences, deepening customer engagement and accelerating e-commerce growth across the portfolio.”