February 28, 2012, 2:13 PM

The web grows 12% for HSN in 2011

Web sales for Cornerstone Brands increased 19.8% to $601.4 million.

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The web grew overall, but it was e-commerce sales for its catalog arm, Cornerstone Brands, that came on the fastest for TV and Internet retailer HSN Inc. in 2011.

For the year ended Dec. 31, HSN, No. 26 in the Internet Retailer Top 500 Guide, reported:

  • Total web sales increased about 12% to $1.31 billion from $1.17 billion in the prior year.
  • Web sales for HSN.com increased 8.5% to $730 million from $672.6 million in 2010.
  • Web sales for Cornerstone Brands increased 19.8% to $601.4 million from $502.1 million in 2010.
  • Total sales increased 6% to $3.18 billion from $3 billion in 2010.
  • Total sales for HSN totaled $2.16 billion, up about 2.4% from $2.11 billion in 2010.
  • Total sales for Cornerstone Brands increased year over year 15.8% from $880.9 million to $1.02 billion.
  • The web accounted for about 41% of total sales in 2011 compared with 39% in 2010.
  • For the HSN segment, the web accounted for about 34% of sales in 2010.
  • For the Cornerstone segment, the web accounted for about 68% of sales in 2010.
  • HSN posted net income of $123.1 million compared with $98.5 million in the prior year.

“HSN’s positive performance for the quarter and the year was a result of maintaining our focus on expanding our digital presence, deepening customer engagement, and emphasizing customer acquisition and retention,” says CEO Mindy Grossman. “HSN ended 2011 with its largest customer file growth in four years and Cornerstone’s 12-month house file was at record levels for Frontgate, Ballard Designs and Garnet Hill.”

For the fourth quarter:

  • Total web sales increased 12.7% to $425.9 million from $377.9 million in the prior year.
  • Web sales for HSN.com increased 7.8% to $231.4 million from $214.6 million.
  • Web sales for Cornerstone Brands increased 19.3% to $194.5 million from $163.1 million.
  • Total sales increased 4.4% to $955 million from $915.2 million in the prior year.
  • Total sales for HSN totaled $639.2 million, up 0.4% from $636.8 million in Q4 2010.
  • Total sales for Cornerstone Brands grew year over year 13.4% from $278.4 million to $315.8 million.
  • The web accounted for 45% of total sales in the Q4 2010.
  • For the HSN segment, the web accounted for 36% of sales.
  • For the Cornerstone segment, the web accounted for 62% of sales.
  • HSN posted net income of $46.5 million compared with net income of $41.3 million in the prior year.
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