The two firms will become independent publicly traded companies in 2015. The move follows pressure from investor Carl Icahn to spin off the payments ...
Total sales increased 6% and the web accounted for 45% of all revenue.
It was a solid but not spectacular e-commerce performance for TV and web retailer HSN Inc. in the second quarter.
The e-commerce growth rate for HSN’s two business units, HSN and Cornerstone Brands, grew nearly equally at about 10% while total sales increased about 6%.
For the second quarter ended June 30, HSN, No. 24 in Internet Retailer’s 2013 Top 500 Guide, reported:
- Total web sales increased 10.5% to $368.1 million from $333.0 million in the second quarter of 2012.
- Web sales for HSN.com, No. 26 in 2013 Internet Retailer Top 500 increased 9.8% to $186.3 million from $169.7 million.
- Web sales for Cornerstone Brands, a collection of apparel and home furnishings brands that sell via catalog and the web, increased 10.0% to $180.1 million from $163.7 million.
- Total sales for the company, consisting of HNS and Cornerstone, increased 5.9% to $812.6 million from $767.2 million in Q2 2012.
- Total sales for HSN amounted to $562.2 million, up by 12.0% from $501.9 million.
- Total sales for Cornerstone Brands increased about 8.0% to $286.4 million from $265.3 million.
- The web accounted for about 45.3% of HSN Inc.’s total sales in the second quarter of 2013 compared with 43.2% in Q2 2012.
- Average ticket was $64.25 compared with $64.54 for Q2 2012.
- HSN posted net income of $43.3 million, a 41.0% increase from $30.7 million in the prior year.
“Our financial performance during the second quarter is a result of the uniqueness of our customer experiences, the power of our digital platforms and the quality of our brands and products," says CEO Mindy Grossman.
For the first two quarters HSN reported:
- E-commerce increased about 10.6% to $712.7 million from $644.4 million in the first two months of 2012.
- Total sales grew year over year 6.0% to $1.59 billion from $1.50 million.
- Total sales for the HSN brand grew year over year 3.9% to $1.08 billion from $1.04 billion.
- Total sales for the Cornerstone brand grew year over year 10.3% to $508.9 million from $461.2 million.
- Net income increased 31.5% to $74.8 million from $56.9 million in the first two quarters of 2012.