Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
In the third quarter, web sales increased 15.3% while total sales rose 10.5%.
The web accounts for an ever-increasing percentage of sales at TV and online retailer HSN Inc.
For the third quarter ended Sept. 30, HSN, No. 25 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 15.3% to $274.9 million from $238.5 million in the third quarter of 2009.
- Total sales grew year over year 10.5% to $708.4 million from $641.2 million.
- Total sales for the HSN brand grew year over year 5.7% to $493.7 million from $467 million.
- Total sales for the Cornerstone brand grew year over year 23.2% to $214.7 million from $174.2 million.
- Average ticket was $60.25.
- Net income decreased 10.2% to $14.9 million from $16.6 million in the third quarter of 2009.
- Web sales accounted for 38.8% of total revenue compared with 37.2% in the third quarter of 2009.
“HSNi's net sales growth of 10% reinforces the strength of the HSN and Cornerstone brands,” says CEO Mindy Grossman. “Our efforts to reach customers across multiple channels continue to be successful and contributed to an e-commerce net sales gain of 15% in the quarter.”
For the first nine months:
- Web sales increased 12.8% to $686.8 million from $609 million in the prior year period.
- Total sales grew year over year 8.9% to $2.08 billion from $1.91 billion in the same period in 2009.
- Total sales for the HSN brand grew year over year 5.8% to $1.47 billion from $1.39 billion in the same period in 2009.
- Total sales for the Cornerstone brand grew year over year 17% to $602.5 million from $514.8 million in the period of January through September in 2009.
- Net income increased 72.8% to $57.2 million from $33.1 million in the prior year period.
HSN broke out the percentage of e-commerce revenue of total sales for its third quarter, but not year-to-date numbers. For the first nine months of the year, Internet Retailer calculates the web accounted for 33.0% of total sales, compared with 31.9% in the prior year.