Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce also accounted for 41% of total sales.
TV and web retailer HSN Inc. posted a healthy increase in web sales in the second quarter, but total revenue for the company grew more moderately.
For the second quarter ended June 30, HSN, No. 26 in the Internet Retailer Top 500 Guide, reported:
- E-commerce increased 16.1% to $308.4 million from $265.7 million in Q2 2010.
- Total sales grew year over year 8.3% to $746.9 million from $690.0 million.
- Total sales for the HSN brand grew year over year 3.3% to $482.0 million from $466.4 million.
- Total sales for the Cornerstone brand grew year over year 18.5% to $264.9 million from $223.6 million.
- Average ticket was $59.66.
- Net income increased 29.6% to $32.0 million from $24.7 million in the second quarter of 2010.
Internet Retailer calculates the web accounted for 41.3% of total sales compared with 38.5% in the prior year.
"The continued increase in the penetration of our e-commerce sales, the expansion of our mobile business, and the success of our new online gaming site, HSN Arcade, reflect our commitment to digital growth and leveraging our content across all of our platforms,” says CEO Mindy Grossman.
For the first two quarters:
- E-commerce increased 14.4% to $598.0 million from $522.6 million in the first two quarters of 2010.
- Total sales grew year over year 7.3% to $1.47 billion from $1.37 billion.
- Total sales for the HSN brand grew year over year 11.6% to about $1.1 billion million from $985.3 million.
- Total sales for the Cornerstone brand grew year over year 19.3% to $462.7 million from $387.9 million.
- Average ticket was $60.79.
- Net income increased 22.5% to $52.2 million from $42.6 million in the first two quarters of 2010.
Internet Retailer calculates the web accounted for 40.7% of total sales compared with 38.1% in the prior year.