In the next 17 months, it expects 10% of its B2B customers will be transacting on the web, an executive says.
The web now accounts for about 43% of the retailer’s total sales.
Web sales grew 11.7% year over year during the first quarter for HSN Inc., reaching $319.8 million for the three months ended March 31, the company reported today. The web accounted for 42.8% of the $747.3 million in total sales for the TV and web retailer during the quarter, up from 40.3% a year ago.
For the quarter ended March 31, HSN, No. 26 in the Internet Retailer Top 500 Guide, reported:
- Total web sales increased 11.7% to $319.8 million from $286.4 million in Q1 2011.
- Web sales for HSN.com increased 8.2% to $189.1 million from $174.7 million a year ago.
- Web sales for Cornerstone Brands increased 17.4% to $130.8 million from $111.4 million last year.
- Total sales for the whole company increased 5.2% to $747.3 million from $710.6 million in Q1 2011.
- Total sales for HSN amounted to $541.9 million, up about 3.0% from $526.2 million in 2011.
- Total sales for Cornerstone Brands increased 11.4% to $205.4 million from $184.4 million.
- The web accounted for about 42.8% of HSN’s total sales in Q1 compared with 40.3% in Q1 2011.
- For the HSN segment, the web accounted for 34.9% of sales in Q1 2011.
- For the Cornerstone segment, the web accounted for 63.7% of sales in Q1 2011.
- HSN posted net income of $26.2 million during the quarter compared with $20.3 million in the prior year.
“HSN had a strong first quarter both in terms of financial performance and in delivering on our strategies around customer growth and digital expansion,” says Mindy Grossman, CEO of HSN Inc.