HSNi Posts Solid 4Q
Home & Textiles Today Staff -- Home Textiles Today, March 26, 2011
Strong internet sales and resurgence in the catalog brand business helped push HSNi ahead 9% in the fourth quarter.
Consolidated sales were $915.2 million for the quarter ended Dec. 31. Sales for HSN rose 4% to $636.8 million, which included a 9% sales boost at HSN.com.
The company's Cornerstone division - Garnet Hill, Ballard Designs, Frontgate, Improvements, Smith + Noble, The Territory Ahead and TravelSmith - generated a 23% sales gain to $278.4 million, with internet sales penetration reaching 58.6%.
Net income rose 4.9% to $41.3 million, or 71 cents per share.