Cutting down catalogs to aid standalone HSN
Home & Textiles Today Staff -- Home Textiles Today, April 30, 2008
New York – “HSN continued to exhibit strong momentum,” said Barry Diller, chairman and ceo of Home Shopping Network parent company IAC regarding results for the first quarter ended March 31.
“With this quarter's results, it couldn't be clearer that we are on the right course in separating IAC into five distinct public entities,” Diller said of the planned corporate spinoff/breakup. The company gave results in combined form and as they would appear post-spinoff.
The retail division, which will be named HSN (and will also include the IAC catalog businesses), posted first quarter sales of $676.9 million, up 2% over the same period last year. Operating income of $20.2 million showed a year-to-year 42% drop, however.
Profits at HSN are being held back by declines in the catalog segment, the company said, noting, “Online sales continued to grow at a double digit rate in the first quarter.” Catalogs, meanwhile were reduced by 15% to 87.2 million mailed in the quarter.
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