Cutting down catalogs to aid standalone HSN
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.
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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