HSNi trims cost, produces 2Q profit
August 6, 2009,
St. Petersburg, Fla. – Through cost cutting and inventory control, HSNi swung to a second quarter profit of $13.6 million following a $249.8 million loss in the year-ago period.
For the quarter ended June 30, total sales fell 8% to $640.1 million. HSN sales declined 1% to $454.2 million while the Cornerstone division’s sales dropped 21% to $185.9 million.
Grossman said the company’s best customers had decreased spending slightly, and the company has broadened HSN’s mix and focused on more products priced under $50.