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.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...