HSNi profit rises
Home & Textiles Today Staff -- Home Textiles Today, May 4, 2011
St. Petersburg, Fla. - Multi-channel retailer HSNi saw its net income jump 13% in the first quarter as price point and gross profit margin both increased.
Net income for the quarter ended March 31 was $20.3 million, or 36 cents per share, compared to $17.7 million, or 31 cents per share, during the year-ago period.
Total sales rose 6% to $724 million, driven primarily by a 20% jump in sales at its Cornerstone division, which includes Garnet Hill, Ballard Designs, Frontgate, Improvements, Smith + Noble, The Territory Ahead and TravelSmith.
Cornerstone's sales rose to $197.8 million, while sales in the HSN division rose 1% to $526.2 million.
Company ceo Mindy Grossman told analysts during this morning's quarterly conference call that Internet sales now account for 58% of the company's business.
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