HSNi launching new digital content and new stores
August 3, 2017,
During this morning’s second-quarter analyst call, executives outlined key initiatives:
- HSN Now, a video-on-demand service that will allow shoppers to tap into programming about their favorite brands and top items or shop content based on trends.
- The HSN2 television channel will launch live programming this month and will be populated with more short-sell videos.
- The Cornerstone division opened a new Ballard Design Studio in on Long Island, NY, last month and is on track for the Q4 opening of another store in Charlotte, N.C.
- Frontgate, also part of Cornerstone, soft opened a new store in Plano, Texas, last month that will grand open Sept. 7. A relocated Atlanta store will soft open next month and grand open in Q4.
At Cornerstone, the exclusive Eileen Fisher Home collection and apparel drove sales at Garnet Hill. No other product categories were highlighted for the division. Cornerstone Q2 sales fell 3.0% to $298.2 million. Operating income came in at $16.4 million vs. an operating loss of $8.9 million in the year-ago quarter.
For the quarter ended June 30, total HSNi sales dropped 4% to $821.4 million. Digital sales penetration rose 210 basis points to 54.7%. Excluding the results of TravelSmith and Chasing Fireflies, two Cornerstone brands divested last September, HSNi's net sales fell 2%.
Net income climbed 24.0% to $32.8 million, or 62 cents per share.
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