HSN builds brand as sales grow
ST. PETERSBURG, Fla. — HSN Inc. reported that total sales for the company grew 6% to $767.2 million for the second quarter. Sales at the company's HSN segment increased 4% to $501.9 million, including 8% growth in digital sales. Cornerstone's net sales increased 11% to $265.3 million, including 17% growth in digital sales.
Adjusted EPS increased 10% to 67 cents compared with 61 cents in the prior year. GAAP income from continuing operations per diluted share increased 13% to 61 cents compared with 54 cents in the prior year.
"This quarter, we made excellent progress in building our interactive, content-driven, direct to consumer portfolio of aspirational lifestyle brands," said Mindy Grossman, CEO of HSN Inc. "Our consistent execution enabled us to achieve sales growth of 6%, digital sales growth of 12%, and customer file growth across the portfolio. We completed the acquisition of Chasing Fireflies and the divestitures of Smith+Noble and The Territory Ahead as we reposition the Cornerstone portfolio for the future."