HSN 3rd-quarter net income falls
ST. PETERSBURG, Fla. (AP) — HSN Inc., which runs a television shopping channel and a companion website, said Wednesday its third-quarter net income fell 27 percent, hurt by one-time expenses, but adjusted profit topped expectations.
The average price point of items bought on HSN fell 4 percent to $58.74, but units shipped rose 9 percent to 11 million. At Cornerstone, a website that sells home and clothing products, the average price point of items sold fell 9 percent to $65.52 and total units rose 23 percent to 3.8 million.
Net income fell 27 percent to $17.7 million, or 31 cents per share, from $24.3 million, or 40 cents per share, last year.
Excluding one-time items, such as depreciation and amortization, a stock-based compensation expense, amortization of debt issuance costs, deferred income taxes, bad debt expense and excess tax benefits, income totaled 66 cents per share. Analysts expected 43 cents per share, according to FactSet.
Revenue rose 7 percent to $778.8 million from $727.1 million last year. Analysts expected $784 million.
In morning trading, shares of the company added $1.61, or 3.3 percent, to $50.86.