HSNi Q1 Net Climbs 20.5 Percent
ST. PETERSBURG, Fla.-Growth in both sales and margins across the company's platforms helped firm HSNi's bottom line by 20.5 percent in its first quarter, to $31.5 million.
In the quarter, which ended on March 31, the multichannel retailer posted total sales growth of 4.7 percent to $772.7 million. Most of this surge occurred in the company's Cornerstone unit, whose sales shot up 14 percent, while the HSN segment saw sales edge up 2 percent. In addition, digital sales across both units rose 10 percent, according to Mindy Grossman, HSNi's CEO.
Gross margin in the quarter was up eight basis points to 36.3 percent. Selling, general and administrative expenses were up 5.3 percent in dollars and 16 basis points as a percentage of sales to 28.2 percent.
Grossman said HSNi's ability "to reach and engage customers through content-rich, immersive experiences" was a major factor in its growth on both the top and bottom lines in the quarter.