HSNi announced its total net sales were up 5 percent to $747.3 million in the first quarter of 2012.
The company also experienced strong digital growth, up 12 percent from the previous year.
“HSNi had a strong first quarter both in terms of financial performance and in delivering on our strategies around customer growth and digital expansion,” Mindy Grossman, CEO of HSNi, said in a statement.
“We also continued our efforts to improve our capital structure and drive shareholder value. We executed on our share repurchase program, announced our next quarterly dividend and closed our new credit facility, providing us with additional financial flexibility,” Grossman said.
Highlights of HSNi’s financial statement (three months ended March 31) include:
- Net sales: up 5 percent
- Digital sales: up 12 percent
- Net income: up 29 percent