HSN “Not Pleased” With Financial Results as Jewelry Sales Slip

HSN’s CEO pronounced herself displeased with the company’s third-quarter results, which showed continuing falls in jewelry sales.

According to its latest 10-Q filed with the SEC, jewelry now comprises 10 percent of HSN’s sales, compared to 8.2 percent last year.

Overall, parent company HSNi’s net sales increased 3 percent over the prior year to $864.9 million. HSN’s net sales increased 2 percent to $590.6 million, including 7 percent growth in digital sales.

“We are not pleased with our third quarter results, which do not reflect the deliberate and strategic changes we have made over the past three years to strengthen our brands, create efficiencies, and develop our talent to position ourselves for long-term growth,” stated Mindy Grossman, CEO of HSN, said in a statement.

In a conference call following the release of its results, Grossman said the company will soon launch a weekly program, Bejeweled.

 “We’re leveraging this successful platform as one of our strategies to reignite our jewelry business,” Grossman said, according to a SeekingAlpha transcript.

 

JCK News Director