HSN Inc., formerly known as the Home Shopping Network, said that net sales totaled $751.2 million in the third quarter, a 6 percent increase over last year, including 12 percent growth in digital sales. The company’s gross profit was $272.8 million in the quarter, up 9 percent.
“We achieved these results while executing on a number of significant initiatives, including new launches, events, and expansion of our digital efforts,” said CEO Mindy Grossman in a statement.
Other highlights of the company’s financial statement:
- HSN segment net sales: $513.0 million, up 4%
- HSN digital sales: Up 10%
- HSN gross profit: $178.5 million, up 5%
- Cornerstone segment new sales: $238.2 million, up 11%
- Cornerstone segment digital sales: Up 15%
- Cornerstone gross profit: $94.3, up 18%
In September, the company approved a share repurchase program for 10 million shares and a cash dividend of $0.125 per share—its first share repurchase and cash dividend programs.