HSNi trims cost, produces 2Q profit
-- Home Textiles Today, 8/6/2009 10:40:00 AM
St. Petersburg, Fla. – Through cost cutting and inventory control, HSNi swung to a second quarter profit of $13.6 million following a $249.8 million loss in the year-ago period.
Luxury and home sales remain weak, executives said during the company's quarterly conference call late yesterday, but there were signs of improvement in the Cornerstone catalog/internet division, particularly at Ballard’s, Garnet Hill and Travel Smith. Chief executive officer Mindy Grossman characterized the Home Shopping Network’s recent rollout of textiles, furniture, rugs, accessories and lighting by designer Carleton Varney as “a great success.”
For the quarter ended June 30, total sales fell 8% to $640.1 million. HSN sales declined 1% to $454.2 million while the Cornerstone division’s sales dropped 21% to $185.9 million.
Grossman said the company’s best customers had decreased spending slightly, and the company has broadened HSN’s mix and focused on more products priced under $50.
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