HSN Inc. reported that sales rose 5 percent year on year to $855.2 million for the second quarter that ended on June 30. HSN's net sales increased 6 percent to $556.5 million, including an 11 percent increase for its digital channel, while Cornerstone's net sales increased 4 percent to $298.7 million, Rapaport reports. HSNi observed that sales from mobile devices represented 15 percent of the total. The company's profit fell 5 percent to $40.9 million or 76 cents per share.
During the quarter, HSN recorded increased sales for beauty, home design, health and culinary, which were offset by lower sales for electronics and jewelry. The company's gross margin decreased 30 basis points to 35.3 percent primarily due to an increase in shipping promotions.
"Our focus during the second quarter remained on engaging our customers, emphasizing our unique content and proprietary products and strengthening our digital platforms," said Mindy Grossman, the CEO of HSN Inc. "Our customer file metrics at both HSN and within the Cornerstone portfolio were at record highs. We also returned $63 million to our shareholders through our capital return plan."
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