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Cornerstone Division's Performance Pulls Down HSN Profits

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By RICHARD MULLINS | The Tampa Tribune

Published: November 6, 2008

TAMPA - As expected, a dismal retail economy clipped sales and profits at St. Petersburg-based retailer HSN Inc.

HSN's television sales division remained relatively steady, with sales of $471 million during the quarter ended Sept. 30, up 4 percent from the same quarter a year before, with the average purchase price up 4 percent.

But the company's Cornerstone catalog division saw sales fall 12 percent to $201 million due to economic conditions, the company said.

Total revenue was down 1 percent to $672 million, with net income down 87 percent to $2.2 million in the quarter.

HSN, an independent company spun off from IAC/InterActiveCorp., plans a conference call with investors and analysts at 11 a.m. today. To listen, go to HSNi.com.

The company's stock was up 10 cents to $5.07 in morning trading.

Reporter Richard Mullins can be reached at (813) 259-7919.

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