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The Tampa Tribune

Published: November 13, 2009

HSN profit rises on slower sales

St. Petersburg-based retailer HSN saw split results between its TV and catalog business in the company's most recent financial quarter. Amid a difficult retail environment, HSN sales decreased less than 1 percent to $467 million, and sales in the company's Cornerstone catalog business fell 13 percent to $174.2 million in the third quarter of 2009, compared with $201.3 million in the previous year. The company saw growth in unit shipments and sales online.

Sales in total fell 5 percent to $641.2 million, and net income rose to $16.6 million, compared with $2.2 million in the same quarter a year ago.

$1 cheeseburger prompts lawsuit

Burger King franchisees sued the hamburger company this week over its $1 double cheeseburger promotion, saying they're losing money on the deal and the company can't set maximum menu prices.

The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.

Wal-Mart sees sales soften

Wal-Mart Stores Inc. posted a 3.2 percent increase in third-quarter profit, helped by cost-cutting measures such as slashing inventories, and raised its full-year earnings outlook.

But sales at its U.S. namesake stores open at least a year slipped, and the company predicted they could continue to fall through the critical fourth quarter.

Disney surprises with earnings spike

The Walt Disney Co. posted a surprise 18 percent increase in fourth-quarter earnings Thursday in a sign the company is beginning to emerge in a market hit hard by the recession.

Net income rose to $895 million, or 47 cents a share, on revenue of $9.87 billion.

A staff and wire report

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