Make us your home page
Instagram

As HSN awaits takeover by QVC, quarterly revenues slip but net income rises

ST. PETERSBURG — Its CEO star left to run a weight-loss business. Now it's about being acquired by rival TV/online sales competitor QVC. What's next for HSN?

The company's quarterly financial performance, announced Thursday, included a 4 percent drop in net sales to $821.4 million. HSN sales grew in the wellness and home categories, offset by decreases in electronics, beauty and jewelry. Shipping revenues declined primarily due to the August 2016 changes in the standard shipping rates and increased promotions, the company said.

But stronger profits with a 20 percent jump over last year in net income to $32.8 million for the three months ended June 30.

How the company fared in the quarter is less significant to investors now that Liberty Interactive, the parent of QVC, is buying HSN for just over $2 billion.

PREVIOUS COVERAGE: HSN acquired by rival retail giant QVC for $2.1 billion

"As we prepare for the pending acquisition by Liberty, we remain committed to our strategies to improve performance both in the short and long term, said HSN chief financial officer Rod Little. The CFO has taken on a chief spokesman role for the company since high-profile CEO Mindy Grossman left in May to join Weight Watchers International investor and billionaire Oprah Winfrey in rebuilding the weight-loss program operator.

As HSN awaits takeover by QVC, quarterly revenues slip but net income rises 08/03/17 [Last modified: Friday, August 4, 2017 7:31am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Six kitchen gadgets that are completely useless

    Cooking

    If you're buying me a gift this year, don't get me an Instant Pot. I'm serious.

  2. Flipping homes for big profits is getting harder in Tampa Bay

    Real Estate

    Michael Sadeghpour was just 18 when he did his first flip.

  3. Illegal card skimmer discoveries in Tampa Bay double in 2017

    Autos

    State investigators have discovered more than double the number of credit card skimmers in the Tampa Bay area in 2017 than in 2016 — with still a few weeks left in the year. The Florida Department of Agriculture and Consumer Services found 54 skimmers in Tampa Bay, up from 26 skimmers last year.

  4. Punit Shah's Liberty Group building new Channel District hotel with Jameis Winston as limited investor

    Real Estate

    TAMPA — Punit Shah's Liberty Group announced plans Tuesday to start construction in January on a Channel District project that will include a Hampton Inn and Home2 Suites, both by Hilton, plus a Starbucks Coffee.

  5. Pasco cuts tourism aid to annual Dick's lacrosse tournament

    Tourism

    For $90,000, Pasco County is supposed to receive year-long national publicity and exposure to tourists as part of its presenting sponsorship of the annual Dick's Sporting Goods Tournament of Champions lacrosse tournament in Wesley Chapel.