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.
"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.