Make us your home page
Instagram

St. Petersburg's HSN reports 20 percent drop in quarterly profits

St. Peterburg-based HSN Inc. reported Wednesday third quarter profits of $16.2 million, a 20 percent drop over the same quarter last year. 
[SCOTT KEELER | Times]

St. Peterburg-based HSN Inc. reported Wednesday third quarter profits of $16.2 million, a 20 percent drop over the same quarter last year. [SCOTT KEELER | Times]

ST. PETERSBURG — HSN Inc. Wednesday reported 20 percent drop in third quarter profits to $16.2 million, as its core online and home shopping business continued to drag.

The St. Petersburg-based company said it had a net income of 31 cents per share, a 7 percent decline from the same period the previous year. That missed Wall Street analysts' expectations of 40 cents per share.

The TV, digital and catalog retailing company posted revenues of $782.6 million, down 5 percent compared to the same quarter the year before. By the end of the year, rival QVC parent company Liberty Interactive Corp. is expected to finalize its 2.1 billion deal to purchase HSN.

PREVIOUS COVERAGE: New HSN president Mike Fitzharris brings decades of international expertise

The new owners recently selected Mike Fitzharris, a long-time QVC veteran with e-commerce experience in Europe and Japan, to take over as president of HSN. An October SEC filing outlined the future leadership structure of the combined company that showed the HSN's current triumvirate — Bill Brand, Rod Little and Judy Schmeling — being replaced.

The company cited higher operating expenses due to Hurricane Irma. During the September storm, the company closed its headquarters and relocated its broadcast studios and key personnel to temporary facilities outside of the storm's track. That cost HSN about $13 million in lost sales, the company said.

The company's flagship operation, HSN, posted a 27 percent drop in earnings.

One bright spot for parent company HSNi, however, was the smaller segment Cornerstone, a portfolio of e-commerce and catalog businesses like Ballard Design and Garnet Hill. Cornerstone, which has retail stores in Atlanta and Charlotte, reported a 40 percent increase in earnings.

Shares of HSN closed Wednesday at $35.65 down less than 1 percent.

Contact Tierra Smith at tsmith@ tampabay.com. Follow @bytierrasmith.

St. Petersburg's HSN reports 20 percent drop in quarterly profits 11/08/17 [Last modified: Wednesday, November 8, 2017 4:52pm]
Photo reprints | Article reprints

© 2018 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Crystal Lagoon planners brace for chilly ribbon cutting today

    Real Estate

    WESLEY CHAPEL — Mother Nature seems to have a way of putting a chill on one of the hottest amenities in residential real estate development.

  2. Tourism brought in record $112 billion to Florida in 2016

    Tourism

    Tourism brought in a record $112 billion to Florida's economy in 2016, up about 3 percent from 2015, according to Visit Florida figures released Wednesday. About 10 percent — $88 billion — of the state's gross domestic product came from tourism in 2016. The 2016 figures are the most recent available, as …

  3. Dow Jones closes above 26,000 for first time

    Markets

    The latest on developments in financial markets (All times local):

    4 p.m.

  4. Water Street Tampa developers seek artist and design for $600,000 outdoor art near USF med school

    Business

    TAMPA — Water Street Tampa called Wednesday for artists to send in their ideas for a big piece of public art for the outdoor plaza between one of the $3 billion project's office buildings and the new University of South Florida Morsani College of Medicine and Heart Institute.

  5. Apple to build second campus, hire 20,000 in $350B pledge

    Corporate

    SAN FRANCISCO — Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the United States that will be partially financed by an upcoming windfall from the country's new tax law.