HSN Reports Income Increase
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by Chief Marketer Staff
HSN Inc. posted net income of $18.6 million for the third quarter, an increase over net income of $14.9 million in the prior year.
The direct marketer reported net sales of $641.2 million for the quarter ended Sept. 30, a 5% decrease from $672.3 million last year.
The St. Petersburg, FL company reported gross profit of 37% for the quarter, an increase of 190 basis points over 35.1% in the prior year.
Management attributed these results in part to a $10.7 million reduction in operating expenses.
In our first year as an independent public company, we have clearly demonstrated our ability to leverage our differentiated business model, strengthen our foundation and exert strict financial and operational discipline to maximize results,
