TV shopping sales gains at HSN slowed to a still-respectable 4 percent during the holiday season, but the continued recovery of the St. Petersburg e-commerce retailer's catalog units salvaged the quarter.
Overall, HSN Inc. on Wednesday reported sales rose 9 percent to $915 million in the quarter ended Dec. 31, while net income increased 5 percent to $41 million, or 69 cents a share, up from $39 million, or 68 cents a share, a year ago.
The TV shopping channel's performance faced a stiff headwind because it was up against comparisons to a 2009 holiday sales rebound of 12 percent, which was the biggest in company history.
Credit for the gains went to strong sales of electronics, wellness products and fashion, although the network suffered more price markdowns than usual to sell some apparel misfires.
The company's mail order catalog portfolio, which gets most of its sales from online shoppers, reported a 19 percent sales gain to $278 million. The best performance was from Ballard Design, Frontgate and Garnet Hill.
For the full year, HSN's sales were up 9 percent to $2.996 billion, from $2.749 billion in 2009. Net income rose 36 percent to $99 million, or $1.65 a share, up from $73 million, or $1.26 a share, the year before.
Mark Albright can be reached at firstname.lastname@example.org or (727) 893-8252.