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HSN reports net sales up 7 percent for third quarter

Net sales for St. Petersburg-based HSN Inc. rose 7 percent to $778.8 million during the third quarter compared to the same period last year, the company announced Wednesday.

Net income fell to $17.7 million from $24.3 million. The quarterly results include a sales tax settlement of $7.8 million.

CEO Mindy Grossman told stock analysts the company saw strong sales in home decor, culinary, beauty and fashion products, and expected an improvement in electronics next quarter.

Digital sales grew 16 percent, and the quarterly dividend increased 44 percent to 18 cents per share.

The company's assortment of products and key promotions should help drive a successful holiday season, despite intense competition and continued economic uncertainty, said HSN's chief financial officer, Judy Schmeling.

In November, in an effort to reach new customers, HSN is partnering with Coca-Cola to launch a digital store featuring about 400 Coke products.

HSN reports net sales up 7 percent for third quarter 10/31/12 [Last modified: Wednesday, October 31, 2012 7:10pm]
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