HSN, Inc. (HSNI) Misses Q3 EPS by 6c

HSN, Inc. (NASDAQ: HSNI) reported Q3 EPS of $0.70, $0.06 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $864.9 million versus the consensus estimate of $872.5 million.

"We are not pleased with our third quarter results, which do not reflect the deliberate and strategic changes we have made over the past three years to strengthen our brands, create efficiencies and develop our talent to position ourselves for long-term growth," stated Mindy Grossman, CEO of HSN, Inc. "While we believe that our opportunity to drive growth remains strong, certain product categories at HSN and specific brands within our Cornerstone portfolio weighed on our results in the quarter. We have taken decisive actions to course correct and move the business forward while managing profitability.

"Specifically, at HSN we have made changes in our merchandising organization to reignite our strategy of offering customers new and differentiated product in all categories. At Cornerstone, we are maximizing growth opportunities while rationalizing circulation and inventory to drive the business," added Ms. Grossman. "We continue to have strong digital performance at HSNi with digital sales growth of 8% and penetration of nearly 50% with mobile up 18%-now representing 37% of our total digital business.

"We remain confident that our fundamental strengths of customer focus and engagement, increasingly sophisticated digital platforms, and unique, immersive retail experiences and products position us well for long-term success in the evolving commerce landscape."

For earnings history and earnings-related data on HSN, Inc. (HSNI) click here.

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