Life and politics from the Sunshine State's best city

St. Pete-based HSN drops revenue, profits; still beating industry expectations

in The Bay and the 'Burg/Top Headlines by

HSN Inc., a home shopping network operator, reported a drop in its fourth-quarter profit and revenue Wednesday. But its profit for the period exceeded market expectations, sending its shares up in trading.

The St. Petersburg, Florida-based company said it earned $59.7 million, or $1.12 per share. Earnings, adjusted for one-time gains and costs, amounted to $1.15 per share. Analysts surveyed by Zacks Investment Research were anticipating earnings of $1.04 per share.

HSN’s revenue fell 2 percent to $1.1 billion, short of market forecasts. Analysts surveyed by Zacks expected $1.11 billion.

The company said deep discounting among retailers hurt its performance for the period. The average price point for its items fell 5 percent to $60.24 for the quarter. The company said there is “continued volatility” in the retail environment.

For the year, the company reported a profit of $169.2 million, or $3.16 per share. Revenue was reported as $3.69 billion.

HSN shares jumped more than 8 percent in midday trading to $52.31. The stock has dropped 23 percent in the last 12 months.

Republished with permission of the Associated Press.

Comments

comments

Latest from The Bay and the 'Burg

Show Buttons
Hide Buttons
Go to Top