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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.

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