jvid视频

HSN, Inc. Reports First Quarter 2013 Results

Highlights for the First Quarter 2013:

• Net sales increased 5%
• Digital sales up 10% with sales penetration reaching nearly 45%
• Diluted EPS from continuing operations increased 24% to $0.56 per share
• Repurchased approximately 1.2 million shares of stock

ST. PETERSBURG, Fla., May 2, 2013 (GLOBE NEWSWIRE) -- HSN, Inc. (Nasdaq:HSNI) reported results for the first quarter ended March 31, 2013 for HSN, Inc. ("HSNi" or "Company") and its two operating segments, HSN and Cornerstone.

First Quarter 2013 Results vs First Quarter 2012 Results

• HSNi's net sales grew 5% over the prior year to $772.7 million.听HSN's net sales increased 2% to $550.1 million, including 4% growth in digital sales.听Cornerstone's net sales increased 14% to $222.5 million, including 19% growth in digital sales.
  听
• HSNi's Adjusted EBITDA increased 1% to $66.8 million.听These results were driven by a 5% increase in net sales and a 10 basis point increase in gross margin, offset by a 6% increase in operating expenses (excluding non-cash charges).听Operating income increased 2% to $52.5 million.听
  听
• GAAP diluted EPS from continuing operations increased 24% to $0.56 compared to $0.45 in the prior year.听
  听
• During the first quarter, HSNi repurchased approximately 1.2 million shares of its common stock at a cost of $65.3 million, or an average cost of $53.80 per share.听From inception of the share repurchase program in September 2011 through May 1, 2013, HSNi repurchased a total of 8.2 million shares at a cost of $353.5 million, or an average cost of $43.03 per share.

"I'm pleased with HSNi's first quarter performance and the progress we made in creating a powerful and differentiated retail experience. Across HSNi, we continue to reach and engage customers through content-rich, immersive experiences on multiple digital platforms. These efforts contributed to sales growth of 5% and digital sales growth of 10%," said Mindy Grossman, CEO of HSN, Inc. "We also had EPS growth of 24% and returned value to shareholders through our share repurchase and cash dividend programs that included purchasing approximately 1.2 million shares during the quarter."

HSN Segment Results for the First Quarter 2013

HSN's net sales were $550.1 million, an increase of 2% from the prior year.听Digital sales grew 4% with penetration increasing 80 basis points to 35.7%.听 Digital sales were tempered by the launch of the digital site redesign across all HSN digital platforms that occurred early in the quarter.听In addition, last year's results included one extra day versus the current year because of leap year.听Sales grew in apparel & accessories, beauty and home design, offset by lower sales in jewelry and electronics.听 The average price point decreased 9%, the units shipped increased 12% and the return rate increased 70 basis points to 20.0% primarily due to changes in product mix.听

Gross profit increased 2% to $192.4 million and gross margin increased 20 basis points to 35.0%.听The margin was favorably impacted by the product mix shift, partially offset by an increase in shipping and handling promotions. 听听

Adjusted EBITDA increased 3% to $58.9 million compared to $57.3 million in the prior year.听Operating income increased 2% to $48.6 million compared to $47.5 million in the prior year.

Cornerstone Segment Results for the First Quarter 2013

Cornerstone's net sales were $222.5 million, an increase of 14% from the prior year.听The increase in net sales was driven primarily by sales growth in the home brands and the addition of Chasing Fireflies to the portfolio.听Digital sales grew 19% with penetration increasing 300 basis points to 66.8%.听

The gross margin decreased 60 basis points to 39.5% due primarily to increased shipping and handling promotions.听Gross profit increased 12% to $87.8 million.听Operating expenses increased 40 basis points to 35.9% of net sales, primarily due to the addition of Chasing Fireflies to the portfolio.听

As a result, Adjusted EBITDA decreased 12% to $7.9 million.听Operating income, which was positively impacted by a decrease in stock-based compensation expense, increased 2% to $3.9 million.

Liquidity and Capital Resources

As of March 31, 2013, HSNi had cash and cash equivalents of $150.9 million compared to $222.1 million at December 31, 2012. 听Net cash provided by operating activities in the quarter ended March 31, 2013 was $17.3 million compared to $20.3 million used in the prior year, an improvement of $37.5 million, primarily due to changes in working capital.听

Effective May 2, 2013, HSNi's board of directors approved a quarterly cash dividend of $0.18 per share payable June 19, 2013 to shareholders of record as of June 5, 2013. 听

During the first quarter, HSNi repurchased approximately 1.2 million shares of its common stock at a cost of $65.3 million, or an average cost of $53.80 per share.听From inception of the share repurchase program in September 2011 through May 1, 2013, HSNi repurchased a total of 8.2 million shares at a cost of $353.5 million, or an average cost of $43.03 per share.听HSNi is authorized to purchase up to 10 million shares under the repurchase program authorized in September 2011.

OTHER INFORMATION

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release may contain forward-looking statements relating to the future performance of HSNi, its operating segments and its consolidated subsidiaries that are based on current expectations, forecasts and assumptions. These statements relate to expectations concerning matters that are not historical fact.听These forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, and such statements involve inherent risks and uncertainties.听Although we believe our expectations are based on reasonable estimates and assumptions, they are not guarantees of performance and there are a number of known and unknown risks, uncertainties, contingencies and other factors (many of which are outside our control) that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.听Factors that could cause or contribute to such differences include but are not limited to:听the influence of the macroeconomic environment and its impact on consumer confidence and spending levels; changes in our relationships with pay television operators, vendors, manufacturers and other third parties; changes in product delivery costs, particularly if we are unable to offset them; any technological or regulatory developments that could negatively impact the way we do business, including developments requiring us to collect and remit state and local sales and use taxes; risks associated with possible systems failures and/or security breaches, including any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to HSNi in the event of such a breach; HSNi's business prospects and strategy, including whether HSNi's initiatives and investments will be effective; our ability to offer new or alternative products and services through various platforms in a cost effective manner and consumer acceptance of these products and services; and the loss of any key member of our senior management team. 听More information about potential factors that could affect HSNi's business and financial results is included in our filings with the U.S. Securities and Exchange Commission. 听Other unknown or unpredictable factors that could also adversely affect HSNi's business, financial condition and results of operations may arise from time to time. 听In light of these risks and uncertainties, any forward-looking statements may not prove to be accurate.听All written or oral forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice.听Accordingly, you should not place undue reliance on any forward-looking statements, which only reflect the views of HSNi management as of the date of this press release.听Such statements speak only to the date such statements are made and HSNi does not undertake to update any forward-looking statements.听Historical results should not be considered as an indication of future performance.

Conference Call

Mindy Grossman, Chief Executive Officer, and Judy Schmeling, Executive Vice President and Chief Financial Officer, will hold a conference call on Thursday, May 2, 2013 at 9:00 a.m., Eastern Time, to discuss these results.听Those interested in participating in the conference call should dial 877-307-0246 or 224-357-2394 at least five minutes prior to the call.听There will also be a simultaneous audio webcast available via HSNi's website at .听

A replay of the conference call can be accessed until Thursday, May 16, 2013 by dialing 800-585-8367 or 404-537-3406, plus the pass code 31601678 and will also be hosted on the company's website for a limited time.听

jvid视频 HSN, Inc.

HSN, Inc. (Nasdaq:HSNI) is a $3.3 billion interactive multichannel retailer with strong direct-to-consumer expertise among its two operating segments, HSN and Cornerstone. HSNi offers innovative, differentiated retail experiences on TV, online, via mobile devices, in catalogs, and in brick and mortar stores. HSN, a leading interactive multichannel retailer which offers a curated assortment of exclusive products combined with top brand names, now reaches 95 million homes (24 hours a day, seven days a week, live 364 days a year). offers a differentiated digital experience by leveraging content, community and commerce. In addition to its existing media platforms, HSN is the industry leader in transactional innovation, including services such as HSN Shop by Remote^庐, the only service of its kind in the U.S., the HSN Shopping App for mobile handheld devices and HSN on Demand^庐. Cornerstone comprises leading home and apparel lifestyle brands including Ballard Designs^庐, Chasing Fireflies^庐, Frontgate^庐, Garnet Hill^庐, Grandin Road^庐, Improvements^庐 and TravelSmith^庐. Cornerstone distributes more than 300 million catalogs annually, operates eight separate digital sales sites and operates 11 retail and outlet stores.

HSN, INC.'S PRINCIPLES OF FINANCIAL REPORTING

HSNi reports Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, all of which are supplemental measures to GAAP. These measures are among the primary metrics by which we evaluate the performance of our businesses, on which our internal budgets are based and by which management is compensated. We believe that investors should have access to, and we are obligated to provide, the same set of tools that we use in analyzing our results. 听These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. HSNi endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures contained in this release and which we discuss below.

Definitions of Non-GAAP Measures

Adjusted EBITDA is defined as operating income excluding, if applicable: (1)听non-cash charges including: (a) stock-based compensation expense, (b)听amortization of intangibles, (c)听depreciation and gains and losses on asset dispositions, and (d)听goodwill, long-lived asset and intangible asset impairments; (2)听pro forma adjustments for significant acquisitions; and (3)听other significant items.听Significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, thereby affecting the comparability of results.听Adjusted EBITDA is not a measure determined in accordance with GAAP, and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP. Adjusted EBITDA is used as a measurement of operating efficiency and overall financial performance and HSNi believes it to be a helpful measure for those evaluating companies in the retail and media industries.听Adjusted EBITDA should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Adjusted EBITDA has certain limitations in that it does not take into account the impact to HSNi's statement of operations of certain expenses, including stock-based compensation, amortization of intangibles, depreciation, gains and losses on asset dispositions, asset impairment charges, acquisition-related accounting and other significant items.

Adjusted Net Income is defined as net income available to common shareholders excluding, net of tax effects, if applicable: (1) goodwill, long-lived asset and intangible asset impairments, (2)听pro forma adjustments for significant acquisitions, (3) discontinued operations and (4)听other significant items.听Significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, thereby affecting the comparability of results.听 We believe Adjusted Net Income is useful to investors because it represents HSNi's consolidated results taking into account charges which are not allocated to the operating businesses such as interest expense and taxes, but excluding the effects of goodwill and asset impairments, significant acquisition-related adjustments, discontinued operations and certain other significant items.

Adjusted EPS is defined as Adjusted Net Income divided by diluted weighted average shares outstanding for Adjusted EPS purposes.听 We believe Adjusted EPS is useful to investors because it represents, on a per share basis, HSNi's consolidated results, taking into account charges which are not allocated to the operating businesses such as interest expense and taxes, but excluding the effects of goodwill and asset impairments, significant acquisition-related adjustments, discontinued operations and certain other significant items.听 Adjusted Net Income and Adjusted EPS have certain limitations in that they do not take into account the impact of goodwill and asset impairments, significant acquisition-related adjustments, discontinued operations and certain other significant items.听Therefore, we think it is important to evaluate these measures along with our consolidated statement of operations.

CONTACT: Felise Glantz Kissell (Analysts/Investors)
         727-872-7529
         felise.kissell@hsn.net

         Gigi Ganatra Duff (Media)
         727-872-4808
         gigi.ganatraduff@hsn.net

Released May 2, 2013