HSN Q1 Profit Declines, But Beats View - Quick Facts

(RTTNews) - Interactive multi-channel retailer HSN, Inc. (HSNIV, HSNI) reported a decline in profit for the first quarter from last year on lower revenues. However, earnings per share beat analysts' expectations, while revenues missed their estimates.

The company's first-quarter net income was $28.6 million or $0.54 per share, down from $33.7 million or $0.63 per share in the year-ago period.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 3 percent to $816.8 million from $841.89 million in the same period last year, while analysts expected revenue of $837.10 million for the quarter.

Mindy Grossman, CEO of HSN, said, "Our performance in the quarter reflected the impact of the volatile retail environment combined with the repositioning of our product portfolio. We continue to invest strategically in digital, data analytics and content while aggressively managing overall expenses in the business."

HSN's board of directors approved a quarterly cash dividend of $0.35 per share payable June 15, 2016 to shareholders of record as of June 1, 2016.