Via Market Watch
HSN, Inc. (HSNI 32.98, +2.22, +7.22%) reported results for the first quarter ended March 31, 2010 for HSN, Inc. ("HSNi") and its two operating segments, HSN and Cornerstone.
"We are extremely pleased with HSNi's first quarter performance as we nearly doubled EBITDA on the strength of a 9% net sales gain and a 110 basis point increase in gross profit," said HSNi CEO Mindy Grossman.
"HSN net sales grew 9%, including a 15% increase at HSN.com as we leveraged our content across multiple channels. At Cornerstone, performance continues to improve with the business delivering positive sales growth for the first time in more than two years," continued Ms. Grossman. "We believe these accomplishments reaffirm the effectiveness of the strategies we are employing to drive profitable growth at HSNi."
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