St. Petersburg, Fla. – HSN Inc. (HSNi) missed Wall Street expectations for its net income in the second quarter of fiscal 2014. HSN reported net income of $40.9 million, a 5% drop from $43.3 million a year earlier.
Net sales rose 5% to $855.2 million, from $812.6 million. Mobile and digital sales growth helped drive the overall improvement in net sales. Promotions in the company’s Cornerstore business negatively impacted net income.
"Our focus during the second quarter remained on engaging our customers, emphasizing our unique content and proprietary products, and strengthening our digital platforms,” said Mindy Grossman, CEO of HSN, Inc. “HSNi sales increased 5% and digital sales grew 9% with mobile now representing 15% of our total sales.