- HSN (NASDAQ:HSNI) is off 10.4% and hitting five-year lows after Q3 results that featured tumbling net income after revenues fell 5% and missed.
- Net income fell 41% on a GAAP basis to $20.2M; adjusted net income dropped 27% to $27.2M.
- Average price point companywide was $61.75 (down 3%) and units shipped fell 2% to 14.9M. The company's gross profit rate fell 140 basis points to 34%, while return rate fell to 15.3% from 15.7%.
- Net sales breakout: HSN, $569.7M (down 4%); Cornerstone, $253.4M (down 8%). Operating income by segment: HSN, $47M (down 16%); Cornerstone, -$10.1M vs. a year-ago $1.6M.
- The company also named Carmen Bauza executive VP and chief merchandising officer, effective Nov. 28. She's had more than 30 years' experience with companies including Wal-Mart (NYSE:WMT), L Brands (NYSE:LB), Five Below and Disney.
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HSN -10.4% to five-year lows after Q3 earnings miss
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