HSNi reported impressive financial results for the third quarter of fiscal 2013. Net income soared about 137% to $42 million, compared to $17.7 million in the same quarter a year prior.
In addition, net sales grew almost 3%, to $789.9 million from $778.8 million. The elimination of a roughly $18 million loss related to debt extinguishment recorded in the third quarter of fiscal 2012 drove much of the quarterly net income growth. Mindy Grossman, CEO of HSN, also cited digital and mobile growth as boosting the company’s overall performance.
"HSNi has built a powerful and diverse portfolio of brands and products enabling us to capitalize on consumer trends, manage marketplace dynamics and position the company for long-term success," said Grossman. "During the third quarter, this strategy resulted in record customer levels at HSNi, an increase in digital penetration of 230 basis points, including strong growth in mobile, which now represents 12% of our total business, and Adjusted EPS growth of 19%."