Posts Tagged ‘second-quarter earnings’

Evine To Report 2Q Results Aug. 23

August 4, 2017

Evine will release its second-quarter earnings Aug. 23 before the market opens at roughly 6 a.m. CEO Bob Rosenblatt and Chief Financial Officer Tim Peterman will hold a conference call at 8:30 a.m. to review the results.

Those interested in participating in the conference call should dial 1-877-407-9039 or 1-201-689-8470 (international) at least five minutes prior to the call.

There will be a simultaneous audio webcast available at the following link:

http://event.on24.com/wcc/r/1400380/564716D174B109733474197672B07CA3

A replay of the conference call will also be hosted on the company’s website for a limited time.

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HSN 2Q Sales Dip 4 Percent, To $532.2 Million

August 4, 2017

Looks like the second quarter another was a tough one for home shopping networks.

On Thursday HSN reported that its net sales for the quarter were $532.2 million, a 4 percent drop from the prior year. Sales grew in wellness and home, offset by decreases in electronics, beauty and jewelry.

The earnings press release talked about Liberty Interactive Corp.’s pending acquisition of HSN.

“We continue to focus on building our proprietary product pipeline which we believe will ultimately lead to growth in the business,” HSN Inc. Chief Financial Officer Rod Little said in a canned statement. “The continued strength of digital sales, and mobile sales in particular, has been very encouraging with digital sales now representing 55% of our total revenue. Mobile, which we see as our flagship, continues to be our fastest growing sales channel and a source of new customer acquisition.”

“As we prepare for the pending acquisition by Liberty, we remain committed to our strategies to improve performance both in the short and long term,” he said. “Our key priorities remain: acquiring and retaining customers via a robust and relevant product portfolio, optimizing our digital platforms and improving efficiencies throughout the business, all to drive consistent shareholder value creation.”

The No. 2 home shopping network said shipping revenue decline primarily due to the August 2016 changes in the standard shipping rates and increased promotions. The average price point decreased 7 percent, while units shipped increased 2 percent largely due to changes in product mix, according to the press release.

Gross profit decreased 5 percent to $186.8 million. Gross profit rate decreased 30 basis points to 35.1 percent, primarily due to a decrease in shipping revenue and higher shipping and fulfillment costs, partially offset by higher product margins and lower inventory reserves due to a change in accounting estimate.

The increase in shipping and fulfillment costs was primarily due to annual outbound rate increases and implementation costs associated with HSN’s ongoing supply-chain optimization initiative, the network said.

Operating expenses increased 4 percent to $147.6 million driven by about $3.7 million in transaction costs related to the merger agreement, an increase in employee-related costs, higher costs incurred as part of the supply-chain O initiative and an increase in bad debt expense, partially offset by lower stock-based compensation expense primarily due to the departure of CEO Mindy Grossman during the quarter.

Excluding non-cash charges and transaction costs, operating expenses increased 4 percent and were 25.6 percent as a percentage of net sales compared to 23.5 percent in the prior year.

Operating income decreased $15.9 million, or 29 percent, to $39.2 million. Adjusted EBITDA decreased $15.8 million, or 24 percent, to $50.5 million. The supply-chain implementation resulted in an additional $2.9 million of costs in the second quarter, which impacted gross profit and operating expenses.

HSN, QVC’s Parent To Report 2Q Earnings

July 15, 2017

HSN Inc., about to be swallowed up by QVC’s parent company, as well as that parent, Liberty Interactive Corp., will be releasing their second-quarter results early next month, both companies announced this week.

HSN will report its second-quarter earnings Aug. 3 at 8 a.m., before the market opens.

Chief Financial Officer Rod Little; Bill Brand, chief marketing officer of HSNi and president of HSN; and Judy Schmeling, chief operating officer of HSNi and president of Cornerstone Brands, “who together constitute the Office of the CEO,” will hold a conference call at 9 a.m. to review these results.

Those interested in participating in the conference call should dial 877-307-0246 or 224-357-2394 at least five minutes prior to the call. There will also be a simultaneous audio webcast available via the company’s website at http://www.hsni.com.

A replay of the conference call can be accessed until Aug. 17 by dialing 855-859-2056 or 404-537-3406, plus the pass code 54744987 and it will also be hosted on the company’s website for a limited time.

Liberty Interactive President and CEO Greg Maffei will host a conference call to discuss results for the second quarter Aug. 8, at 2:30 p.m.

Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding both Liberty Interactive Corporation and Liberty TripAdvisor Holdings.

Maffei may discuss the financial performance and outlook of both companies, as well as the proposed acquisition of HSN.

The second-quarter earnings conference call will be broadcast live via the internet. All interested participants should visit the Liberty website at http://www.libertyinteractive.com/events to register for the webcast.

Links to the press release and replays of the call will also be available on the website, and the conference call will be archived ror one year after appropriate filings have been made with the SEC.

Michael Buble Fragrance, Iris Apfel Fashion Coming To HSN

August 6, 2016

We read the transcript of HSN’s second-quarter call with Wall Street analysts, and CEO Mindy Grossman had some juicy tidbits.

Here are some quotes we pulled from the transcript that is from Seeking Alpha:

http://seekingalpha.com/article/3996127-hsn-hsni-mindy-grossman-q2-2016-results-earnings-call-transcript?part=single

“Iris Apfel who will launch our first ready-to-wear collections exclusive to HSN, inspired by her documentary.”

“HSN is also the exclusive launch partner for Grammy Award winner Michael Bublé’s first-ever fragrance with Elizabeth Arden. Michael will be appearing on HSN as we leverage his strong social following of nearly 15 million fans across Facebook, Twitter, and Instagram.”

“And leveraging our success with Vince Camuto’s footwear, we will be intensifying our partnership to showcase a comprehensive lifestyle brand. This includes debut of his apparel collection and being the exclusive retail destination for Vince Camuto handbags.”

“And we’ll be debuting Beauty from Gina Rivera, who garnered a large following from CBS’s ‘Undercover Boss.’ The debut will coincide with the launch of her reality show ‘Beauty Boss.'”

“We will be expanding our fine and elevated fashion jewelry collections, which have demonstrated strength.”

“And as part of our intensification of the footwear category, we are partnering with Hearst Magazine’s ‘Marie Claire’ and senior editor Zanna Roberts Rassi to bring an editorial point of view to fashion, speaking of larger trends and highlighting new styles culminating in our Shoes First premiere on HSN, which will also be featured as part of the magazine’s Shoes First footwear edition.”

And from Chief Financial Officer Judy Schmeling:

“We continue to expand our presence in the over-the-top environment, most recently by utilizing our excessive content and patented Shop by Remote technology to create a new channel application that just launched on the Roku platform, HSN Beauty. This platform combines our entertaining and educational content with the ease of ordering on Shop by Remote to create a friction-less commerce experience.”

QVC Sales Up Slim Two Percent, Outlook Gloomy

August 6, 2016

The major domestic home shopping networks are having a tough year.

Liberty Interactive Corp., QVC’s parent, reported its second-quarter earnings on Friday. QVC did better than HSN, but gloomy honchos at the West Chester-based channel warned that sales really slowed down at the end of the quarter, echoing the challenges that brick-and-mortar retailers are facing.

“QVC continues forward in a choppy retail environment,” said Greg Maffei, Liberty Interactive president and CEO.

QVC’s U.S. revenue rose 2 percent to $1.4 billion in the second quarter versus the prior year. HSN, which reported its earnings on Thursday, saw its net sales for the quarter drop 3 percent, to $557.2 million.

“Beginning in early June QVC’s U.S. sales began to experience significant headwinds, which have continued,” Liberty said in its press release.

“The sales declines, as compared to prior periods, have averaged in the mid- to high- single-digit percentages. QVC has developed many initiatives intended to reverse the negative trends and QVC is optimistic, although there is no guarantee, that these actions will have a positive effect. However, even if these initiatives begin to reverse these trends, it is believed that QVC’s U.S. net revenue and adjusted OIBDA will likely experience negative growth rates for the third quarter.”

In other words, QVC’s sales will likely be down in the 3Q. QVC President and CEO Mike George had the same bad news.

“We reported solid second-quarter results, with good sales growth in most markets,” he said.

“Late in the quarter, we experienced a deceleration in demand in the U.S. that has continued. As a result, our near-term perspective is more cautious. Longer term, we remain well-positioned with our highly differentiated retail model, strong customer retention, and our ability to deliver compelling experiences across immersive commerce platforms.”

In the second quarter, QVC units sold increased 4 percent, average selling price per unit (“ASP”) decreased 3 percent to $56.60 and returns as a percentage of gross product revenue improved 82 basis points.

QVC saw growth primarily in the apparel and accessories categories, which was partially offset by declines in jewelry and electronics.

E-commerce revenue increased 11 percent to $727 million and grew more than 400 basis points to 51 percent of total U.S. revenue.

QVC’s international revenue increased 7 percent to $635 million in the second quarter.

Evine Live To Report Second-Quarter Results Aug. 24

August 5, 2016

Evine Live will release its second-quarter earnings Aug. 24, 2016, before the market opens, the home shopping network said Thursday.

Interim CEO Bob Rosenblatt and Tim Peterman, chief financial officer, will hold a conference call at 8:30 a.m. to review the results.

Those interested in participating in the conference call should dial 1-877-407-9039 (domestic) or 201-689-8470 (international) at least five minutes prior to the call.

The passcode is: 13641966. There will be a simultaneous audio webcast available at the following link:

http://event.on24.com/wcc/r/1205744/B9C7AA68CA790BE786DB7D47B3312400

A replay of the conference call will also be hosted on the company’s Investor Relations website for a limited time, which can be found at: http://www.evine.com/ir.

HSN’s Sales Drop 3 Percent, To $557 Million, In Second Quarter

August 5, 2016

The No. 2 home shopping network, HSN, saw its net sales dip 3 percent, to $557.2 million, in the second quarter versus the prior year, the channel reported on Thursday.

Sales in electronics and beauty rose, offset by decreases in other product categories and in shipping revenues, the network said in a press release.

Roughly one-third of the decline in net sales was attributable to the conclusion of a direct-response television marketing campaign in the prior quarter.

Digital sales increased 5 percent with penetration increasing 330 basis points to 43.6 percent. The return rate improved 60 basis points to 17.4 percent; units shipped decreased 2 percent; and average price point decreased 2 percent.

Gross profit decreased 6 percent to $197.1 million. Gross profit rate decreased 120 basis points to 35.4 percent, primarily due to an increase in shipping promotions, higher inventory reserves and changes in product mix. The change in rate was also negatively impacted by favorable settlements of vendor claims in the prior year.

Operating expenses decreased 9 percent to $142 million, primarily due to decreases in employee-related costs and bad-debt expense and a $3 million charge in the prior year related to the planned closure of one of HSN’s distribution centers.

Excluding non-cash charges and the $3 million severance charge, operating expenses as a percentage of net sales were 23.5 percent compared to 24.7 percent in the prior year.

Operating income increased 3 percent to $55.1 million. Adjusted EBITDA decreased 3 percent to $66.3 million.

“HSNi’s results were impacted by the performance of certain merchandising categories at HSN as well as a weaker season and a greater promotional environment in the outdoor business at Cornerstone,” HSN Inc. CEO Mindy Grossman said in a statement.

Cornerstone Brands, the catalog company, along with the HSN TV network is part of HSN Inc.

“Recognizing that we are navigating in a challenging macro environment, we are focused on execution, combined with disciplined operating expense management and optimizing operational efficiencies,” Grossman said.

“At HSN, we are accelerating our targeted customer acquisition strategies and intensifying our efforts to drive product demand through proprietary products, new programming, and partnerships to improve our top-line performance,” she said.

“At Cornerstone, we are concentrating on the brands within the portfolio that have the greatest growth opportunities, including our expanded retail distribution channels. As a result of this strategic focus, we have entered into a letter of intent to sell our TravelSmith and Chasing Fireflies businesses.”

HSN also announced that Judy Schmeling, currently HSN’s chief operating officer and chief financial officer, has been appointed president of Cornerstone.

“In addition to her new role, she will continue to serve as COO of HSNi and will remain CFO during the transition until a permanent successor is appointed,” Grossman said.

“Judy has extensive strategic and financial expertise and over 20 years of experience at the company across all areas of the business. I have great confidence that she is the right leader to drive the Cornerstone business.”

Sales for HSN Inc., both HSN and Cornerstone, decreased 4 percent to $854.3 million. Cornerstone’s net sales decreased 5 percent to $297.1 million.

QVC Parent To Release Second-Quarter Results Aug. 5

July 7, 2016

Liberty Interactive Corp., QVC’s parent, will post its second-quarter earnings Aug. 5, the company said this week.

Liberty President and CEO Greg Maffei will host a conference call to discuss results at 12:15 p.m.

Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding both Liberty Interactive Corporation and Liberty TripAdvisor Holdings.

During the call, Maffei may discuss the financial performance and outlook of both companies, as well as other forward looking matters.

The second-quarter earnings conference call will be broadcast live via the internet.

All interested participants should visit the Liberty Interactive website at http://www.libertyinteractive.com/events to register for the webcast.

Links to the press release and replays of the call will also be available on the website. The conference call and related materials will be archived on the website for one year.

HSN Net Sales Increase 3 Percent, To $572.3 Million, In 2Q

August 7, 2015

HSN’s net sales increased 3 percent, to $572.3 million in the second quarter, with strong growth in apparel, accessories and electronics offset by decreases in jewelry (Oh no!) and home, the shopping network reported Thursday.

The No. 2 home shopping channel hit Wall Street’s projections for earning per share, but not the forecasts for net revenue, according to the Associated Press.

http://www.foxbusiness.com/markets/2015/08/06/hsn-meets-2q-earnings-expectations-misses-revenue-forecasts/

That compares to the 4 percent jump, to $1.4 billion, in the second quarter that QVC posted on Wednesday.

HSN’s digital sales were up 11 percent with penetration increasing 310 basis points to 40.3 percent. The return rate improved 70 basis points to 18 percent primarily due to changes in product mix. Units shipped increased 2 percent and average price point increased 1 percent.

Gross profit increased 7 percent to $209.3 million. Gross margin increased 130 basis points to 36.6 percent primarily due to favorable vendor settlements and lower inventory-related costs including inbound freight and duties.

HSN recorded $3 million for certain costs associated with the planned closure of one of its distribution centers as part of its supply-chain optimization initiative.

Excluding non-cash charges and the costs associated with the planned closure of the distribution center, operating expenses as a percentage of net sales increased 70 basis points to 24.7 percent primarily due to increases in bad debt expense and employee-related costs.

Adjusted EBITDA increased 9 percent to $68.2 million. Operating income increased 3 percent to $53.5 million.

The consolidated results for HSN Inc., which includes the HSN network and the Cornerstone unit, were that net sales rose 4 percent over the prior year to $885.6 million.

“Our ongoing focus on content-driven commerce continues to position us well for long-term growth,” HSN Inc. CEO Mindy Grossman said in a canned statement. “HSNi’s results in the quarter reflected strong top and bottom line performance, particularly on our digital and mobile platforms. We continue to advance our strategies to remain a leader in boundaryless retail.”

QVC’s Second-Quarter Revenue Increases 4 Percent, To $1.4 billion

August 6, 2015

QVC’s second-quarter revenue was up 4 percent, to $1.4 billion, from the year-ago period with operating income rising 11 percent, the home shopping network’s parent, Liberty Interactive Corp., reported Wednesday.

Units sold increased 4 percent, average selling price per unit increased 3 percent to $58.51 and returns as a percentage of gross product revenue were virtually flat.

http://ir.libertyinteractive.com/releasedetail.cfm?ReleaseID=925878

The U.S. home shopping network experienced growth in all categories except electronics, according to Liberty.

E-commerce revenue increased 11 percent to $655 million and grew to 47 percent from 43 percent of total U.S. revenue.

The revenue from QVC’s international networks took a hit in the quarter, down 11 percent to $592 million.

QVC’s consolidated revenue, which includes its domestic network and its global channels, dipped 1 percent to $2 billion.

“We delivered a terrific quarter with strong and balanced results across markets, platforms, product categories and customer segments,” QVC President and CEO Mike George said in a canned statement.

“We generated local currency revenue growth and adjusted OIBDA improvement in every one of our consolidated markets,” he said.

“Our e-commerce growth accelerated significantly and we continued to extend our mobile penetration. We produced strong margin expansion despite investing in new shipping and handling policies in the U.S. and start-up expenses associated with the launch of QVC France,” George said.

“Our overall customer base and our new customer additions increased at some of the strongest rates in years,” he said. “Our strong quarter reflects our disciplined execution of strategies aimed at extending our leading global video and e-commerce position.”

Despite the business’ investment in new shipping and handling policies, adjusted OIBDA increased 7 percent to $349 million and adjusted OIBDA margin increased 78 basis points to 24.8 percent. These gains were primarily due to improved product margins, higher credit card income and lower bad debt and marketing expenses, which were partially offset by lower shipping and handling revenue.