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HSN returns to profit in 4th quarter, shares up

Wed, 03/03/2010 - 8:30am
The Associated Press

Shop-at-home company HSN Inc. said Wednesday that it returned to a fourth-quarter profit after accounting charges dragged down results the prior year. That sent its shares to an all-time high.

The company earned $39.4 million, or 68 cents per share. That compares to a hefty loss in the 2008 quarter of $2.15 billion, or $38.29 per share.

But excluding various items each year, the company's adjust per-share profit was 74 cents per share this year, more than double last year's adjusted profit of 36 cents per share.

Sales climbed 8 percent to $838.7 million, up from $778.5 million last year.

The company said all its product divisions had strong quarterly sales, led by the electronics, fitness and fashion categories.

For the full year, HSN earned $72.5 million, or 1.26 per share, up from a loss of $2.39 billion, or $42.54 per share.

Full-year sales slipped 3 percent to $2.75 billion, down from $2.82 billion.

HSN shares climbed $2.45, or 10.8 percent, to $25.15 in midday trading Wednesday after touching a high of $27.34.

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