Catalog Unit A Drag On Hsn In 4q

摘要

HSN Inc. last week reported a fourth-quarter loss of $2.15 billion compared to a profit of $73.1 million in the year-earlier period, largely due to $2.2 billion in aftertax asset impairment charges including the writedown of goodwill associated with its Cornerstone unit.rnSales at the HSN home shopping channel fell 4% to $545.9 million as unit sales fell 10% despite a 5% jump in average price point to $58.20. Internet sales rose 4% and constituted 30% of total sales.rnSales in the Cornerstone catalog/internet segment tumbled 25% to $232.6 million for the quarter, primarily due to diminished consumer demand for home furnishings and apparel. Units shipped fell 21% and average price point slipped 3% to $67.00.