NEWS: HSN's third-quarter net income more than doubled as the prior-year period was dragged down by a large loss on repaying debt.
The home shopping network operator also announced Wednesday that it is raising its quarterly dividend by 39 percent to 25 cents.
DETAILS: HSN, based in St. Petersburg, Fla., sells its products on television, online and in brick-and-mortar stores through its two operating segments, HSN and Cornerstone. Sales for its namesake unit were almost unchanged at nearly $539 million as average prices fell 5 percent. Cornerstone sales gained 8 percent to about $260 million, with average prices increasing 13 percent.
NUMBERS: For the three months ended Sept. 30, HSN Inc. earned $42.1 million, or 77 cents per share. That's up from $17.7 million, or 31 cents per share, a year earlier, which included a loss of $18.3 million loss on debt payments.
Removing a tax benefit, earnings for the latest quarter were 70 cents per share. Revenue rose 3 percent to $798.9 million.
Analysts predicted earnings of 64 cents per share on revenue of $815.2 million, according to a FactSet survey.
STOCK: Down $1.66, or 3.1 percent, to $52.19 Wednesday morning.