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HSN Inc. 3Q adj. profit tops St.; lifts dividend

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The Associated Press | November 6, 2013 10:13 AM EST | AP


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.