HSN's 3Q Profit +60%

Multi-channel retailer HSNi reported a 6 percent year on year increase in revenue to $751.2 million and improved gross profit margin of 100 basis points to 36.3 percent for the third quarter. Net income jumped 60 percent to $24.3 million for the three months that ended on September 30, 2011. HSN's revenue during the quarter rose 4 percent to $513 million and Cornerstone's sales jumped 11 percent to $238 million.

''HSNi delivered another quarter of strong sales, EBITDA and EPS growth year-over-year. We achieved these results while executing on a number of significant initiatives, including new launches, events and expansion of our digital efforts,'' said Mindy Grossman, the chief executive of HSNi. "The performance of both HSN and Cornerstone in the quarter, as well as our recently announced capital return plan, reflect our focus on driving shareholder value and our confidence in HSNi's long-term growth potential.''

The average price point of units sold at HSN rose 3 percent to $60.95 while the average improved 7 percent at Cornerstone to $71.85 per unit. The company noted segment strength for electronics, beauty and wellness categories.

-Rapaport