HSN CEO: Consumer's Mind Set is Filled With Concern and Uncertainty
TV and online retailer HSN, also known as the Home Shopping Network (NASDAQ:HSNI), announced second-quarter earnings results Thursday, reporting $0.74 earnings per share for the quarter, beating Wall Street estimates of 71 cents a share.
In a FOX Business Network exclusive interview, HSN CEO Mindy Grossman discussed the state of the U.S. consumer despite the company’s quarterly revenue being down 3.5% compared to the same time last year.
“There’s three things that are never good for a consumer mindset: uncertainty certainly, concern and discordance. And that is everything that is happening right now and is really weighing [on consumers],” Grossman told host Trish Regan.
Grossman said she expected challenges during the first half of the year as the company began retooling and building its pipeline in certain key product categories, LIKE WHAT but was caught by surprise with a slowdown in its outdoor market, which she said is key to the second-quarter performance.
According to Grossman, the company is focusing on defining how consumers differentiate between need versus want and sees its future success in overhauling digital content to reach a broader audience.
“We really see the future of what we call distributed commerce, so how we get our content, our products and our brands to consumers. We’ve done a significant amount of work with Facebook, on Facebook Live,” Grossman said.
HSN has partnered with tennis great Serena Williams to stream a live event in September in which consumers will be able to experience shopable videos in real-time.