HSN 2nd-quarter profit drops slightly more than 5 percent, misses forecast

MarketsAssociated Press

HSN Inc. on Thursday reported earnings that declined about 5 percent in its second quarter, and missed analysts' expectations.

The St. Petersburg, Florida-based company said profit dropped to $40.9 million, or 76 cents per share, from $43.3 million, or 79 cents per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for profit of 78 cents per share.

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The home shopping network operator said revenue rose 5 percent to $855.2 million from $812.6 million in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $832.5 million, according to Zacks.

HSN shares have decreased $6.40, or 10 percent, to $55.90 since the beginning of the year. The stock has dropped $5.09, or 8.3 percent, in the last 12 months.