Financial Reports: IAC, Blue Nile

Nov 01, 2006 2:07 AM  By

3Q Sales, Income Up at IAC
Third-quarter net income at New York-based IAC/InterActiveCorp. rose 10%, to $74.9 million for the three months ended Sept. 30. Total revenue for IAC, which includes home-shopping network HSN, the Cornerstone Brands catalogs, and search engine, climbed 11%, to $1.60 billion, up from $1.44 billion last year.

Third-quarter sales within the retail division, which includes HSN and the catalogs, rose 3%, to $768.7 million. U.S. retail sales rose 3% as well, to $686.2 million. That more than compensates for a 3% decline in international retail sales, to $82.5 million. The company credited the increase to its February acquisition of footwear Website Shoebuy and growth among the catalogs, which include Garnet Hill, Frontgate, and Ballard Design. Catalog circulation rose 6% during the same period, to 98.1 million mailed during the third quarter. The retail division’s operating income climbed 31%, to $49.8 million.

Blue Nile Sales Flow Strongly in 3Q
Seattle-based jewelry Website Blue Nile reported a nearly 27% jump in third-quarter net sales, to $53.2 million for the three months ended Oct. 1. Net income dropped 28%, however, to $1.8 million, due to new accounting requirements related to stock-based compensation.