| Quarterly Results (Unaudited) |
QUARTERLY RESULTS (UNAUDITED)
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Quarter Ended (a) |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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(b) |
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(c) |
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(d) |
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(In thousands, except per share data) |
Year Ended December 31, 2016 |
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Net sales |
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$ |
816,765 |
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$ |
854,308 |
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$ |
823,023 |
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$ |
1,073,389 |
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Gross profit |
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289,478 |
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311,824 |
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280,076 |
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335,290 |
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Operating income |
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49,829 |
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46,214 |
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36,875 |
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72,890 |
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Net income |
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28,585 |
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26,445 |
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20,158 |
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43,520 |
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Net income per share: |
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Basic |
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$ |
0.55 |
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$ |
0.50 |
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$ |
0.39 |
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$ |
0.83 |
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Diluted |
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$ |
0.54 |
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$ |
0.50 |
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$ |
0.38 |
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$ |
0.82 |
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Dividends declared per common share |
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$ |
0.35 |
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$ |
0.35 |
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$ |
0.35 |
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$ |
0.35 |
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Year Ended December 31, 2015 |
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Net sales |
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$ |
841,887 |
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$ |
885,642 |
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$ |
864,868 |
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$ |
1,098,178 |
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Gross profit |
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300,206 |
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336,537 |
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306,274 |
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371,546 |
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Operating income |
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57,009 |
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70,703 |
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57,833 |
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98,488 |
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Net income |
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33,689 |
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41,632 |
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34,208 |
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59,710 |
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Net income per share: |
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Basic |
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$ |
0.64 |
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$ |
0.79 |
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$ |
0.65 |
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$ |
1.14 |
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Diluted |
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$ |
0.63 |
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$ |
0.78 |
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$ |
0.64 |
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$ |
1.12 |
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Dividends declared per common share |
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$ |
10.35 |
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$ |
0.35 |
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$ |
0.35 |
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$ |
0.35 |
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(a) |
The results of TravelSmith and Chasing Fireflies are included through the date of divestitures on September 8, 2016. |
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(b) |
The second quarter of 2016 includes an asset impairment charge of $20.4 million, or $0.24 per diluted share, related to the TravelSmith and Chasing Fireflies disposal group. The second quarter of 2015 includes $3.0 million, or $0.03 per diluted share, for certain costs associated with the planned closure of one of HSN's distribution centers as part of its supply chain optimization initiative.
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(c) |
The third quarter of 2016 includes the loss on sale of $11.2 million, or $0.13 per diluted share, related to the divestitures of TravelSmith and Chasing Fireflies. The third quarter of 2015 includes a non-cash charge of $5.0 million, or $0.06 per diluted share, at Cornerstone for impairment of intangible assets related to Chasing Fireflies.
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(d) |
The fourth quarter of 2016 includes the impact of the supply chain optimization implementation issues which decreased gross profit by approximately $13.0 million and increased operating expenses by approximately $3.0 million, having a combined impact of $0.19 per diluted share. The fourth quarter of 2015 includes $2.0 million, or $0.02 per diluted share, of severance costs associated with a reorganization at HSN.
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(e) |
Cornerstone's fourth quarter of 2016 consisted of 14-weeks compared to 13-weeks in the prior year resulting in an additional $15 million in net sales in 2016.
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