The web accounted for almost all of the growth in the first quarter for TV and web retailer HSN Inc.

Web sales for Q1 2013 reached $344.6 million, up 9.6% from $314.4 million in Q1 2012, the company reports. Total sales hit $772.7 million in Q1 2013, up 4.7% from $737.9 million in Q1 2012. The web accounted for 44.6% of total sales and 87% of the sales growth in the first quarter.

• Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, increased nearly 0.8% to $66.8 million in Q1 2013 compared with $66.3 million in Q1 2102. These results were driven by the near 5% increase in net sales and an increase in gross margin from 36.2% to 36.3% year over year, offset by a 6% increase in operating expenses (excluding non-cash charges), the retailer says. 
• Operating income reached $52.5 million in Q1 2013, up 2.3% from $51.3 in Q1 2012.
• HSN Inc. is divided into two operating segments: HSN and cataloger Cornerstone. HSN’s net sales hit $550.1 million in Q1 2013, up 1.5% from $541.9 million in Q1 2012. Web sales reached $196.4 million, or 35.7% of total sales, in Q1 2013, up 3.9% from $189.1 million, or 34.9% of total sales, in Q1 2012.
• HSN’s adjusted EBITDA reached $58.9 million in Q1 2013, up 2.8% from $57.3 million in Q1 2012. The segment’s operating income hit $48.6 million in Q1 2013, up 2.3% from $47.5 million in Q1 2012. HSN’s units shipped hit 11.4 million in Q1 2013, up 11.8% from 10.2 million in Q1 2012. And HSN’s return rate for Q1 2013 was 20.0%, up from 19.3% in Q1 2012.
• Cornerstone’s net sales hit $222.5 million in Q1 2013, up 13.5% from $196.0 million in Q1 2012. Web sales hit $148.6 million, or 66.8% of total sales, in Q1 2013, up 19.0% from $124.9 million, or 63.7% of total sales, in Q1 2012.
• Cornerstone’s adjusted EBITDA reached $7.9 million in Q1 2013, down 11.2% from $8.9 million in Q1 2012. The segment’s operating income hit $3.9 million in Q1 2013, up 2.6% from $3.8 million in Q1 2012. Cornerstone shipped 3.2 million units in Q1 2013, up 10.3% from 2.9 million in Q1 2012. The segment’s return rate for Q1 2013 was 13.7%, down from 14.2% in Q1 2012. And Cornerstone circulated 75.7 million catalogs in Q1 2013, up 10.5% from 68.5 million in Q1 202.

During the first quarter of 2013, HSN Inc. repurchased approximately 1.2 million shares of its common stock at a cost of $65.3 million, or an average cost of $53.80 per share. From inception of the share repurchase program in September 2011 through May 1, 2013, HSN Inc. has repurchased 8.2 million shares at a cost of $353.5 million, or an average cost of $43.03 per share.

Effective May 2, HSN Inc.’s board of directors approved a quarterly cash dividend of $0.18 per share payable June 19, 2013, to shareholders of record as of June 5, 2013.

HSN is No. 24 in the new Internet Retailer Top 500 Guide.