Home Shopping Network 2008 Annual Report Download - page 4

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1
FORWARD-LOOKING STATEMENTS
This report contains certain “forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934
(the “Exchange Act”), which are based on management’s exercise of business judgment, as well as assumptions
made by and information currently available to management. When used in this document, the words “may,” “will,”
“anticipate,” “believe,” “estimate,” “expect,” “intend” and words of similar import, are intended to identify any
forward-looking statements. These forward-looking statements include, among other things, statements relating to:
HSNi’s future financial performance, HSNi’s business prospects and strategy, anticipated trends and prospects in the
various markets in which HSNi’s businesses operate and other similar matters. These forward-looking statements
are based on management’s current expectations and assumptions about future events, which are inherently subject
to uncertainties, risks and changes in circumstances that are difficult to predict.
Should one or more of these uncertainties, risks or changes in circumstances materialize, or should
underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these
forward-looking statements. Factors that could cause or contribute to such differences include but are not limited to:
the depth and duration of the current recession, which may persist throughout and beyond 2009, and the impact of
these conditions on consumer confidence and spending levels; whether national economic stimulus initiatives and
measures to stabilize the financial system will be successful in achieving their objectives within the expected
timeframes; other changes in political, business and economic conditions, particularly those that affect consumer
confidence, consumer spending or e-commerce growth; changes in the interest rate environment and developments
in the overall credit markets, and particularly the impact of the current constrained credit environment, if it persists;
HSNi’s business prospects and strategy, including whether HSNi’s initiatives to generate cash and preserve liquidity
will be effective; changes in our relationships with pay television operators, vendors, manufacturers and other third
parties; technological or regulatory changes; changes in senior management; our ability to offer new or alternative
products and services in a cost effective manner and consumer acceptance of these products and services; and
changes in product delivery costs. Other unknown or unpredictable factors that could also adversely affect HSNi’s
business, financial condition and results of operations may arise from time to time.
You should not place undue reliance on these forward-looking statements. We undertake no obligation,
and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events.
Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our
expectations will materialize.
PART I
ITEM 1. BUSINESS
Unless otherwise indicated in this Annual Report or the context otherwise requires, all references in this
Annual Report to "HSNi," the "Company," "us," "our" or "we" are to HSN, Inc. and/or its subsidiaries and affiliates.
Business Overview
HSNi owns and operates, through its subsidiaries, HSN, a retailer and interactive lifestyle network offering
a broad assortment of products through television home shopping programming on the HSN television network and
HSN.com through a business-to-consumer internet commerce site. HSN strives to transform the shopping
experience by incorporating experts, entertainment, inspiration, solutions, tips and ideas in connection with the sale
of products. HSNi also owns and operates, through its subsidiaries, the Cornerstone Brands portfolio of catalogs and
related websites, including Frontgate, Ballard Designs, Garnet Hill, Smith+Noble, The Territory Ahead,
TravelSmith and Improvements, as well as a limited number of retail stores.
HSNi was incorporated in Delaware in May 2008. Our principal offices are located at 1 HSN Drive,
St. Petersburg, Florida 33729 and our main telephone number is 727-872-1000.