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Qurate Retail(QRTEB) - 2025 Q3 - Quarterly Results
2025-11-05 21:06
Exhibit 99.1 QVC GROUP REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS West Chester, Pennsylvania, November 5, 2025 – QVC Group, Inc. ("QVC Group") (Nasdaq: QVCGA, QVCGP; OTCQB: QVCGB) today reported third quarter 2025 results . (1) "We are early in our WIN growth plan but continue to make progress. We reduced the year-over-year rate of revenue decline in our QxH segment despite the decline in linear television viewership, driven by revenue growth in our social and streaming platforms." said David Rawlinson, P ...
Qurate Retail(QRTEB) - 2025 Q3 - Quarterly Report
2025-11-05 20:56
Financial Performance - Consolidated QVC Group revenue decreased by 5.6% or $131 million for the three months ended September 30, 2025, and by 7.6% or $540 million for the nine months ended September 30, 2025, compared to the prior year [156]. - Operating income decreased by $92 million for the three months and by $2,662 million for the nine months ended September 30, 2025, compared to the corresponding periods in the prior year [159]. - Adjusted OIBDA decreased by 32.4% or $81 million for the three months and by 27.2% or $215 million for the nine months ended September 30, 2025, compared to the prior year [163]. - The Company recorded net losses of $73 million for the three months and $2,373 million for the nine months ended September 30, 2025, compared to net losses of $15 million and net earnings of $25 million in the prior year [173]. - QVC's consolidated net revenue decreased by $110 million or 5.3% for the three months ended September 30, 2025, and by $466 million or 7.4% for the nine months ended September 30, 2025, compared to the prior year [195]. - QVC's adjusted OIBDA for the nine months ended September 30, 2025, was $603 million, down from $783 million in the same period of 2024 [195]. - QVC's cash flow from operating activities for the nine months ended September 30, 2025, was $30 million, a decrease from $313 million in 2024 [185]. - CBI's consolidated net revenue decreased by 8.4% and 9.8% for the three and nine months ended September 30, 2025, respectively, driven by a 14.5% decrease in units shipped for the three months [209]. Cost and Expenses - QVC's cost of goods sold as a percentage of net revenue increased to 66.4% and 65.9% for the three and nine months ended September 30, 2025, respectively, compared to 65.3% and 64.9% for the same periods in 2024 [200]. - Operating expenses were 7.7% and 7.8% of net revenue for the three and nine months ended September 30, 2025, a decrease from 7.9% for both periods in 2024 [201]. - Advertising expenses rose by $17 million or 24.3% for the three months and $26 million or 12.9% for the nine months ended September 30, 2025, primarily due to marketing investments on social and streaming platforms [202]. - CBI's cost of goods sold as a percentage of net revenue was 62.5% for the three months ended September 30, 2025, up from 59.9% in 2024, attributed to higher inbound logistics costs [211]. - CBI's SG&A expenses (excluding stock-based compensation) increased from 33.7% to 34.2% as a percentage of net revenue for the three months ended September 30, 2025 [213]. Strategic Initiatives - QVC Group's WIN strategy aims for top-line growth through three priorities: enhancing customer interactions, creating engaging content, and leveraging technology for operational efficiency [142]. - The transition of general and administrative services from Liberty Media Corporation to QVC Group was substantially completed by the third quarter of 2025 [135]. - The company implemented a reverse stock split at a ratio of 1-for-50, effective May 22, 2025, with no change to the number of shares authorized [136]. - QVC anticipates challenges in maintaining favorable channel positioning due to changes in television viewing habits and competition from digital services [147]. Financial Position and Liquidity - QVC's liquidity position included $1,817 million in cash and cash equivalents as of September 30, 2025 [182]. - Cash and cash equivalents are primarily invested in U.S. Treasury securities and other highly rated financial instruments as of September 30, 2025 [174]. - The Company is able to pay dividends or make restricted payments under certain conditions related to its consolidated leverage ratio [175]. - As of September 30, 2025, QVC's consolidated leverage ratio was greater than 3.5 to 1.0, restricting its ability to make dividends or other restricted payments under senior secured notes [176]. Impairments and Restructuring - QVC recorded $36 million and $20 million of restructuring costs during the nine months ended September 30, 2025, as part of its reorganization efforts [143]. - Goodwill and tradename impairments related to the QxH reporting unit may require additional carrying value adjustments if future outlook declines in revenue or cash flows occur [152]. - QVC recorded impairment of goodwill and intangible assets totaling $2,395 million for the nine months ended September 30, 2025, including $930 million for tradenames and $1,465 million for QxH reporting unit goodwill [205]. Debt and Interest - Interest expense increased by $17 million for the three months and by $10 million for the nine months ended September 30, 2025, primarily due to higher outstanding debt [167]. - QVC's debt credit ratings were downgraded by Fitch, S&P, and Moody's during the nine months ended September 30, 2025, indicating increased financial risk [177][178][179]. Stock and Compensation - The company has guaranteed cash payments to eligible employees, including 50% of target variable compensation for 2025 and 100% for 2026 for senior executives [149]. - QVC's stock began trading on a split-adjusted basis on May 23, 2025, following the reverse stock split [140]. - QVC's stock-based compensation expense was $6 million and $14 million for the three and nine months ended September 30, 2025, compared to $1 million and $15 million for the same periods in 2024 [207]. - The Company recorded $7 million of stock-based compensation for the three months ended September 30, 2025, compared to $3 million in the prior year [158]. Future Outlook - Future net revenue will depend on QVC's ability to grow through digital platforms and retain existing customers amid economic uncertainties and inflationary pressures [147][148]. - QVC's revenue is significantly impacted by discretionary spending, which may decline during economic instability, affecting overall sales [148]. - The company expects to continue generating positive cash flow from operations during 2025 [184]. - QVC's reported Adjusted OIBDA would have been impacted by $1 million and $2 million for the three and nine months ended September 30, 2025, respectively, for every 1% change in foreign currency exchange rates relative to the U.S. Dollar [218].
Qurate Retail(QRTEB) - 2025 Q2 - Quarterly Results
2025-08-07 17:31
Exhibit 99.1 "We continue to operate in a challenging environment marked by the continued decline of linear television, volatile consumer confidence and uncertainty in international trade. Despite a declining top line, we delivered double-digit Adjusted OIBDA margin and we've made significant progress with our WIN strategy, growing our social and streaming business revenue such that it is now approaching double- digits as a percentage of total QxH revenue, diversified our sourcing to mitigate tariff uncerta ...
Qurate Retail(QRTEB) - 2025 Q2 - Quarterly Report
2025-08-07 17:13
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33982 QVC GROUP, INC. (Exact name of Registrant as specified in its charter) State of Delaware (State or other jurisdicti ...
Qurate Retail(QRTEB) - 2025 Q1 - Quarterly Results
2025-05-08 16:48
● QVC Group revenue decreased 10% in both US Dollars and constant currency (3) ● Generated operating income of $14 million ● Adjusted OIBDA(4) decreased 32% in US Dollars and decreased 31% in constant currency ● QxH revenue decreased 11% ● QVC International revenue decreased 6% in US Dollars and decreased 4% in constant currency ● Cornerstone revenue decreased 13% Discussion of Results Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2025 t ...
Qurate Retail(QRTEB) - 2025 Q1 - Quarterly Report
2025-05-07 20:13
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR For the transition period from to Commission File Number 001-33982 QVC GROUP, INC. (Exact name of Registrant as specified in its charter) State of Delaware (State or other jurisdiction of incorporation or organization) 12300 Liberty Boulevard Englewood, Colorado (Address ...
Slatkin + Co. Captures Spring at Elton John's London Home with Launch of New Fragrance Collection with the Singer
Prnewswire· 2025-04-18 20:19
Core Insights - Slatkin + Co. continues its partnership with Elton John to launch a new fragrance collection for Spring, following a successful holiday collection that sold out quickly [1][5] - The new collection features various products including an 8oz Reed Wicker Candle Set, 14.5oz candles, and 4oz Reed Diffusers, all inspired by the scents of Elton John's Woodside estate [2][3] Company Overview - Slatkin + Co. is a premier home fragrance company founded in 1992 by Harry Slatkin, recognized for creating a multi-billion-dollar global industry in home fragrances [7] - The company designs and manufactures scented candles, diffusers, and bath and body care products, with a portfolio that includes brands like HomeWorx and ScentWorx [7] Product Details - The new fragrance collection includes scents such as Spring Rain, Ginger Mango, Ivy's Rose Garden, and more, each reflecting the vibrancy of spring and the beauty of Elton's estate [4][5] - Each scent is designed to evoke emotions and transform spaces, showcasing a blend of floral elegance and fresh fragrances [6][5] Retail Partnership - The collection will be exclusively available on QVC, which is a leader in video commerce and reaches over 200 million homes worldwide [8] - QVC's partnership with Slatkin + Co. and Elton John aims to present a unique glimpse into the artistry of fragrance and design [6]
Qurate Retail(QRTEB) - 2024 Q4 - Annual Results
2025-02-27 23:12
QVC GROUP REPORTS FOURTH QUARTER AND YEAR END 2024 FINANCIAL RESULTS Englewood, Colorado, February 27, 2025 – QVC Group, Inc. ("QVC Group") (Nasdaq: QVCGA, QVCGB, QVCGP) today reported fourth quarter and year end 2024 results (1) . "2024 was an important year for the company and we achieved several milestones. We successfully completed Project Athens, resulting in a second straight year of Adjusted OIBDA growth as reported and enhanced operating discipline. We also reduced our debt levels to strengthen the ...
Qurate Retail(QRTEB) - 2024 Q4 - Annual Report
2025-02-27 22:22
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33982 QVC GROUP, INC. (Exact name of Registrant as specified in its charter) State of Delaware (State or other jurisdiction o ...
Qurate Retail(QRTEB) - 2024 Q1 - Quarterly Results
2024-05-08 19:21
Exhibit 99.1 QURATE RETAIL, INC. REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Englewood, Colorado, May 8, 2024 – Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported first quarter 2024 results (1) . "Our first quarter results demonstrate the continued momentum in our turnaround. We expanded gross margins for the fourth consecutive quarter, increased Adjusted OIBDA over 40% as reported for the third consecutive quarter of growth, and improved free cash flow year-over-year for th ...