Qurate Retail(US:QRTEA)2024-02-28 15:14Financial Performance - Qurate Retail's Q4 2023 revenue was $3.1 billion, an 11% decrease compared to 2022, but a 4% decrease excluding Zulily[5] - Adjusted OIBDA for Q4 2023 was $340 million, a 73% increase compared to 2022, and a 46% increase excluding Zulily[5] - eCommerce revenue accounted for $2.0 billion, representing 64% of the total revenue, a 1% year-over-year increase excluding Zulily[5] - Qurate Retail's free cash flow for the twelve months ended December 31, 2023, was $577 million, compared to $(9) million in 2022[35] Segment Performance - QxH revenue decreased by 4% in Q4 2023[5] - QVC International revenue increased by 2% in Q4 2023[9] - Cornerstone revenue decreased by 12% in Q4 2023[9] Customer Metrics - QxH had 8,150,000 customers in the last 12 months ended December 2023[22] - Existing customers accounted for 52% of all customers and 90% of shipped sales[30] - New customers represented 24% of all customers and 4% of shipped sales[30] - Reactivated customers also represented 24% of all customers and 6% of shipped sales[30] Gross Margin - Qurate Retail's gross margin increased by 360 basis points year-over-year in Q4 2023[24] - Product margin contributed 215 basis points to the gross margin increase[24] - Fulfillment improvements added 155 basis points to the gross margin increase[24]