Qurate Retail sales dip 5% in Q3

Qurate Retail Inc. announced on Thursday revenue for the third quarter decreased 5% to $2.3 billion, on the back of declines across all brands in the company’s portfolio.

The Englewood, Colorado-based company said QxH revenue fell 6%, primarily due to a 6% decrease in units shipped, as well as lower shipping and handling revenue. 

QVC International revenue decreased 1%, primarily due to a 3% decrease in average selling price, partially offset by a 1% increase in units shipped and favorable returns. 

Lastly, the company’s Cornerstone revenue decreased 12%, reflecting softness and competitive promotional pressure in the home sector. 

Despite the sales declines, the U.S. video commerce company generated $152 million in operating income. 

“While the third quarter was anticipated to be the most difficult quarter of 2024, current headline events and the challenging macro-economic climate heavily impacted viewership of our programming and consumer behavior more than expected,” said David Rawlinson, president and CEO of Qurate Retail. 

“As a result, revenue underperformed this quarter and resulted in meaningful bottom-line deleverage. Despite this, we were able to hold consolidated gross margin flat with disciplined cost management and reduced operating expenses. We also continued our proactive balance sheet management, completing an offer in which 89% of QVC’s 2027 and 2028 notes were tendered which improves the QVC credit profile with reduced debt and an extended maturity profile.”