Qurate Retail Group, Inc. (QRTEA) Misses Q4 EPS by 11c

Qurate Retail Group, Inc. (NASDAQ: QRTEA) reported Q4 EPS of $0.62, $0.11 worse than the analyst estimate of $0.73. Revenue for the quarter came in at $4.4 billion versus the consensus estimate of $4.4 billion.

Fourth quarter and full year 2018 operating results:

• Qurate Retail revenue grew 1% to $4.4 billion in Q4 and grew 2% to $14.1 billion in full year 2018
  • eCommerce revenue of $2.7 billion or 62% of total revenue in Q4 and $8.3 billion or 59% of total revenue in full year 2018
• Qurate Retail reported diluted EPS of $0.61 in Q4 and $1.45 in full year 2018
  • Adjusted EPS(2) of $0.62 in Q4 and $1.86 in full year 2018
• QVC US increased revenue 3% in both Q4 and full year 2018 as reported
  • Revenue increased 2% in both Q4 and full year 2018 on a comparative basis excluding impact of new accounting standards regarding credit card income
• QVC International revenue declined 3% in Q4 and increased 4% in full year 2018 as reported
  • Revenue declined 1% in Q4 and increased 1% in full year 2018 in constant currency(3)
• HSN revenue declined 1% in Q4 and declined 6% in full year 2018 as reported
  • Revenue declined 1% and 7% in Q4 and full year 2018, respectively, on a comparative basis excluding impact of new accounting standards regarding credit card income
• zulily revenue increased 6% in Q4 and 13% in full year 2018
  • Revenue increased 5% and 12% in Q4 and full year 2018, respectively, on a comparative basis excluding impact of new accounting standards regarding credit card income
• Cornerstone revenue declined 4% in Q4 and 7% in full year 2018
• Recognized $40 million of cost synergies in 2018

“In 2018, we made meaningful progress shaping the future of Qurate Retail, highlighted by the strongest new customer growth at QVC US in its 33-year history and continued gains in digital and mobile engagement,” said Mike George, President and CEO, Qurate Retail. “Results for the year were led by top-line growth at QVC US and International, excellent performance from zulily, and significantly improved second-half results at HSN as we execute on its turnaround. Margin improvement is a top priority in 2019, as we step up the realization of integration synergies and seek to execute on initiatives to improve product margin and optimize our marketing investments.”

For earnings history and earnings-related data on Qurate Retail Group, Inc. (QRTEA) click here.

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