Qurate Retail Group, Inc. (QRTEA) Tops Q2 EPS by 6c

Qurate Retail Group, Inc. (NASDAQ: QRTEA) reported Q2 EPS of $0.48, $0.06 better than the analyst estimate of $0.42. Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $3.11 billion.

Operating results:

• Qurate Retail total revenue decreased 4% to $3.1 billion
  • Revenue decreased 3% in constant currency(2)
  • eCommerce revenue comprised $1.8 billion or 59% of total revenue
• Qurate Retail reported $0.28 diluted EPS; $0.48 adjusted diluted EPS(3)
• QxH revenue decreased 1% to $1.9 billion
• QVC International revenue decreased 2% to $640 million
  • Revenue increased 1% in constant currency
• Zulily revenue decreased 13% to $363 million
• Cornerstone revenue decreased 11% to $234 million
  • Revenue decreased 3% excluding closed Improvements business
• Realized cumulative run-rate cost synergies of $87 million since acquisition through June 30th
• Corporate updates:
• From May 1st through July 31st, repurchased 11.9 million QRTEA shares at an average price per share of $12.88 and total cost of $153 million
• Repaid QVC’s $400 million 3.125% senior secured notes due 2019
• Appointed Leslie Ferraro, former Walt Disney Company executive, to President, QxH effective September 16th

“We made good strategic and operational progress, evidenced by the sequential improvement in revenue and adjusted OIBDA margin at QxH and the double-digit, year-over-year adjusted OIBDA(3) growth at QVC International in constant currency. These gains were partially offset by deterioration at Zulily,” said Mike George, President and CEO of Qurate Retail. “We are encouraged by the resiliency of our businesses and our ability to generate high levels of adjusted OIBDA and free cash flow in a dynamic and highly competitive environment. We resumed share buybacks, repurchasing nearly 12 million shares at an average price per share of $12.88 following our last earnings call. Going forward, we remain focused on building on the collective strengths of QVC and HSN, realizing synergies and stabilizing Zulily.”

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

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