Qurate Retail Group, Inc. (QRTEA) Tops Q3 EPS by 12c, Revenues Miss

Qurate Retail Group, Inc. (NASDAQ: QRTEA) reported Q3 EPS of $0.42, $0.12 better than the analyst estimate of $0.30. Revenue for the quarter came in at $3.09 billion versus the consensus estimate of $3.16 billion.

Operating results:

• Qurate Retail total revenue decreased 4% to $3.1 billion
  • Revenue decreased 4% in constant currency(2)
  • eCommerce revenue comprised $1.8 billion or 59% of total revenue
• Qurate Retail reported $(1.85) diluted EPS; $0.42 adjusted diluted EPS(3)
• QxH revenue decreased 4% to $1.9 billion
• QVC International revenue increased 2% to $650 million
  • Revenue increased 3% in constant currency
• Zulily revenue decreased 17% to $359 million
  • Incurred a $1.0 billion non-cash impairment charge related to its tradename and goodwill
• Cornerstone revenue decreased 2% to $226 million
  • Revenue increased 5% excluding closed Improvements business

“The third quarter was challenging, with continued sales and Adjusted OIBDA pressure at QxH and Zulily,” said Mike George, President and CEO of Qurate Retail. “However, we were pleased to see Cornerstone’s continuing operations turn to growth and a further acceleration of growth at QVC International. Despite the sales pressures, we generated strong growth in free cash flow. As we look ahead, we are intensely focused on improving our operating results, accelerating synergy capture and better positioning our companies for a changing retail and media world, while sustaining strong cash flow.”

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

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