Qurate Retail Group, Inc. (QRTEA) Misses Q1 EPS by 3c, Revenues Beat

Qurate Retail Group, Inc. (NASDAQ: QRTEA) reported Q1 EPS of $0.27, $0.03 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $2.92 billion versus the consensus estimate of $2.88 billion.

First quarter operating results:

• Total Qurate Retail revenue decreased 5% to $2.9 billion
  • Revenue decreased 5% in constant currency(2)
  • eCommerce revenue of $1.7 billion or 59% of total revenue
• Qurate Retail reported diluted EPS of $(0.05)
  • Adjusted diluted EPS(3) of $0.27
• QxH revenue decreased 4%
• QVC International revenue decreased 1%
  • Revenue declined slightly in constant currency
• Zulily revenue decreased 20%
• Cornerstone revenue decreased 5%

“We remain open for business thanks to the dedication and resilience of our 25,000 team members, and we are seeing encouraging increases in sales and new customers at the start of the second quarter,” said Mike George, President and CEO of Qurate Retail. "We experienced significant margin impact from COVID-19 in the first quarter and challenges remain, including a demand shift to lower-margin products and reduced productivity in our fulfillment centers. We continue to assess what this new normal will be. At the same time, we have moved quickly to lean into favorable early second quarter trends, and we will continue to utilize our agile business model to adjust our consumer offerings.”

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

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