The transcript of QVC’s parent, Liberty Interactive Corp., second-quarter call with Wall Street analysts wasn’t as juicy or illuminating as HSN’s.
But we pulled a few quotes from QVC CEO Mike George from it. They come from a transcript provided by Seeking Alpha.
Maddeningly, George talks about a big drop-off in one of QVC’s brands, but does not identify which one it was as far as we can tell.
Our favorite line from George was, “Let’s not make such knee-jerk decisions that we start to really pollute the business.”
And by the way, QVC will be offering Easy-Pay less often.
“We experienced strong growth in fashion, particularly in our proprietary brands such as LOGO, Isaac Mizrahi, Susan Graver and Denim & Company. Our household and garden categories also performed strongly with impressive results from home security and fitness.”
“In home decor, we saw strong performance from Northern Nights bedding and Select Comfort and Serta mattresses. These gains were partially offset by continued under performance in jewelry and consumer electronics and softening results in kitchen cook.”
“In jewelry, we were pleased with the launch of Stella & Dot and we began to build the My Saint My Hero brand with the very successful June TSV. And while sales results for the quarter were solid, our trajectory weakened late in the quarter.”
“And while harder to quantify, it appears that all of the distractions this summer from world events and the U.S. election season are also having some impact and we anticipate additional sales pressure from the Olympics starting today.”
“Finally, one of our largest brands faced a significant drop-off in sales at QVC and other outlets, which did materially impact our overall results. Now this particular issue is brand specific and not reflective of our overall consumer health.”
“While Easy-Pay remains a key component of our model, we are proceeding with this more measured approach until we see healthier customer behavior.”
“For Q3, we are excited about the launch of Belle by Kim Gravel, Hot in Hollywood denim, Naot footwear and Mario Buccellati in jewelry, among many others.”
We noticed that Liberty Interactive Greg Maffei got a little testy with Tom Forte, an analyst with Maxim, when he tried to ask more than one question.
“No. You get to ask two questions, that’s it,” Maffei scolded.
Forte must have written a negative report on Liberty somewhere along the line.