QVC Posts 3% Sales Increase In Third Quarter

Holy crow! QVC had a 3 percent revenue increase in the third quarter, to $1.4 billion, its parent company Liberty Interactive Corp. reported Thursday. This is after several quarters when sales were down.

The dominant domestic home shopping networks also posted a 14 percent rise in its operating income.

“QVC had an excellent quarter, growing constant currency revenue and adjusted OIBDA in every market,” Liberty President and CEO Greg Maffei said in a statement. “We made progress on the acquisition of HSN and expect to close in the fourth quarter.”

QVC saw year-over-year gains in the apparel, beauty, accessories and electronics categories in the third quarter.

But the home category was essentially flat and jewelry declined, according to Liberty.

The average selling price declined 4 percent in the quarter, “primarily driven by product mix within the electronics category, as several successful items sold in the quarter carry lower price points than items sold in the prior year,” Liberty said in its press release.

“We are very pleased with our strong results,” QVC President and CEO Mike George said in a statement.

“Our U.S. business returned to growth and our international segment continued its solid momentum,” he said. “Our performance demonstrates our ability to execute our strategic initiatives to improve product freshness and discovery, leverage our commerce content across platforms, increase customer engagement and attract new customers. We remain excited about the pending transaction to acquire HSNi and the formation of the new QVC Group.”

In the quarter QVC’s number of new customers increased 7 percent.

“As noted last quarter, the U.S. business experienced a systems outage late in the second quarter of 2017, which resulted in an estimated 1 percent shift in net revenue to the third quarter,” Liberty said.

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One Response to “QVC Posts 3% Sales Increase In Third Quarter”

  1. Joe Says:

    Bravo Mikey, getting rid of those American workers and replacing them with Polish workers is finally paying off. I wouldn’t call it a great quarter as you try to blow smoke up everybody’s ass but it is the first quarter I can remember you had a positive sales trend in the US for some time. So remember why you a tooling around in your fancy foreign cars from your multi million estate home to drop a few pennies into the cans of the displaced workers you fired. Maybe they can get a few shitty gifts for their kids for Christmas but please not from QVC. You still will be history in five to ten years and you still are one of the worst CEOs I have ever seen bluff himself to the top of an organization.. kiss kiss Mikey boy..

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