Posts Tagged ‘fourth quarter earnings’

Evine’s Net Sales Flat in Fourth Quarter

March 15, 2018

Evine’s net sales in the fourth quarter last year were basically flat, up about 1 percent, to $192.7 million year over year, the home shopping network reported Wednesday.

The channel did see a great improvement over its net income, which skyrocketed 214 percent, albeit to just $6.4 million.

And the muckety-mucks at the No. 3 shopping channel felt they had a lot of ‘splaining to do.

Here’s CEO Bob Rosenblatt’s statement:

I’m pleased to report our fourth-quarter results demonstrate the continued progress we’re making in improving profitability and strengthening our financial position.

We reached many financial milestones in the fourth quarter and the fiscal year, including the highest fourth-quarter net income in the history of the company, the highest fourth quarter Adjusted EBITDA since 2010, and the first fiscal year of positive net income since 2007.

I’m proud of the many accomplishments we made this year and also realize that we have the opportunity for continued progress, especially on revenue growth, as we leverage our undervalued interactive digital commerce assets and expertise to scale our enterprise and continue to improve our profitability and free cash flow.

Our fourth-quarter sales growth of 1.2 percent was below our original estimates as we decided to focus on execution and profitability. As such, during the quarter we chose to minimize aggressive promotions and pulled back on marketing spend, that might have garnered higher revenues in the short term but would not have been additive to profitability or to our overall brand and company strategy.

We had many successes during the fourth quarter and fiscal year by broadening our merchandising assortment vis-a-vis brand launches and extensions. In addition to that, there still remains ample opportunity and ‘white space’ to continue to strengthen and add to all merchandise categories.

We have already made significant progress doing this during the fall 2017 season and this progress is already beginning to bear fruit in 2018. The most accretive component of this to our contribution margin is in our proprietary and exclusive brand product areas. To that end, the progress to continue to minimize friction throughout the customer experience across all platforms along with continuing to broaden our assortment in proprietary and exclusive brand product areas will be the two key focuses in fiscal 2018.

Strategically, 2018 is the third year of our turnaround plan. This year is about profitable revenue growth, product development and customer growth. Reestablishing profitability and strengthening the balance sheet these past two years has not been easy but I’m proud of the strong foundation we’ve built and believe it positions us well for profitable top line growth in 2018 and beyond.

In the fourth quarter the top-performing category was home and consumer electronics, which increased 10 percent year-over-year. The beauty category grew slightly year-over-year while fashion, jewelry and watches both decreased slightly year-over-year.

The return rate for the quarter was 19 percent, an increase of 60 basis points year-over-year.

For the full 2017, net income dropped about 3 percent, to $648.2 million.
The top category during the year was home and consumer electronics, which rose 3 percent year-over-year compared to a 22 percent decrease in 2016. Fashion and beauty had slight decreases and jewelry and watches were down 6 percent.
The return rate for the year was 19 percent, an improvement of 40 basis points year-over-year.

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QVC Up, HSN Down In Fourth Quarter

March 2, 2018

Liberty Interactive Corp., which now owns both QVC and HSN, reported fourth-quarter earnings for both home shopping channels on Thursday. It was a mixed bag.

The domestic QVC network saw its revenue increase 4 percent, to $2.029 billion, in the quarter year over year. In contrast, it was a tough go for HSN, which experienced an 8 percent revenue drop, to $712 million from $771 million in the year-ago quarter.

Liberty Interactive also announced that it is rebranding its various retailing entities – QVC, HSN, zulily and Cornerstone Brands – from the name QVC Group to Qurate Retail Group Inc.

Liberty Interactive’s purchase of HSN led to $43 million in severance-related costs, which were incurred by HSN. We assume that relates to the exit of HSN’s top management, including former president Bill Brand. Perhaps those costs dragged down HSN’s numbers.

“QVC US and International posted excellent fourth quarter results, and we were pleased to complete the acquisition of HSN,” Liberty Interactive President and CEO Greg Maffei said in a canned statement.

“We anticipate closing the acquisition of GCI and the subsequent creation of two asset-backed stocks, Qurate and GCI Liberty, on March 9. With the separation, Mike George will become President and CEO of Qurate. Mike has done a fantastic job building QVC, delighting customers and driving value for shareholders over the last twelve years. We look forward to him leading this innovative set of companies.”

In the fourth quarter, QVC US saw year-over-year gains in all categories except jewelry, Liberty Interactive said in its press release.

“The operating income margin and adjusted OIBDA margin performance primarily reflects higher fixed costs associated with incentive compensation and HSNi integration consulting services, as well as higher inventory obsolescence and marketing expenses, which were partially offset by lower bad debt and amortization,” the release said.

”The adjusted OIBDA for the fourth quarter includes $7 million of integration costs and a $6 million increase in management bonuses.”

For 2017 versus 2016, QVC’s revenue was basically flat, $6.14 billion compared with $6.12 billion.

QVC enjoyed year-over-year gains in all categories except jewelry. The full year operating income margin and adjusted OIBDA margin performance primarily reflect lower bad debt expense, higher product margins and lower amortization, which were partially offset by higher incentive compensation and inventory obsolescence costs. Adjusted OIBDA in 2017 includes $9 million of HSN integration costs and a $26 million increase in management bonuses.

HSN revenue declined in all categories in the fourth quarter. The average selling price dropped, primarily driven by product mix shift away from electronics, which typically are higher-priced items. The return rate improved due to a continued positive trend in several categories.

Operating income and operating income margin declined, driven by the aforementioned transaction expenses. Adjusted OIBDA and adjusted OIBDA margin improved, largely due to about $16 million in incremental costs incurred in the prior year associated with the implementation of HSN’s warehouse automation initiative. Additionally, the increase in adjusted OIBDA margin was driven by higher product margins, lower selling and marketing costs and a decrease in personnel expenses.

For 2017 compared with 2016, HSN’s revenue dropped 5 percent, to $2.343 billion.

“HSN revenue declined in all categories except home for the full year 2017,” the press release said. “Average selling price declined, primarily driven by product mix shift away from electronics. The sales return rate improved due to a continued positive trend in several categories. The decrease in operating income margin and adjusted OIBDA margin() was due to increases in personnel costs, bad debt expense and lower shipping margins, partially offset by improved product margins and lower selling and marketing costs.”

Evine To Report Fourth-Quarter Results March 14

February 26, 2018

Evine will release its fourth quarter and 2017 results March 14 before the market opens at 6 a.m., the No. 3 home shopping network said last week.

CEO Bob Rosenblatt and Tim Peterman, chief operating officer and chief financial officer, and Michael Porter, vice president of finance and investor relations, will host a conference call later that morning at 8:30 a.m. to review the results.

Those interested in participating in the conference call should dial 1-877-407-9039 or 1-201-689-8470 (international) at least five minutes prior to the call.

There will be a simultaneous audio webcast available at https://event.on24.com/wcc/r/1552340/070743253029E2B1A6683BAC8C5A988C.

A replay of the conference call will be available on the company’s website for a limited time.

QVC Parent To Post 4Q Results March 1

February 9, 2018

Liberty Interactive Corp., QVC’s parent company, will announce its fourth-quarter earnings March 1.

Liberty President and CEO Greg Maffei will host a conference call to discuss the results at 11 a.m.

Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding both Liberty Interactive and Liberty TripAdvisor Holdings.

During the call, Maffei may discuss the financial performance and outlook of both companies, as well as other forward looking matters including the proposed acquisition of General Communication Inc. by Liberty Interactive, its combination with Liberty Ventures Group and the subsequent split-off of Liberty Interactive’s interest in the combined company.

Please call ReadyTalk at (866) 548-4713 or (323) 794-2093, passcode 9151576, at least 10 minutes prior to the call.

In addition, the fourth-quarter earnings conference call will be broadcast live via the internet.

All interested participants should visit the Liberty website at http://www.libertyinteractive.com/events to register for the webcast. Links to the press release and replays of the call will also be available on the Liberty website. The conference call will be archived on the website for one year after appropriate filings have been made with the SEC.

About Liberty Interac

Evine’s 4Q Sales Drop 10%, To $191 Million

March 23, 2017

Evine joined its two much larger rivals in posting declines in sales in the fourth quarter, seeing its revenue dive 10 percent, to $191 million, the No. 3 home shopping network said Wednesday.

Evine said its drop in net sales was “driven by a $21 million reduction in low contribution margin consumer electronics, which includes management’s proactive $15 million reduction of low margin hoverboard sales.”

“Excluding the effect of hoverboard sales, fourth-quarter net sales declined about 3 percent,” the home shopping network said in its press release.

The company posted net income of $2 million, a 207 percent improvement year-over-year, and adjusted EBITDA of $6.4 million, a 31 percent rise year-over-year.

For all of 2016, Evine registered revenue of $662.2 million, down nearly 4 percent.

http://s21.q4cdn.com/129019908/files/doc_presentations/2016/Evine-Earnings-Investor-Presentation-F16-Q4.pdf

QVC and HSN didn’t have great quarters, either.

QVC’s fourth-quarter revenue dropped 7 percent, to $1.9 billion, and was down 2 percent in 2016 versus the prior year, to $6.1 billion. HSN saw its sales dip 1 percent in the fourth quarter, to $769.3 million, and slip 3 percent last year, to $2.7 billion.

Evine CEO Bob Rosenblatt had plenty to say.

“This is the fourth quarter in a row that we have expanded our gross margin rate, improved our cash position and grew our Adjusted EBITDA on a year-over-year basis,” he said in a canned statement.

“I’m very proud of our team and these results, particularly in light of the challenging macro retail environment. As previously noted, we continue to be on a different journey from our closest competitors. Our strategy to rebalance our merchandising mix and implement expense discipline has positioned us well for an exciting 2017.”

And that wasn’t all.

“Looking to 2017, we believe this will be another strong year of building shareholder value,” he said. “Our merchandising plan will remain focused on delivering a balanced assortment of profitable proprietary, exclusive and name brand products.  We will continue to work hard to engage our customers more intelligently by leveraging the use of predictive analytics and interactive marketing to drive personalization and relevancy to each experience.”

And even that wasn’t all.

“And equally important, we will continue to find new methods, territories and technologies to distribute our video commerce programming beyond the television screen,” he said.

“This will include growing our revenues in social, mobile, online, and over-the-top platforms like Amazon Firestick, Apple TV and Roku, and also exploring thoughtful bricks and mortar retailing partnerships that leverage our video commerce expertise to build a bridge between traditional retail and e-commerce.”

In the fourth quarter wearable categories, which include jewelry and watches, fashion and accessories, and beauty posted “solid revenue performance, and together grew by 2 percent,” according Evine.

“However, this growth was more than offset by a 55 percent decline in the consumer electronics category, of which more than two-thirds of the decline was related to not repeating the low-margin hoverboard sales from last year,” the network said in its press release.

In a call with Wall Street analysts, Rosenblatt gave a shout out to us jewelry hounds.

“We had several well executed jewelry events during the quarter, this included our Diamond Day event in November, which resulted in 18 percent improvement in productivity over the last year,” he said, according to a transcript from Seeking Alpha.

“In addition, we are able to be the first company to market the Burmese tuby which only recently became available to the U.S. market after 10 years. The customer responded when we experienced the 30 percent higher productivity versus our base jeweler business. In addition, we had a successful January Gem week as we continue to have success selling a wide variety of gem stones to our very loyal jewelry customers.”

http://seekingalpha.com/article/4057152-evines-evlv-ceo-bob-rosenblatt-q4-2016-results-earnings-call-transcript?source=email_rt_article_readmore&auth_param=1cprs8:1cd5fo1:d6d068b63def7b8390aafca68547c67e&uprof=53&dr=1http://seekingalpha.com/article/4057152-evines-evlv-ceo-bob-rosenblatt-q4-2016-results-earnings-call-transcript?source=email_rt_article_readmore&auth_param=1cprs8:1cd5fo1:d6d068b63def7b8390aafca68547c67e&uprof=53&dr=1

Evine is also steaming  ahead with its conversion to HDTV.

“And as we have discussed our conversion to high definition TV is expected to be completed in launch by September,” Rosenblatt told analysts.

“We started the process of converting to high definition TV in the third quarter of fiscal 2016. We remained on track with this initiative. Phase I which included camera replacements and a transition to 16:9 aspect ratio which completed in the fourth quarter and Phase II which includes HD switcher replacements is set to be completed this spring. The final Phase will be completed by fall at which time we will be fully broadcasting in high definition. This transition to HD will improve our customer’s viewing experience which we believe will result in incremental sales.”

 

 

QVC’s 4Q Revenue Drops 7 Percent, To $1.9 Billion

March 1, 2017

The end of last year was tough going for home shopping networks.

On Tuesday QVC’s parent released fourth-quarter earnings, and the channel saw a dip in its sales, just like its rival HSN recently reported.

QVC’s U.S. revenue dropped 7 percent, to $1.9 billion in the fourth quarter and 2 percent, to $6.1 billion, in 2016, according to Liberty Interactive Corp.

“Internationally, QVC continues to perform well, while domestically we are focusing on strengthening a few merchandise categories that have been weak,” Liberty Interactive President and CEO Greg Maffei said in a canned statement.

HSN just had similar bad news to report. Its net sales dipped 1 percent, to $769.3 million, in the fourth quarter versus the prior year. In 2016, HSN’s sales were down 3 percent, to $2.5 billion.

QVC’s top honcho Mike George had a lot of ‘splaining to do. And he did.

“Our international segment generated strong results in the quarter with broad-based sales gains and margin expansion,” George said. “The sales trend in our U.S. business persisted from the third quarter primarily due to continued headwinds in select categories. We have strong action plans in place and are confident in our ability to return the US business to growth.”

“In 2016, we continued to significantly advance our digital platforms. eCommerce and mobile penetration grew approximately 260 and 800 basis points, respectively,” he said. “As we begin 2017, we are serving a large, engaged customer base, and we are creating competitive advantages as we further extend our reach across digital and next generation commerce platforms. We will leverage these strengths to build on our highly differentiated shopping experience.”

In the quarter, QVC’s average selling price per unit (“ASP”) decreased 8 percent to $56.78, units sold increased 1 percent, and returns as a percentage of gross product revenue improved 32 basis points. The U.S. experienced year-over-year declines in all categories except apparel.

For the year, ASP decreased 6 percent to $57, units sold increased 2 percent, and returns as a percentage of gross product revenue improved 104 basis points. Domestic QVC experienced year-over-year declines in jewelry, electronics and beauty, which were partially offset by gains in apparel, home and accessories.

E-commerce revenue decreased 1 percent to $1.1 billion and grew 326 basis points to 56 percent of total U.S. revenue in the quarter. For the year, e-commerce revenue increased 4 percent to $3.2 billion and rose 328 basis points to 52 percent of total U.S. revenue.

In the quarter, operating income decreased 15 percent to $303 million, operating income margin declined 143 basis points, adjusted OIBDA decreased 9 percent to $438 million and adjusted OIBDA margin declined 43 basis points, including the aforementioned cost allocations.

Excluding the cost allocations, adjusted OIBDA decreased 10 percent to $431 million and adjusted OIBDA margin declined about 80 basis points, primarily due to higher freight and warehouse expenses and lack of sales leverage.

For the year, operating income decreased 6 percent to $915 million, operating income margin declined 58 basis points, adjusted OIBDA decreased 2 percent to $1.4 billion and adjusted OIBDA margin was flat, including the aforementioned cost allocations.

Excluding the cost allocations, adjusted OIBDA decreased 4 percent to $1.4 billion and adjusted OIBDA margin decreased roughly 50 basis points, primarily due to lower product margins and higher bad debt, freight and warehouse expenses, which were partially offset by lower personnel expenses and favorable inventory obsolescence.

Beginning in the first quarter of 2016, QVC began allocating certain corporate costs for management reporting purposes differently, Liberty Interactive said in its press release.

Historically, QVC allocated these costs to the market from which the services were provided. As more of QVC’s costs support initiatives in multiple markets, QVC is allocating costs to the markets that will benefit from the expenditures. These management cost allocations are related to certain functions, such as merchandising, commerce platforms, information technology, human resources, legal, finance, brand and communications, corporate development and administration.

The cost allocations (from QVC U.S. to QVC International) totaled about $7 million in the fourth quarter and $31 million for 2016. As a result of the allocations, the U.S. segment’s operating income and adjusted OIBDA margins were each positively impacted approximately 35 basis points in the quarter and 50 basis points for the full year.

Evine Live Makes $5 Million In Layoffs, Cutbacks

March 24, 2016

It’s late and we’re tired, but we’re reading a transcript of Evine Live’s fourth-quarter earnings call with Wall Street analysts on Wednesday. See what we do for you guys! Anyway, we’ve already seen a bit of a bombshell.

In the transcript, provided by Seeking Alpha, CFO Tim Peterman said, “Last week, we enacted a reduction in workforce and other related costs that will result in approximately 5 million in annualized expense savings. We will continue to look for more ways to make our business more efficient.”

http://seekingalpha.com/article/3960623-evine-lives-evlv-ceo-bob-rosenblatt-q4-2015-results-earnings-call-transcript?part=single

Interim CEO Bob Rosenblatt, who took over for ousted chief Mark Bozek, said that 45 full-time employees were laid off. We wonder if Connie Kunkle’s “early retirement” was related.

“It is mostly a matter of being able to be more efficient and more effective in terms of streamlining the organization and most of the positions were in corporate, that we took the positions out of,” Rosenblatt said according to Seeking Alpha’s transcript.

“And they ranged in high-level positions all the way down since it was 45 positions all the way down to staff positions but it was done in surgical manner and of course some other people that remain having the additional responsibilities.”

Rosenblatt also indicated that he had no plans of transforming Evine Live from a watch network, saying that the category distinguishes the channel.

He said that sales in beauty were especially strong, with brands such as Consult Beaute doing particularly well.

“On the jewelry side, we made a deliberate decision to reduce airtime which boosted productivity for the category,” Rosenblatt said. “Sales were down versus the fourth quarter of prior years, but I’m happy to report that the jewelry area continues to be one of our customers’ favorite categories.”

That’s right, Bob!

“Within the categories we experienced particularly strong sales in the following area,” he said. “Gems en Vogue, we had sales of over 11 percent; luxury diamond designer brands in general were over 104 percent. Our gemstone designer brands were up to 2 percent and our sterling silver sales were up 20 percent.”

Evine Live sold a lot of Hoverboards during the holidays, and then stories broke about the boards erupting in fire and users suffering a lot of injuries. Rosenblatt addressed that issue.

“We’re mindful of the continued situation regarding the Hoverboard products and we’ll continue to monitor the situation as our customer safety is always a prime concern of ours,” he said. “However, as you know Hoverboard’s only represent one of more than tens of thousands of products that we offer at Evine Live and as retailer these occasional issues are not unexpected.”

Evine Live’s Fourth-Quarter Sales Up 5 Percent, Operating Income Drops

March 23, 2016

Evine Live’s net sales rose 5 percent in the fourth quarter last year, to $211.5 million, but operating income dropped precipitously, to $1.6 million from $3.9 million in the prior-year period, the company reported Wednesday.

Operating expenses also increased, up $3.1 million to $64.8 million, and was driven primarily by increased program distribution and increased variable expense.

Earnings per share dropped to one cent, which includes distribution facility consolidation and technology upgrade costs. EPS for the prior fourth quarter was six cents, which included executive and management transition costs.

Consumer electronics was the fastest-growing category at 35 percent of net sales versus the prior-year period, followed by the beauty category at 23 percent and fashion at 3 percent; jewelry and watches declined by 2 percent and home declined by 11 percent.

The return rate for the quarter was 18.9% percent,an improvement of 100 basis points year-over-year.

Chairman and Interim CEO Bob Rosenblatt, who replaced ousted Mark Bozek, had lengthy comments in the press release.

Although the Company had solid revenue growth in the fourth quarter, we are disappointed with the overall bottom line results. e profit erosion that continued into our fourth quarter doesn’t reflect the merchandising balance and operational discipline necessary to deliver consistent growth in value to all stakeholders.

We are in the midst of implementing plans to address these issues, but we are mindful that it will take some time to fix them in the right way. Last week we took our first steps toward addressing these issues and cut our full-year operating expense by $5 million through a reduction in corporate overhead and other operating costs.

Evine Live has a proven business model and we are strongly positioned to continue to use our expertise as a leader in the digital video commerce space. Our historical focus on developing proprietary and exclusive brands to broaden our product offering is proving to be a good idea.

However, it is only one piece of a much broader business strategy that is required to create profitable results and to build shareholder value. Our work going forward is centered on building a cohesive merchandising strategy with clear accountability.

With the $17 million bank term loan from GACP Finance Co., LLC, our recently strengthened balance sheet provides the Company some additional flexibility in building long-term relationships with our vendors, as well as the ability to be more opportunistic in the broader marketplace.

For 2015, sales were up 3 percent to $693.3 million, with operating income in the negative column at $8.7 million from a positive $1 million in 2014.

Consumer electronics was the fastest-growing category at 29 percent versus the prior year, followed by beauty at 14 percent and fashion at 10 percent; jewelry and watches declined by 3 percent and home declined by 9 percent.

The return rate for the year was 19.8 percent, an improvement of 170 basis points year-over-year.

ShopHQ Posts 17 Percent Fourth-Quarter Sales Gain

March 7, 2014

It looks like ShopHQ finally had a strong quarter, much to the chagrin of its dissident shareholders.

The channel’s fourth-quarter net sales last year rose 17 percent over the prior-year period, to $193 million from $165 million, the No. 3 home shopping network reported Thursday.

For the full year 2013, ShopHQ’s net sales jumped 12 percent to $640 million from $574 million in 2012.

That’s more growth than QVC and HSN posted for the quarter, but of course, a lot less dough.

QVC posted a 6 percent gain in revenue in the fourth quarter, to $1.9 billion, and was up 5 percent, to $5.8 billion, for last year. HSN reported a 2 percent gain in net sales in the fourth quarter, to $697.4 million. For the full year 2013, HSN’s net sales were up 2 percent, to $2.31 billion.

“Our fourth-quarter performance marked our seventh consecutive quarter of sales growth and positive Adjusted EBITDA,” ShopHQ CEO Keith Stewart said in a canned statement.

“Our continued diversification of product mix resulted in strong sales growth across a much broader customer base,” he said. “We expanded our product assortment, improved our channel positions and continued to focus on the customer experience. These efforts drove record new customer counts in the quarter. With our rebranding to ShopHQ complete and more customers shopping with us than ever before, we believe we are well positioned for fiscal 2014.”

We wonder how this will play for The Clinton Group, which is trying to oust Stewart and many of ShopHQ’s board members.

The network’s sales were driven by strong performances in the categories of home & consumer electronics, fashion & accessories, and beauty, health & and fitness. ShopHQ, whose corporate name is ValueVision Media, saw its gross profit increase 14 percent in the fourth quarter, and as a percent of sales, it was 32.1 percent compared to 33.2 percent in the prior year.

Adjusted EBITDA improved to $5 million in the fourth quarter versus $4 million a year ago.

Adjusted net income for the quarter was $300,000, or breakeven per share, compared to an adjusted net loss of $300,000 in the year-ago quarter.

Net shipped units increased by 44 percent to a record 2.4 million from 1.6 million in the same quarter last year, reflecting a broader merchandise mix and a 20 percent decline in the average price point to $74 from $92.

Total customers purchasing over the last 12 months rose 20 percent to a record 1.4 million from 1.1 million in the prior year.

“The growth in customers reflects a broader merchandise mix at lower price points,” ShopHQ said in a press release. “In addition, the size of the total customer base who purchased during the three months of Q4’13 increased 30 percent versus last year’s same period.”

For the full year 2-13, adjusted EBITDA was $18 million for the full year 2013 versus $4 million last year. Adjusted net loss for the year was $400,000 compared to an adjusted net loss of $16 million in the prior year.

“Our balance sheet position is strong,” ShopHQ Chief Financial Officer William McGrath said in his canned statement. “We ended the year with $31 million in cash and restricted cash, an increase of $3 million from the start of fiscal year 2013. During the fourth quarter, we also expanded the size of our total credit facility with PNC Bank from $50 million to $75 million. The additional liquidity better positions us to support future growth as we evaluate options to increase our warehouse distribution capacity in 2014.”

QVC Reports 6 Percent Increase In Fourth-Quarter Revenue

March 1, 2014

QVC posted a 6 percent gain in revenue in the fourth quarter, to $1.9 billion, and was up 5 percent, to $5.8 billion, for last year, its parent Liberty Interactive Corp. reported Friday.

That’s a better showing than HSN came up with last week. The No. 2 home shopping network reported a 2 percent gain in net sales in the fourth quarter, to $697.4 million. For the full year 2013, HSN’s net sales were up 2 percent, to $2.31 billion.

For domestic QVC, on the fourth quarter and full year it experienced growth in all categories except jewelry. Average selling price per unit (“ASP”) increased 4 percent from $61.83 to $64.56 and units sold increased 2 percent compared to the prior-year fourth quarter.

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Fourth-quarter returns as a percent of gross product revenue increased 25 basis points. For the full year, ASP increased 5 percent from $57.52 to $60.15 and units sold were flat. Returns as a percent of gross product revenue improved 33 basis points.

In the fourth quarter, eCommerce revenue increased 12 percent to $873 million and grew to 45 percent from 43 percent as a percentage of total U.S. revenue. For the full year, eCommerce revenue increased 12 percent to $2.5 billion and grew to 43 percent from 40 percent as a percentage of total U.S. revenue.

Adjusted OIBDA increased 2 percent to $437 million in the fourth quarter and 5 percent to $1.4 billion for the year. Adjusted OIBDA margin(2) decreased 85 basis points in the fourth quarter and was flat for the full year.

Adjusted OIBDA margin decreased in the fourth quarter primarily due to a $20 million net favorable legal settlement that occurred in the fourth quarter of 2012, and for the full year, the year-over-year negative impact of the settlement was primarily offset by improved product margins and lower warehouse costs.

Excluding the impact of the legal settlement, adjusted OIBDA increased 7 percent and 6 percent\% in the fourth quarter and for the full year, respectively, and adjusted OIBDA margin would have increased 25 basis points and 35 basis points in the fourth quarter and for the full year, respectively.

QVC’s consolidated revenue, which includes its numerous international networks, increased 2 percent in the fourth quarter to $2.7 billion and was up a hair, 1 percent, for the full year to $8.6 billion.

“We generated over $3.2 billion in eCommerce revenues in 2013, including $1.2 billion in mobile orders, making QVC one of the world’s largest and most profitable eCommerce and mobile commerce retailers,” QVC President and CEO Mike George said in a canned statement. “We credit this success to the trust-based relationships we’ve built and continue to cultivate with our existing customers, in addition to the 3.8 million new customers who joined our global shopping communities last year.”