topic Re: QVC Group Second Quarter 2025 Report in Q Talk

QVC Group Second Quarter 2025 Report

They CallMe MRWILKES — Thu, 07 Aug 2025 12:54:07 GMT

For those with an interest, in summary, the second quarter operationally basically mirrored the first quarter.

An 11% decline in QXH revenue (year over year) and further declines in new and existing customers. (Note that customer count does not include new customers through Tik-Tok Shop which were substantial.)

Revenue dropped in all categories except, interestingly, electronics.

To me the biggest take away was a $2.4 billion noncash writedown in trade names, primarily impairment of the HSN brand acquisition, which now has been essentially devalued completely on the balance sheet.

Further details following the earnings call!

Re: QVC Group Second Quarter 2025 Report

Estellee — Thu, 07 Aug 2025 12:40:08 GMT

@They CallMe MRWILKES That you for keeping us updated!

Re: QVC Group Second Quarter 2025 Report

ellaphant — Thu, 07 Aug 2025 12:54:11 GMT

Not surprised. I just saw 3 minutes of H Slatkin talking about pumpkin and apple

picking and changed the channel. 👎

Re: QVC Group Second Quarter 2025 Report

longtimeqvcwatcher — Thu, 07 Aug 2025 13:05:13 GMT

@They CallMe MRWILKES wrote:
For those with an interest, in summary, the second quarter operationally basically mirrored the first quarter.

An 11% decline in QXH revenue (year over year) and further declines in new and existing customers. (Note that customer count does not include new customers through Tik-Tok Shop which were substantial.)

Revenue dropped in all categories except, interestingly, electronics.

To me the biggest take away was a $2.4 billion noncash writedown in trade names, primarily impairment of the HSN brand acquisition, which now has been essentially devalued completely on the balance sheet.

Further details following the earnings call!

Electronics probably held better because Justin, now being a regular host, is doing less of that. Sarah Cotelesse, Craig Smith, and Bret Hamilton are all good vendors.

Re: QVC Group Second Quarter 2025 Report

They CallMe MRWILKES — Thu, 07 Aug 2025 13:07:42 GMT

Portable chargers are a huge category boost, both Halo and Limitless, among others.

Re: QVC Group Second Quarter 2025 Report

Estellee — Thu, 07 Aug 2025 13:09:15 GMT

I remember when they sold plenty of computers, not so much anymore.

Re: QVC Group Second Quarter 2025 Report

Caaareful Shopper — Thu, 07 Aug 2025 13:40:01 GMT

@They CallMe MRWILKES

I also thought it interesting that they did not take live questions, only pre-submitted questions. They knew what they wanted to talk about and what they did not want to address publicly at this time.

The statement about considering many options to offset these results sounded very ominous, but expected.

Re: QVC Group Second Quarter 2025 Report

They CallMe MRWILKES — Thu, 07 Aug 2025 13:43:49 GMT

Yes! I was also surprised at no live Q&A. That's very, very unusual in my experience and, perhaps, telling.

I did like the disclosure of 100,000+ Tik Tok Shop new customers, which would more than offset the decline in old, deteriorating linear customer viewership.

Re: QVC Group Second Quarter 2025 Report

Caaareful Shopper — Thu, 07 Aug 2025 13:45:05 GMT

@They CallMe MRWILKES wrote:
Yes! I was also surprised at no live Q&A. That's very, very unusual in my experience and, perhaps, telling.

I did like the disclosure of 100,000+ Tik Tok Shop new customers, which would more than offset the decline in old, deteriorating linear customer viewership.

Yes. I've been listenting to each of these quarterly calls for several years, and this is the first time I can remember no live Q&A.

Re: QVC Group Second Quarter 2025 Report

kaydee50 — Thu, 07 Aug 2025 13:45:57 GMT

Will be interesting to see if the "new" Tik Tok customers remain customers.

Re: QVC Group Second Quarter 2025 Report

stevieb — Thu, 07 Aug 2025 13:54:16 GMT

As for Tik Tok, it'll be interesting if they can track how many of those customers repeat over the long haul and how many are one and done or are only very occasional.

Re: QVC Group Second Quarter 2025 Report

They CallMe MRWILKES — Thu, 07 Aug 2025 14:23:44 GMT

Some of my other observations:

No surprise that the IT outsourcing initiative is essentially complete!

HSN as a brand is off into the sunset.

Linear broadcasting is on its last legs. "We are live social shopping."

Best customers are really sticking with them! $3390 and 76 items in 12 months.

Growing importance of private labels and early CIJ helped by VPH and Homeworx.

Although apparel revenue declined, it was greatly aided by (no surprise) Kim Gravel and LOGO.

I don't think that the quarterly return rate has been disclosed before. It was 14.4%, which is a lot lower than I would have thought. (Although lower apparel and shoe sales probably caused a drop!)

Re: QVC Group Second Quarter 2025 Report

Caaareful Shopper — Thu, 07 Aug 2025 14:47:16 GMT

It remains to be seen if TikTok remains TikTok. It goes back & forth on the chopping block.

I hope there's a succession plan for a new social media platform strategy.

I also wonder how they differentiate the % of their linear QVC customers who are also their TikTok customers -- like ME. Surely they've drilled down that TikTok customer number into individual slices, like new QVC customer vs. QVC customer/new on TikTok, etc.

Re: QVC Group Second Quarter 2025 Report

Maizie Green — Thu, 07 Aug 2025 14:56:06 GMT

This whole thing makes me sad. If they had listened to what their customers wanted, they might be in a different position. We have seen the same complaints over and over for years, not only here but on their Facebook page. If they had just listened.

HSN is not the same anymore. I have bought so many nice seasonal decor items from them over the years and now they have hardly anything. I used to love their Halloween shows. The one thing that is still the same….their exceptional customer service. I bought several clearance holiday items two weeks ago. They went down in price last week. I did an online chat and price adjustment on every item was done in under 10 minutes. I bought some things on clearance here on the Q and the price went down two days after I received them. Will the Q honor the new price...heck no. So sad,

Re: QVC Group Second Quarter 2025 Report

Maizie Green — Thu, 07 Aug 2025 14:59:44 GMT

@They CallMe MRWILKES wrote:
Yes! I was also surprised at no live Q&A. That's very, very unusual in my experience and, perhaps, telling.

I did like the disclosure of 100,000+ Tik Tok Shop new customers, which would more than offset the decline in old, deteriorating linear customer viewership.

I am starting to see more and more Q items on TikTok. I have a couple of things in my cart. They sell out quickly so I have to decide soon.

Re: QVC Group Second Quarter 2025 Report

BalletBabe — Thu, 07 Aug 2025 16:32:38 GMT

I noticed a couple new channels on You Tube. The complaints are unreal, but it is the same Hosts that are complained about here.

Also, same complaints as here on everything else. People are not liking the new Hosts and can't stand the old Hosts. LOL

Many complaints about prices being way to high, shipping problems, return problems, etc. If they don't get a grip they will not survive.

Re: QVC Group Second Quarter 2025 Report

manny2 — Thu, 07 Aug 2025 17:19:35 GMT

I’m not surprised by TikTok growing. It’s for impulse and trend-driven purchases, especially among younger demographics. There is a downside too.

TikTok’s culture can be unforgiving. One misstep can lead to backlash or boycotts.

They are navigating some rough waters here. It’s a full-scale pivot from traditional TV to social commerce.

Re: QVC Group Second Quarter 2025 Report

ellaphant — Thu, 07 Aug 2025 20:29:48 GMT

@BalletBabe wrote:
I noticed a couple new channels on You Tube. The complaints are unreal, but it is the same Hosts that are complained about here.
Also, same complaints as here on everything else. People are not liking the new Hosts and can't stand the old Hosts. LOL

Many complaints about prices being way to high, shipping problems, return problems, etc. If they don't get a grip they will not survive.

They will not continue live on their own channel. Both network and cable are suffering losses to to streaming. I believe HSN and Q will be streaming only in the near future.

Re: QVC Group Second Quarter 2025 Report

foxywoods — Thu, 07 Aug 2025 20:46:10 GMT

Give HSN till end of year and they'll be off air. It has been a long slow decline since 2017.

Re: QVC Group Second Quarter 2025 Report

kaydee50 — Thu, 07 Aug 2025 20:53:13 GMT

@foxywoods I'm afraid you're right although it may take a little longer than 5 months especially since they just moved from FL. Along with Blair and Appleseeds, I will miss HSN very much. QVC won't be far behind.