Q Talk

[Spurt]

The results are in for the first quarter 2023 for QURATE

In the first quarter, we saw meaningful improvement in revenue trends at our largest businesses, QVC US & QVC International, while performance remained soft at HSN, Cornerstone and Zulily. Our customer file continues to be pressured and while we have multiple efforts underway to re-activate customer groups, we expect the impact of these initiatives to take several quarters. Against this backdrop, we are intensely focused on facto (gain) loss on sale of fixed assets and other one-time adjustments.

First quarter 2023 operating results:

• Qurate Retail revenue decreased 8% to $2.6 billion
  • In constant currency(2) revenue decreased 6%
• Qurate Retail reported diluted EPS of $0.05
  • Adjusted diluted EPS(3) of $(0.05)
• QxH revenue decreased 5%
• QVC International revenue decreased 12%
  • In constant currency, revenue decreased 3%
• Cornerstone revenue decreased 13%
• Zulily revenue decreased 17%

Corporate headlines:

• Received $55 million of insurance proceeds in first quarter related to Rocky Mount, NC fulfillment center fire; $435 million received to-date, and additional proceeds expected through business interruption claims
• Repaid $214 million of QVC’s 4.375% senior secured notes due March 2023
• Settled $157 million principal amount of exchanges of 1.75% exchangeable debentures with October 2023 put/call; received indemnification payments of $24 million from Liberty Broadband in connection with exchanges

[Caaareful Shopper]

@Spurt Yes,  https://community.qvc.com/t5/Q-Talk/Qurate-First-Quarter-Results-Highlights/m-p/7964109#M267479

[Spurt]

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@Caaareful Shopper wrote:

@Spurt Yes,  https://community.qvc.com/t5/Q-Talk/Qurate-First-Quarter-Results-Highlights/m-p/7964109#M267479

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I posted diferent parts of the report than the link above.

[Teddixat]

@Caaareful Shopper    I am not one of those folks who post here who seem to rooting for the demise of QVC.  They are obviously trying everything to stay afloat abd I hope for all the employees' sakes they do.    

[Caaareful Shopper]

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@Spurt wrote:

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@Caaareful Shopper wrote:

@Spurt Yes,  https://community.qvc.com/t5/Q-Talk/Qurate-First-Quarter-Results-Highlights/m-p/7964109#M267479

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I posted diferent parts of the report than the link above.

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@Spurt  I didn't think your post was redundant, it was quite interesting.  I just wasn't sure you saw the other post so I wanted to offer it up as well.  

[CalminHeart]

I don't know why they even show jewelry sales. With their lousy inventory, they could just drop it from financial reports.

Q delisted their stock last week - the exchange automatically does this when stock falls below $1 for more than 30 days. It'll be interesting to see the next quarterly report.

Q has been missing the boat for many years. They need to get their act together soon.

[chrystaltree]

Ok...    I think the only people who care about this are the QVC haters who oddly are hoping that QVC will crash and burn.  I suppose they think thousands of people losing their jobs and financial impact on the communities they live in is a good thing.  QVC will adjust to worldwide business challenges.  

[Caaareful Shopper]

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@chrystaltree wrote:

Ok...    I think the only people who care about this are the QVC haters who oddly are hoping that QVC will crash and burn.  I suppose they think thousands of people losing their jobs and financial impact on the communities they live in is a good thing.  QVC will adjust to worldwide business challenges.  

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@chrystaltree   Not true at all.  I want QVC to always be around [in one form or another] and hope for the very best for their operations and employees.

I've also been very interested in Qurate's financials every since Qurate became Qurate.  Quarterly reports tell a fantastically interesting story, if one follows publicly traded companies and understands the analytics. I do.

It can also give insight as to why some shows are dwindling (i.e., jewelry) after so many years; why more original content is shifting over to streaming only and not their regular channels; why some vendors seem to have disappeared quietly; etc.

Don't for a minute believe that only the interested are nay-sayers (yes, of course some are, but that's in everything).  

[They Call Me MR Wilkes]

I projected that someone would be unhappy and miserable about others who enjoy reading, analyzing and discussing Qurate's financial results.

My forecast was correct and on target (I even pinpointed the source accurately.)

[Shanus]

I'm definitely not an expert on financials, but seems the Rocky Mount fire and insurance received somewhat pulled Q out to the hole temporarily.