Q Talk

Occasional Contributor

Posts: 10

Registered: ‎03-09-2010

QVC 1st quarter report...

‎05-09-2012 10:03 PM

It looks like we will be getting more of the same c*r*a*p programming, if the first quarter results are any indication. Believe it or not, QVC had a sales increase. Here's the story. To read more...just google "QVC 1st quarter report for 2012."

QVC

QVC's consolidated revenue increased 5% in the first quarter to $1.9 billion. During the same period, adjusted OIBDA increased 7% to $390 million and operating income increased 15% to $258 million.

"QVC demonstrated significant growth in revenue and adjusted OIBDA in the first quarter," said Mike George, QVC President and CEO. "Our customers are increasingly embracing QVC as a trusted shopping destination that offers engaging and interactive content, along with great value. Our early investment in mobile platforms is proving successful, and we are seeing rapid adoption as our customers around the world choose to engage with QVC on tablet and mobile devices."

QVC's US revenue increased 4% to $1.2 billion in the first quarter. Gross product revenue in the same period increased 5% as a result of strength in cooking and dining and apparel products. US revenue, however, maintained a 4% increase overall due to an increase in first quarter returns as a percent of gross product revenue of 127 basis points primarily due to the shift in mix to apparel. Average selling price ("ASP") increased 4% from $54.83 to $57.01 and units sold increased 1% compared to the prior year first quarter. There was also a 9% increase in shipping and handling revenue as a result of price increases implemented in the fourth quarter of 2011. In the first quarter, eCommerce revenue increased 13% to $481 million and grew to 39% from 36% as a percentage of total US revenue. Adjusted OIBDA increased 4% to $270 million and adjusted OIBDA margin⁽²⁾ remained flat during the first quarter. The adjusted OIBDA margin was impacted by a $4 million charge associated with reducing the number of order entry personnel at the Chesapeake, VA call center due to an increase in electronic ordering from customers.