Qurate Retail Inc QRTEP:NASDAQ

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Qurate Retail Fourth-Quarter Results Beat Views as Business Segments Post Double-Digit Growth

11:51AM ET 2/26/2021 MT Newswires
Qurate Retail (QRTEA) delivered fourth-quarter results that topped expectations as the video and online retailer saw double-digit topline growth in three of its four business segments.

The Englewood, Colorado-based video and online retailer on Friday reported adjusted per-share earnings of $1.59, up from $0.68 a year ago. The consensus of analysts polled by Capital IQ was for adjusted EPS of $0.76. Revenue increased to $4.45 billion from $4.17 billion, beating the Street's view for $4.41 billion.

"We sustained top line growth across all business segments as our team responded with agility to meet our customers' rapidly shifting needs in the stay-at-home environment and to adapt offerings and events in the face of substantial product shortages and shipment challenges, all while significantly pulling back our promotional activity," said Chief Executive Michael George in an earnings call, according to a Capital IQ transcript.

Qurate's QxH revenue ticked up 1% to $2.72 billion on customer growth, better customer returns and continued demand for home products. QVC International jumped 16% to $896 million due to customer growth and gains in home and beauty categories.

Zulily popped 11% to $503 million, driven by the increase in customers, gains in home and hardlines, partially offset by weak women's apparel and footwear. Cornerstone jumped 30% to $331 million, mostly due to strong demand in Frontgate, Ballard Designs and Grandin Road brands.

Qurate has added more than 2.8 million new customers during the quarter across the segments, an increase of 33% from the prior-year period, according to George.

"As we look forward to 2021, we believe the same digitally-driven macro consumer trends will continue with elevated home demand, supporting new and occasional customer growth and upside with best customers as behaviors shift back to fashion," Chief Financial Officer Jeffrey Davis said during the call.

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