Qurate Retail Inc QRTEP:NASDAQ

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Qurate Retail Posts Second-Quarter Beat Amid Mixed Growth Across Business Segments

2:10PM ET 8/06/2021 MT Newswires
Qurate Retail (QRTEA) booked higher-than-expected results in the second quarter amid mixed top-line growth across business segments, while managing continued supply chain and labor market concerns.

The video and online retailer said Friday that its adjusted earnings in the quarter ended June were unchanged at $0.54 per diluted share year over year. Analysts polled by Capital IQ expected adjusted EPS of $0.50. Revenue rose to $3.5 billion from $3.42 billion. The Street's forecast was $3.39 billion.

"The strong second quarter results further confirm our belief that we are a much better business now than we entered the pandemic with an expanded and loyal customer base, strength across multiple product categories and more extensive distribution and reach of our digital and video content," Chief Executive Michael George said on a conference call with analysts, according to a Capital IQ transcript.

The company's e-commerce revenue fell 2% to $1.18 billion during the quarter, representing nearly 60% of total revenue.

Qurate Retail's QxH business saw a revenue decline of 1% to $1.99 billion as the business saw a decrease in new and reactivated accounts. QxH saw the return to growth of apparel and accessories categories, offset by a decline in electronics, beauty and home.

QVC International revenue grew 11% to $791 million due to growth in every category, while Zulily revenue dropped 6% to $397 million due to the impacts of marketing pressures and supply constraints. Cornerstone increased 18% to $327 million on strong home brands and apparel rebound at Garnet Hill.

"The quarter played out largely as we expected, with our businesses responding effectively to customers' evolving needs while managing continued supply chain headwinds and a tight labor market," George said in a statement.

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