QVC Group Reports 2024 Financial Results Amid Strategic Shift

Qurate Retail, Inc ( (QVCGB) ) has released its Q4 earnings. Here is a breakdown of the information Qurate Retail, Inc presented to its investors.

QVC Group, Inc., a prominent player in the retail sector, specializes in live social shopping and operates across various international markets. The company has recently undergone a rebranding from Qurate Retail, Inc. to QVC Group, Inc., reflecting its strategic shift towards expanding its social shopping capabilities.

In its latest earnings report, QVC Group announced a decrease in revenue by 6% for the fourth quarter and 5% for the full year 2024. Despite these challenges, the company achieved growth in its streaming business and reduced its debt by $442 million, demonstrating a commitment to strengthening its financial position.

Key financial metrics revealed a $1.3 billion operating loss in Q4 and $809 million for the full year, primarily due to a significant non-cash impairment charge related to goodwill and tradenames. Adjusted OIBDA decreased by 8% in Q4 but remained flat for the full year in constant currency. The company’s QxH segment saw a decline in revenue, while QVC International maintained stable performance in constant currency terms.

Looking ahead, QVC Group’s management is focused on implementing a new three-year strategy aimed at returning the business to growth. This includes consolidating operations, enhancing social media presence, and actively managing the balance sheet to position the company as a leader in the live social shopping market.