QVC Group Reports Fourth Quarter and Year End 2024 Financial Results
QVC Group, Inc. (“QVC Group”) (Nasdaq: QVCGA, QVCGB, QVCGP) today reported fourth quarter and year end 2024 results(1). “2024 was an important year for the company and we achieved several milest...
ENGLEWOOD, Colo.: QVC Group, Inc. (“QVC Group”) (Nasdaq: QVCGA, QVCGB, QVCGP) today reported fourth quarter and year end 2024 results(1).
“2024 was an important year for the company and we achieved several milestones. We successfully completed Project Athens, resulting in a second straight year of Adjusted OIBDA growth as reported and enhanced operating discipline. We also reduced our debt levels to strengthen the balance sheet and grew our streaming business. We faced challenges in the second half of 2024, driven by heightened competition for viewership with the Olympics and the election, as well as a conservative consumer environment, both of which pressured our top line results and resulted in sales deleverage,” said David Rawlinson, President and CEO of QVC Group. “In November, we announced a new three-year strategy focused on returning the business to growth. We are moving quickly to transform into a scaled player in live social shopping and believe we have the key assets to win in this market. To enable this strategy we are moving decisively, including consolidating headquarters and studio operations into West Chester, Pennsylvania, re-naming the company to QVC Group, ramping up social media operations, and continuing to actively manage our balance sheet.”
Fourth quarter and full year 2024 headlines:
- Qurate Retail, Inc. renamed to QVC Group, Inc. on February 21, 2025
- QVC Group revenue decreased 6% in Q4 and 5%(2) in full year in both US Dollars and constant currency(3)
- Generated operating loss of $1.3 billion in Q4 and $809 million in full year
- Adjusted OIBDA(4) decreased 8% in Q4 and 1%(2) in full year in US Dollars
- In constant currency adjusted OIBDA(4) decreased 8% in Q4 and was flat(2) in full year
- QxH revenue decreased 8% in Q4 and 6% in full year
- QVC International revenue was flat in Q4 and decreased 2% in full year in US Dollars
- In constant currency(3), revenue was flat in Q4 and in full year
- Cornerstone revenue decreased 7% in Q4 and 11% in full year
- Reduced QVC Group principal amount of debt by $442 million in 2024 and extended maturity profile
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months and year ended December 31, 2024 to the same periods in 2023.
FOURTH QUARTER 2024 FINANCIAL RESULTS | ||||||||||||||
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(amounts in millions) | 4Q23 |
| 4Q24 |
| % Change | % Change | ||||||||
Revenue |
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QxH | $ | 2,159 |
| $ | 1,980 |
| (8 | )% |
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QVC International |
| 679 |
|
| 680 |
| — | % | — | % | ||||
Cornerstone |
| 305 |
|
| 284 |
| (7 | )% |
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Total QVC Group Revenue | $ | 3,143 |
| $ | 2,944 |
| (6 | )% | (6 | )% | ||||
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Operating Income (Loss) |
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QxH(b) | $ | (193 | ) | $ | (1,352 | ) | NM |
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QVC International |
| 80 |
|
| 98 |
| 23 | % | 23 | % | ||||
Cornerstone |
| 18 |
|
| (4 | ) | NM |
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Unallocated corporate cost |
| (8 | ) |
| (13 | ) | (63 | )% |
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Total QVC Group Operating Income (Loss) | $ | (103 | ) | $ | (1,271 | ) | NM |
| NM |
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Adjusted OIBDA (Loss) |
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QxH(b) | $ | 221 |
| $ | 204 |
| (8 | )% |
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QVC International |
| 99 |
|
| 111 |
| 12 | % | 12 | % | ||||
Cornerstone |
| 27 |
|
| 5 |
| (81 | )% |
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Unallocated corporate cost |
| (7 | ) |
| (8 | ) | (14 | )% |
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Total QVC Group Adjusted OIBDA | $ | 340 |
| $ | 312 |
| (8 | )% | (8 | )% | ||||
| ____________________ | ||
a) | For a definition of constant currency financial metrics, see the accompanying schedules. | |
b) | In the fourth quarter of 2023, QxH incurred a $326 million non-cash impairment charge related to goodwill. In the fourth quarter of 2024, QxH incurred a $1.5 billion non-cash impairment charge related to goodwill and tradenames. These charges are included in operating income and excluded from Adjusted OIBDA. See reconciling schedule 2. | |
FULL YEAR 2024 FINANCIAL RESULTS | ||||||||||||||
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(amounts in millions) | 2023 |
| 2024 |
| % Change | % Change | ||||||||
Revenue |
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QxH | $ | 6,995 |
| $ | 6,598 |
| (6 | )% |
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QVC International |
| 2,454 |
|
| 2,399 |
| (2 | )% | — | % | ||||
Cornerstone |
| 1,165 |
|
| 1,040 |
| (11 | )% |
| |||||
Total QVC Group Revenue (excluding Zulily) | $ | 10,614 |
| $ | 10,037 |
| (5 | )% | (5 | )% | ||||
Zulily(b) |
| 301 |
|
| - |
| NM |
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Total QVC Group Revenue (as reported) | $ | 10,915 |
| $ | 10,037 |
| (8 | )% | (8 | )% | ||||
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Operating Income (Loss) |
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QxH(c) | $ | 275 |
| $ | (1,045 | ) | NM |
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QVC International(d) |
| 370 |
|
| 275 |
| (26 | )% | (23 | )% | ||||
Cornerstone(e) |
| 35 |
|
| 2 |
| (94 | )% |
| |||||
Unallocated corporate cost |
| (33 | ) |
| (41 | ) | (24 | )% |
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Total QVC Group Operating Income (Loss) (excluding Zulily) | $ | 647 |
| $ | (809 | ) | NM |
| NM |
| ||||
Zulily(b) |
| (57 | ) |
| - |
| NM |
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Total QVC Group Operating Income (Loss) (as reported) | $ | 590 |
| $ | (809 | ) | NM |
| NM |
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Adjusted OIBDA (Loss) |
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QxH(c) | $ | 746 |
| $ | 765 |
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