Qurate Retail reports Q3 FY20 revenue of $3.3 bn

18 Jan '21

2 min read

Pic: Qurate Retail

Qurate Retail, a US-based media conglomerate and provider of e-commerce services, has reported 10 per cent revenue increase to $3.3 billion in its third quarter (Q3) FY20 that ended on September 30, 2020 compared to revenue of $3.0 billion in same period previous fiscal. Operating income for the quarter grew to $406 million (Q3 FY19: loss $727 million).

“Our performance was outstanding this quarter. We generated strong growth in revenue, OIBDA, free cash flow and new customers, reflecting broad-based strength in home-related products,” Mike George, president and CEO of Qurate Retail, said in a press release.

QxH reported 7 per cent revenue growth to $1.9 billion ($1.8 billion) on higher unit volume, reduced customer returns and an increase in shipping and handling revenue, partially offset by a reduction in average selling price. Revenue of QVC International jumped 11 per cent to $723 million ($650 million). Zulily revenues increased 10 per cent to $395 million ($359 million) while Cornerstone revenue were up 26 per cent to $285 million ($226 million).

“We believe our strategic priorities and continued investments in innovation position us well to sustain our momentum in the long term. Qurate Retail offers a unique blend of media assets, particularly our leadership in livestreaming, and retail core competencies centered on curating appealing merchandise and building loyal customer relationships through highly engaging content,” George said.

Fibre2Fashion News Desk (JL)

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