US firm Qurate Retail's FY20 sales grow 5% to $14.2 bn

03 Mar '21

2 min read

Pic: QVC

Qurate Retail, a US-based media conglomerate and provider of e-commerce services, has reported 5 per cent revenue increase to $14.2 billion in its full fiscal 2020 that ended on December 31, 2020 compared to the revenue of $13.4 billion in the previous fiscal. Net earnings attributable to Qurate Retail for FY20 was $1.2 billion (FY19: loss $456 million).

Company’s e-commerce revenue increased 11 per cent to $8.9 billion during the year. Operating income was $1.5 billion ($0.2 billion).

“Our strong 2020 performance reflects our agility in a rapidly changing environment and the accelerated execution of key elements of our long-term strategy, including extension of our reach across new platforms to be there for our customers wherever and whenever they want to engage with our brands,” Mike George, president and CEO of Qurate Retail, said in a press release.

Sales of QxH business unit during FY20 rose 3 per cent to $8.5 billion ($8.2 billion) reflecting continued demand for home products, growth in customers and favourable customer returns. While QVC International sales jumped 10 per cent to $2.9 billion ($2.7 billion). Zulily sales grew 4 per cent to $1.6 billion ($1.5 million), and Cornerstone revenue were up 19 per cent to $1.0 billion ($0.9 billion).

“We ended the year with sustained topline growth across all business segments as well as strong profit growth, margin expansion and cash flow from operations,” George said. “As we look ahead, we believe the same digitally-driven macro consumer trends will continue, and we remain focused on long-term growth.”

Fibre2Fashion News Desk (JL)

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