Qurate Retail, a media conglomerate, posted 5 per cent decrease in revenue to $2.9 billion in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $3.0 billion in same period prior year. Revenue of e-commerce was 59 per cent or $1.7 billion of the total revenue. Operating income fell 20 per cent to $231 million (Q1 FY19: $288 million).
Qurate Retail, a media conglomerate, posted 5 per cent decrease in revenue to $2.9 billion in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $3.0 billion in same period prior year. Revenue of e-commerce was 59 per cent or $1.7 billion of the total revenue. Operating income fell 20 per cent to $231 million (Q1 FY19: $288 million).#
Net income during the quarter reported loss of $20 million.
Qurate Retail, a media conglomerate, posted 5 per cent decrease in revenue to $2.9 billion in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $3.0 billion in same period prior year. Revenue of e-commerce was 59 per cent or $1.7 billion of the total revenue. Operating income fell 20 per cent to $231 million (Q1 FY19: $288 million).#
QxH segment revenue in Q1 FY20 fell 4 per cent to $1.7 billion (Q1 FY19: $1.8 billion). QxH reported declines in all categories during the quarter. In mid-March, when Covid-19 awareness escalated in the US, QxH reported decline in sales combined with a shift from higher margin fashion products to lower margin home products.
Qurate Retail, a media conglomerate, posted 5 per cent decrease in revenue to $2.9 billion in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $3.0 billion in same period prior year. Revenue of e-commerce was 59 per cent or $1.7 billion of the total revenue. Operating income fell 20 per cent to $231 million (Q1 FY19: $288 million).#
Revenue of QVC International dropped marginally 1 per cent to $635 million (Q1 FY19: $644 million). Zulily revenue slipped 20 per cent to $316 million (Q1 FY19: $397 million). Cornerstone reported 5 per cent revenue decline to $177 million (Q1 FY19: $187 million).
Qurate Retail, a media conglomerate, posted 5 per cent decrease in revenue to $2.9 billion in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $3.0 billion in same period prior year. Revenue of e-commerce was 59 per cent or $1.7 billion of the total revenue. Operating income fell 20 per cent to $231 million (Q1 FY19: $288 million).#
“We remain open for business thanks to the dedication and resilience of our 25,000 team members, and we are seeing encouraging increases in sales and new customers at the start of the second quarter,” Mike George, president and CEO of Qurate Retail, said in a press release.
Qurate Retail, a media conglomerate, posted 5 per cent decrease in revenue to $2.9 billion in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $3.0 billion in same period prior year. Revenue of e-commerce was 59 per cent or $1.7 billion of the total revenue. Operating income fell 20 per cent to $231 million (Q1 FY19: $288 million).#
We experienced significant margin impact from Covid-19 in the first quarter and challenges remain, including a demand shift to lower-margin products and reduced productivity in our fulfilment centres.”
Fibre2Fashion News Desk (JL)
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