Qurate Retail Shares Rise On Q2 Revenue Beat

Qurate Retail Inc QRTEA reported a second-quarter FY22 sales decrease of 16% year-on-year to $2.95 billion, beating the consensus of $2.82 billion.
eCommerce revenue decreased 17% to $1.8 billion or 61% of total revenue in Q2.
The company's QxH revenue decreased 12% in Q2, and QVC International revenue decreased by 19%. Zulily revenue fell 45%, and Cornerstone revenue rose 4%.
Operating income for the quarter fell 3% to $418 million, and the operating margin was 14.2%.
Adjusted OIBDA decreased 40% Y/Y to $347 million.
Adjusted EPS of $0.12 missed the consensus of $0.14.
The company held $570 million in cash and equivalents as of June 30, 2022.
"Our second quarter results reflected lower demand driven by similar factors impacting all of retail including inflation, the war in Ukraine, and rising interest rates, as well as supply chain challenges and downstream impacts from last December's fire at our Rocky Mount, NC fulfillment center that affected our merchandise availability and operational efficiency," said CEO David Rawlinson.
Price Action: QRTEA shares are trading higher by 11.59% at $3.51 on the last check Friday.

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