Q1 2024 Qurate Retail Inc Earnings Call Transcript
Key Points
- Qurate Retail Inc reported a sustained gross margin expansion of approximately 400 basis points, marking the fourth consecutive quarter of expansion.
- Consolidated adjusted OIBDA grew 45% as reported, representing the third consecutive quarter of adjusted OIBDA growth.
- Free cash flow improved for the fifth consecutive quarter of year-on-year improvement, demonstrating continued financial health.
- The launch of the QVC Age of Possibility campaign aimed at empowering women over 50 has shown early success, with a significant increase in new customer count following the event.
- Qurate Retail Inc's streaming business is experiencing robust growth, with revenue, total minutes viewed, and monthly average users all increasing well into the double digits in Q1.
- Revenue at QxH declined in line with the overall discretionary retail market, impacted by inflation and interest rate uncertainty.
- Uneven performance in seasonal product categories such as gardening and spring apparel due to a colder start to spring and changing consumer buying patterns.
- Beauty revenue declined at QVC, despite strength in beauty at HSN, indicating challenges in certain product segments.
- Cornerstone revenue declined due to soft housing starts and consumer demand for home furnishings, reflecting broader economic challenges.
- Despite overall growth, QVC International's Q1 revenue declined slightly by 1%, led by a decrease in Germany.
Welcome to the Qurate Retail, Inc. 2024 First Quarter Earnings Call. (Operator Instructions). As a reminder, this conference will be recorded May 8, 2024. I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.
Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent forms 10-K and 10-Q filed by our company and QVC with the SEC.
These forward-looking statements speak only as of the date of this call, and Qurate Retail expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Qurate Retail's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please
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