Q2 2024 Qurate Retail Inc Earnings Call Transcript
Key Points
- Qurate Retail Inc (QRTEA) reported gross margin expansion for the fifth consecutive quarter.
- Adjusted OIBDA grew, with QXH-adjusted OIBDA up 5% and QVC International adjusted OIBDA up 8% in constant currency.
- The 'Age of Possibility' campaign generated strong initial reactions, including 38 billion earned media impressions and a nearly 200% increase in QVC social followers.
- QVC International delivered stable revenue and adjusted OIBDA growth for the fourth consecutive quarter.
- The company saw modest growth in new customers for the fourth consecutive quarter, with a 7% increase on a trailing 12-month basis.
- Total company revenue declined, reflecting lower volume, particularly at QXH and Cornerstone brands.
- The housing market pressures negatively impacted the Cornerstone business, leading to a 14% revenue decline.
- QXH customer count declined 5% on a quarterly basis, in line with volume decline.
- The company received a notice from NASDAQ regarding its stock price falling below $1 per share for 30 consecutive business days.
- Freight cost volatility and potential labor negotiations on the East Coast could impact future financial performance.
Ladies and gentlemen, welcome to the Qurate Retail, Inc. 2024 Q2 Earnings Call. (Operator Instructions) As a reminder, this conference will be recorded, August 8.
I would now like to turn the call over to Claire 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 statements contained herein to reflect any change in Qurate Retail's expectations with regard thereto or any change in events,
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