Friday, May 7, 2010

QVC Reports First Quarter Results


"QVC again delivered impressive results and drove further margin expansion," stated Greg Maffei, Liberty President and CEO. "At Starz, Spartacus consistently performed well, ranking number one among all premium programs for 13 consecutive Fridays. We extended maturities at Liberty Interactive by issuing another $1.0 billion of QVC bonds with 2017 and 2020 maturities and recently announced a tender for $400 million of Liberty's senior notes due 2013."

LIBERTY INTERACTIVE GROUP – Liberty Interactive group's revenue increased 11% to $2 billion and adjusted OIBDA increased 12% to $381 million, while operating income increased 18% to $218 million. The increase in revenue and adjusted OIBDA was primarily due to favorable results at QVC. Beginning January 1, 2010, Liberty began reporting the results of CommerceHub, formerly a QVC subsidiary, as part of the eCommerce group due to the Internet orientation of its business. As a result, CommerceHub's revenue, adjusted OIBDA, and operating income have been reclassified to the eCommerce group for all periods presented.


QVC's consolidated revenue increased 11% in the first quarter to $1.8 billion and adjusted OIBDA increased 15% to $366 million.

"QVC is emerging from the downturn showing strong, consistent sales growth and increased adjusted OIBDA margins," stated Mike George, QVC President and CEO. "Our adjusted OIBDA margin, excluding our start-up operations related to our Italy launch, improved 103 basis points over prior year first quarter. Using our buying power, we continue to provide a compelling customer value proposition while maintaining our margin integrity. Our global eCommerce business grew 23% in the quarter, well ahead of the overall internet sales index as we continue to take share from both brick and mortar and eCommerce competitors. We were delighted with the success of several new brands we premiered in Q1, including Kim Kardashian fragrances, Jillian Michaels fitness, Vita Mix blenders and Dyson vacuums."

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