Revenues and operating income fall at QVC and HSN in the fourth quarter
Revenues and operating income fell at QVC and HSN in the fourth quarter, which impacted Qurate Retail financial results, although the company made some adjusted income headway.
For the fourth quarter, Qurate posted net income of $141 million, or 34 cents per share, versus $273 million, or 61 cents per share, in the year-previous quarter. Adjusted net income was $284 million, or 68 cents per share, versus $277 million, or 62 cents per share, in the year-before period. Qurate matched a MarketBeat-published analyst consensus estimate of 68 cents per share.
Total Qurate retail revenue was $4.17 billion versus $4.38 billion in the year-past quarter while operating income was $287 million versus $435 million in the year-earlier period.
At QxH, including the QVC and HSN operations in the U.S., revenue dropped 3% in the quarter to $2.69 billion and operating income dropped 47% to $191 million. In the period, QxH incurred revenue declines in all categories. For the full year, QxH suffered declines in all categories except electronics. Operating income declined in the fourth quarter and full year primarily due to an increase in impairment charges at HSN.