Qurate Retail, Inc. Reports First Quarter 2021 Financial Results

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05/07/2021 - 07:00 AM

Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported first quarter 2021 results⁽¹⁾.

“We generated outstanding results across all our businesses and markets,” said Mike George, President and CEO of Qurate Retail. “Our performance demonstrates the competitive advantage of our business model. We operate at the inflection point of accelerated online shopping, wide adoption of video streaming and growing consumer engagement on digital platforms. The progress we’ve made through years of strategic investment to capitalize on these trends positions us as a world leader in video, digital, mobile and social commerce. This past year has solidified our confidence in the long term prospects for the business.”

First quarter 2021 operating results:

Qurate Retail revenue increased 14% to $3.3 billion
- In constant currency⁽²⁾ revenue increased 13%
- eCommerce revenue increased 19% to $2.1 billion or 61% of total revenue
Qurate Retail reported diluted EPS of $0.49
- Adjusted diluted EPS⁽³⁾ increased 78% to $0.48
QxH revenue increased 8%
QVC International revenue increased 22%
- In constant currency, revenue increased 15%
Zulily revenue increased 19%
Cornerstone revenue increased 41%

Corporate updates:

From February 1, 2021 through April 30, 2021, repurchased 5.0 million QRTEA shares at an average price per share of $12.12 and total cost of $61 million
Qurate Retail published its inaugural Corporate Responsibility report guided by United Nations’ Sustainable Development Goals
- Includes disclosure aligned with Sustainability Accounting Standards Board (“SASB”) standards

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2021 to the same period in 2020.

FIRST QUARTER 2021 FINANCIAL RESULTS

(amounts in millions)

1Q20

1Q21

% Change

% Change Constant Currency^(a)

Revenue