West Chester-based Qurate Retail Group, owner of QVC and HSN, is implementing a turnaround plan amid significant declines in revenue that the video commerce giant recorded across the board during the second quarter, according to a staff report from PYMNTS.com.
Qurate revenue dropped by 16 percent to $3 billion, with its e-commerce revenue going down 17 percent to $1.8 billion, or 61 percent of the company’s total revenue. QVC International revenue decreased by 19 percent, while Zulily revenues plummeted by 45 percent. Meanwhile, Cornerstone increased by 4 percent.
“Our second quarter results reflected lower demand driven by similar factors impacting all of retail including inflation, the war in Ukraine, and rising interest rates,” said David Rawlinson, Qurate Retail’s president and CEO, “as well as supply chain challenges and downstream impacts” from a fire at a fulfillment center “that affected our merchandise availability and operational efficiency.”
He added that the company has already begun a turnaround program, including a plan to “re-establish revenue stability, margin expansion, and incremental free cash flow generation” referred to as “Project Athens.”
Qurate also added a new president to its streaming business along with a QVC chief merchandise officer.
Read more about Qurate at PYMNTS.com.