Qurate Retail, the owner of West Chester-based QVC, reported a $2.74 billion, or 13 percent, third-quarter revenue loss, in part due to the “weakened consumer sentiment,” noted the company’s new CEO David Rawlinson II, writes Jeff Blumenthal for the Philadelphia Business Journal.
Revenue for QxH, the combination QVC and HSN, saw a drop of eight percent. Meanwhile, online retailer Zulily dropped by a whopping 39 percent.
Meanwhile Cornerstone, a segment that includes Ballard Designs, Frontgate, Garnet Hill, and Grandin Road, grew its revenue by 8 percent.
The second consecutive weak quarter has led the company’s management to alter its strategy.
“Despite soft results, we maintained our focus on progressing the five pillars of Project Athens, our three-year strategic plan to re-establish revenue growth, adjusted OIBDA margin expansion, and incremental cash flow generation,” said Rawlinson.
The company will continue to work on “augmenting our team and attracting executive leadership talent with top tier experience who will help drive this transformation, including a chief operating officer, president of streaming operations, a chief merchandising officer for QVC U.S. and a chief people officer,” he added.
Read more about Qurate Retail in the Philadelphia Business Journal.