Qurate Retail Group, the parent company of West Chester’s QVC is turning things around. Earlier this year, the retail company’s stocks plunged to below $1 for 30 straight business days. Last week, it faced potential delisting from the Nasdaq Stock market, writes Jeff Blumenthal for the Philadelphia Business Journal.
On Friday morning, Qurate’s shares increased by 33 percent, and settled at 22 percent, which is 88 cents per share.
The company reported a profit of $20 million for the first quarter, which is 5 cents a share. The revenue decreased by 8 percent compared to last year.
Amid the parent company’s restructuring program, 400 employees of Qurate were laid off in March in order to reduce costs.
However, CEO David Rawlinson said that there was a “meaningful improvement” in QVC’s performance. He cited managing higher average selling prices, elevated merchandise strategy leveraging, and enhanced programming.
Read more about Qurate Retail’s performance in the Philadelphia Business Journal.
Behind the Scenes at QVC.