Qurate Retail Group, the owner of West Chester-based QVC, saw its stock price soar 57 percent late last week after moving into profit in the third quarter as well as narrowing its revenue decline, writes Jeff Blumenthal for the Philadelphia Business Journal.

In the third quarter, the company reported a $1 million profit, compared to a $2.7 billion loss for the same period last year. Meanwhile, revenue declined ten percent to $2.47 billion.

QxH, the division that makes up QVC and its sister shopping network HSN, recorded a three percent decline in revenue to $1.6 billion in the same quarter. Meanwhile, Qurate’s international division saw a four percent increase to $577 million.

This is good news for Qurate, which was threatened with being delisted in May by the Nasdaq Stock Market as its shares continued to drop amid the company’s continued implementation of its restructuring plan called Project Athens.

According to Qurate CEO David Rawlinson, the company is delivering on its Project Athens transformation plan and has “made tangible progress toward building a materially stronger profit and cash flow profile.”

Read more about QVC’s stock prices soaring in the Philadelphia Business Journal.

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