Qurate, the parent company of West Chester-based QVC, reported third-quarter results, noting a revenue decrease from $2.48 billion to $2.34 billion year-over-year, writes Mike Duff for Homepage News.
The company also reported a net loss attributable to its shareholders of $23 million compared to net earnings of $1 million for the same quarter of the previous year. Qurate share price was under allowed levels on the NASDAQ exchange.
As a result, the company may opt to change how it lists on the page or execute a reverse stock split, if needed, to comply with NASDAQ rules.
David Rawlinson, Qurate president and CEO, said that outside factors–such as the national election and hurricanes–depressed viewership of the company’s programming during the quarter, which led to lower sales.
Rawlinson added that the company was getting closer to the end of Project Athens, a multi-year initiative focused on margin and free cash flow.
“The team has materially improved the business, becoming a more profitable, leaner, and more nimble organization,” he said. “ We are transitioning to the next phase of our strategic growth as we enhance our capabilities to reach aggregated audiences on primarily social and streaming platforms.”
Read more about the multi-year initiative to improve Qurate in Homepage News.
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