- Qurate Retail Inc (NASDAQ: QRTEA) reported a first-quarter FY22 revenue decline of 13.6% year-on-year to $2.88 billion, missing the consensus of $3 billion.
- The e-commerce revenue declined 14% to $1.8 billion, constituting 61% of total revenue.
- QxH revenue decreased 13%, QVC International fell 13%, Zulily shed 38%, and Cornerstone increased 19%.
- The operating margin was 3.7%, and operating income for the quarter fell 71.6% to $106 million.
- Adjusted OIBDA decreased 35% to $335 million.
- The company held $608 million in cash and equivalents as of March 31, 2022. The total debt amounted to $5.2 billion as of March 31, 2022.
- Adjusted EPS of $0.15 missed the analyst consensus of $0.25.
- "Our first quarter results reflect the continued challenges of operating amidst extreme supply chain disruptions," said CEO David Rawlinson. "In addition, heightened inflationary pressure and the situation in Ukraine led to depressed consumer sentiment, and we experienced a larger-than-expected operational disruption related to the December fire at our Rocky Mount, NC fulfillment center."
- Price Action: QRTEA shares are trading lower by 29.2% at $3.05 on the last check Friday.
Read at Benzinga