What caused QVCGA's EPS decline throughout 2024?

QVCGA's EPS decline throughout 2024 can be attributed to several key factors: 1. **Revenue Declines**: QVC Group Inc. reported a 6% decrease in revenue for the fourth quarter of 2024, which is a significant pressure point considering the overall financial performance. This decline was not isolated to Q4, as the full-year revenue also fell by 5%. The company's revenue shortfall was notably evident in its failure to meet estimated quarterly and annual revenue targets. 2. **Operating Losses**: The company reported an operating loss of $1.3 billion for the fourth quarter and $809 million for the full year, primarily driven by a $1.5 billion non-cash impairment charge related to goodwill and tradenames. This impairment charge is a substantial contributor to the consolidated OIBDA decline, indicating that the company's goodwill and tradenames, which are crucial for their business model, might be overvalued or at risk due to market conditions. 3. **Decrease in QxH TV Minutes Viewed**: QVC's domestic U.S. television business, QxH, experienced a 4% decrease in TV minutes viewed. This decline is concerning as it directly impacts the revenue from this segment. The company attributes this decrease to increased competition for viewership due to the Olympics and the election, as well as a conservative consumer environment. 4. **Cornerstone's OIBDA Decline**: The Cornerstone segment, which includes QVC and HSN, saw a $22 million decrease in OIBDA, contributing significantly to the consolidated OIBDA decline. This decline is part of a broader trend of revenue decreases across different revenue streams, such as home, apparel, and electronics, which declined by 3%, 6%, and 16%, respectively. 5. **International Market Pressure**: While QVC International was the best-performing segment in Q4, with OIBDA increasing 12% year-on-year, the full-year revenue was flat in both US Dollars and constant currency. This suggests that while the international market shows promise, it is not yet large enough to fully offset the domestic revenue declines. These factors combined create a challenging environment for QVC Group Inc. as it navigates revenue declines while investing in growth opportunities, such as its streaming business and international markets.