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- **Revenue Decline Despite Social Growth**: Total revenue down 6% in constant currency, but social/streaming revenue up 30% YoY.
- **Customer Engagement Improves**: Average spend per customer +4%, best customers buying 78 items annually.
- **Financial Pressures**: OIBDA margin contracted 245 bps due to costs, gross margin down 110 bps from tariffs and freight.
- **Strategic Focus**: Accelerating social investments, reducing China sourcing, and evaluating financial alternatives.

**【Management Opening Remarks】**
- Jessica Donati provided a forward-looking statements disclaimer and introduced the executives participating in the call.
- She highlighted the availability of slides and financial measures, including adjusted OIBDA, free cash flow, and constant currency metrics.

**【CEO Commentary】**
- **Progress on WIN Strategy**: Noted progress in social and streaming platforms despite challenges from declining linear TV viewership.
- **Cost Management**: Completed workforce reduction of over 1,000 and IT outsourcing transition, reducing operating expenses.
- **Sourcing Diversification**: Reduced China-sourced goods by 8-10%, on track for no country to exceed 1/3 of U.S. goods by year-end.
- **Revenue Performance**: Total revenue declined 6% in constant currency, with QxH (-7%), QVC International (-5%), and Cornerstone (-8%) segments under pressure.
- **Social/Streaming Growth**: Social and streaming revenue grew 30% YoY, contributing low double digits to QxH total revenue.
- **Customer Metrics**: Average spend per customer increased 4% for the first time since Q2 2024, with best customers buying 78 items annually.
- **Category Improvements**: Apparel and jewelry showed improved trends, while home category saw seasonal strength.
- **Holiday Initiatives**: Highlighted major holiday events, including QVC's largest-ever nonstop holiday party and TikTok Super Brand Day.

**【CFO Financial Commentary】**
- **QxH Financials**: Adjusted OIBDA margin contracted 245 bps due to marketing investments, sales deleverage, and incentive compensation changes.
- **Gross Margin Pressure**: 110 bps decline from tariffs, promotions, and freight costs.
- **Operating Expenses**: SG&A increased 4% due to marketing and incentive costs, offset by lower commissions.
- **Cash Flow**: Free cash flow use of $184M vs. source of $102M last year, driven by TV rights payments.
- **Debt Profile**: Net debt $4.8B, leverage ratio 4.2x, within covenant limits.
- **Incentive Compensation**: Program changes increased expenses, with long-term incentives now expensed.

**【Executive Chairman Remarks】**
- Greg Maffei emphasized ongoing challenges but progress in social investments and capital structure management.
- Highlighted evaluation of financial and strategic alternatives to position the business for long-term success.

QVC Group Inc.(QVCGA)-20251105-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

QVCGA

QVCGA fundamentals

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