Qurate Retail, Inc. Reports First Quarter 2021 Financial Results

Rhea-AI Summary

Qurate Retail, Inc. (Nasdaq: QRTEA, QRTEB, QRTEP) reported a strong first quarter of 2021, with revenue increasing by 14% to $3.3 billion. eCommerce revenue rose 19%, making up 61% of total revenue. Diluted EPS for the quarter was $0.49, with adjusted diluted EPS up 78% to $0.48. QVC International revenue jumped 22%, and Cornerstone revenue soared 41%. The company also repurchased 5 million shares during the quarter, signaling confidence in its long-term prospects.

Positive

• Revenue increased 14% to $3.3 billion.
• eCommerce revenue rose 19% to $2.1 billion, comprising 61% of total revenue.
• Diluted EPS was $0.49, with adjusted diluted EPS up 78% to $0.48.
• QVC International revenue increased 22%, 15% in constant currency.
• Cornerstone revenue surged 41%.
• 5.0 million shares repurchased at an average price of $12.12.

Negative

• None.

Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported first quarter 2021 results ⁽¹⁾.

“We generated outstanding results across all our businesses and markets,” said Mike George, President and CEO of Qurate Retail. “Our performance demonstrates the competitive advantage of our business model. We operate at the inflection point of accelerated online shopping, wide adoption of video streaming and growing consumer engagement on digital platforms. The progress we’ve made through years of strategic investment to capitalize on these trends positions us as a world leader in video, digital, mobile and social commerce. This past year has solidified our confidence in the long term prospects for the business.”

First quarter 2021 operating results:

• Qurate Retail revenue increased 14% to $3.3 billion
  • In constant currency⁽²⁾ revenue increased 13%
  • eCommerce revenue increased 19% to $2.1 billion or 61% of total revenue
• Qurate Retail reported diluted EPS of $0.49
  • Adjusted diluted EPS⁽³⁾ increased 78% to $0.48
• QxH revenue increased 8%
• QVC International revenue increased 22%
  • In constant currency, revenue increased 15%
• Zulily revenue increased 19%
• Cornerstone revenue increased 41%

Corporate updates:

• From February 1, 2021 through April 30, 2021, repurchased 5.0 million QRTEA shares at an average price per share of $12.12 and total cost of $61 million
• Qurate Retail published its inaugural Corporate Responsibility report guided by United Nations’ Sustainable Development Goals
  • Includes disclosure aligned with Sustainability Accounting Standards Board (“SASB”) standards

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2021 to the same period in 2020.

FIRST QUARTER 2021 FINANCIAL RESULTS

(amounts in millions)

1Q20

1Q21

% Change

% Change Constant Currency(a)

Revenue

FAQ

What were Qurate Retail's first quarter 2021 earnings results?

Qurate Retail reported a revenue increase of 14% to $3.3 billion and diluted EPS of $0.49 in the first quarter of 2021.

How did Qurate Retail's eCommerce revenue perform in Q1 2021?

eCommerce revenue increased by 19% to $2.1 billion, representing 61% of total revenue.

What is the share repurchase activity of Qurate Retail in 2021?

From February 1, 2021, through April 30, 2021, Qurate Retail repurchased 5 million shares at an average price of $12.12.

What was the EPS growth for Qurate Retail in the first quarter?

Adjusted diluted EPS increased 78% to $0.48 for the first quarter of 2021.