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QVC Group Third Quarter 2025 Financial Results

On November 5, 2025, QVC Group, Inc. (Nasdaq: QVCGA, QVCGP; OTCQB: QVCGB) announced its financial results for the third quarter of 2025. The company noted ongoing efforts in its WIN growth strategy, despite facing significant headwinds. David Rawlinson, the President and CEO, emphasized that while progress is being made, the challenges posed by decreased linear television viewership and revenue declines in key segments continue to put pressure on financial performance.

Financial Highlights

• - The overall revenue for QVC Group saw a decrease of 6% when compared to the prior year.
• - Operating income was reported at $60 million, down 61% year-over-year.
• - Adjusted OIBDA (Operating Income Before Depreciation and Amortization) dropped by 32% to $169 million.
• - The QxH segment recorded a 7% decline in revenue, while international revenues fell by 1% in US dollars and 5% in constant currency. Cornerstone’s revenue also decreased by 8%.

Detailed Segment Performance

QxH Segment

Revenue within the QxH segment decreased mainly due to a 7% drop in units shipped alongside reduced shipping and handling revenues. This was somewhat mitigated by favorable returns and a 1% rise in the average selling price. Sales experienced declines across all product categories, with operating income reporting a 55% decrease. This segment also faced increased marketing and fulfillment costs, alongside lower product margins due to heightened promotional activities and tariff impacts.

QVC International

International results were somewhat buffered by favorable exchange rates. The revenue in US dollars only declined by 1%, but when adjusted for constant currency, the downturn was 5%. The primary reasons for this slide included a 4% drop in average selling price and decreased shipping revenues. Growth was observed in the apparel category, while declines were noted in all other segments. Operating income fell 25%, influenced by sales deleverage and fulfillment challenges.

Cornerstone

Cornerstone saw an 8% decrease in revenue, driven by a slump in units shipped across home and apparel categories. Adjusted OIBDA also fell due to poor sales performance along with diminishing product margins, albeit mitigated by reduced administrative costs.

Financial Metrics Overview

For the quarter ending September 30, 2025, the company reported:

• - Total Revenue: $2.213 billion
• - Operating Income: $60 million
• - Adjusted OIBDA: $169 million
• - QxH Revenue: $1.416 billion
• - International Revenue: $566 million
• - Cornerstone Revenue: $231 million

Future Outlook

QVC Group remains hopeful about its future, continuing to make strides in its WIN growth plan to stabilize revenue patterns. The company has acknowledged the pressing issues surrounding tariffs that have affected operational budgets, which added layers of complexity to its financial performance. As the retail landscape evolves with the rise of social media and online shopping, the firm is working to adapt and optimize across its various platforms to enhance customer engagement and drive growth.

As QVC Group prepares for upcoming earnings calls to provide further insights, it navigates these challenges while aiming to create robust value for shareholders going forward. Despite the setbacks, the management believes in the strength of their strategic initiatives and is committed to revitalizing revenue growth.

Conclusion

The QVC Group’s third-quarter results spotlight both challenges and opportunities as they navigate an evolving market landscape. Stakeholders await further discussions as the company continues to strategize its recovery and growth trajectory.