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QVC Operator Warns on Bumpy Retail Environment

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08/05/2016 | 04:55pm CEST

Liberty Interactive Corp., the parent of home shopping network QVC, said profit climbed 13% in the second quarter but warned it is "more cautious" in the near term amid slowing consumer demand in the U.S.

Shares fell 16% to $22.11 in morning trading in New York, after hitting a 52-week low of $21.48 earlier in the session.

Mike George, the head of QVC, said the second-quarter's results were helped by good sales growth in most markets, but he added that a slowdown in demand at the end of the quarter has continued. Meanwhile, Liberty's chief executive, Greg Maffei, said QVC is moving into a "choppy retail environment."

In all for the June quarter, Liberty Interactive reported a profit of $127 million compared with $112 million a year earlier. Revenue, helped by its recent acquisition of Zulily, grew 21% to $2.42 billion, meeting analysts expectations.

Zulily, which the company acquired last August in a move to reinvigorate sales growth, contributed $366 million to the top line. Revenue in QVC's domestic segment grew 2%, while international revenue rose 7%.

Meanwhile, Liberty Media Corp., which was spun off from Liberty Interactive in 2011, reported its profit climbed in the quarter as SiriusXM contributed strong top-line growth.

Liberty Media, which holds a 64.8% stake in SiriusXM, said subscriber growth at the satellite radio service grew 8% to more than 30.6 million in the quarter. Revenue climbed 10% to $1.24 billion, a quarterly record.

In all for the second quarter, Liberty Media posted a profit of $80 million, up from $61 million a year ago. Revenue climbed 12% to $1.37 billion.

The Englewood, Colo., media conglomerate in April completed the reclassification of its common shares into three tracking-stock groups, a move the company said will highlight each group's operations and make it more practical to raise money for them.

Shares of Liberty Media rose 1% to $22.13 in morning trading.

Write to Anne Steele at Anne.Steele@wsj.com and Joshua Jamerson at joshua.jamerson@wsj.com

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08/05DJQVC Operator Warns on Bumpy Retail Environment
08/02LIBERTY INTERACTIVE GROUP : half-yearly earnings release
07/06 LIBERTY INTERACTIVE CORP : Other Events (form 8-K)
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Financials ($)
Sales 2016 10 245 M
EBIT 2016 1 074 M
Net income 2016 507 M
Debt 2016 5 167 M
Yield 2016 -
P/E ratio 2016 20,04
P/E ratio 2017 16,06
EV / Sales 2016 2,01x
EV / Sales 2017 1,87x
Capitalization 15 468 M
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Liberty Interactive Group Technical Analysis Chart | QVCA | US53071M1045 | 4-Traders
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Technical analysis trends LIBERTY INTERACTI...
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 31,7 $
Spread / Average Target 51%
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Gregory B. Maffei President, Chief Executive Officer & Director
John C. Malone Chairman
Christopher W. Shean Chief Financial Officer & Senior Vice President
David E. Rapley Independent Director
M. LaVoy Robison Independent Director
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