QVC Group, Inc. (formerly Qurate Retail, Inc.) reported a consolidated revenue of $10.04 billion for the fiscal year ending December 31, 2024, reflecting an 8% decrease from $10.92 billion in 2023. The decline was attributed to reduced sales across its primary segments, including QxH, which saw a revenue drop of 5.7%, and Cornerstone Brands, Inc. (CBI), which experienced a 10.7% decrease. The company also recorded a net loss of $1.25 billion, a significant increase from a loss of $94 million in the previous year, primarily due to substantial impairments of goodwill and intangible assets totaling $1.48 billion.
In terms of operational metrics, QVC Group's Adjusted Operating Income Before Depreciation and Amortization (OIBDA) increased slightly to $1.10 billion from $1.07 billion in 2023, driven by improved performance in QVC International and a reduction in losses at Corporate and Other. The company reported a total of 11.6 million unique customers, with approximately 96% of sales coming from repeat customers. QVC's global e-commerce operations accounted for 60.9% of its consolidated net revenue, amounting to $5.5 billion.
Strategically, QVC Group has been implementing a turnaround plan known as Project Athens, which aims to enhance customer experience and operational efficiency. This initiative has included workforce reductions and a shift to a managed services model for IT operations, resulting in restructuring charges of $18 million in 2024. Additionally, the company announced a transition to the WIN strategy, focusing on enhancing customer interactions across various platforms and leveraging technology for operational improvements. In January 2025, QVC Group consolidated its QVC and HSN operations at its Studio Park location in West Chester, PA, closing its St. Petersburg, FL campus as part of its growth strategy.
Looking ahead, QVC Group anticipates challenges due to ongoing economic uncertainties and inflationary pressures, which may impact consumer spending. The company is focused on maintaining its market share and adapting to changing consumer behaviors, particularly as competition from digital platforms intensifies. QVC Group's management remains committed to executing its strategic initiatives to drive growth and improve financial performance in the coming years.
About QVC Group, Inc.
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