Q2 Revenue Drops by 9% for Qurate Retail Despite Cost Management Efforts
Qurate Retail, Inc. [QRTEA] reported a net profit of $20 million for the second quarter ending June 30, 2024. This represents a significant decrease from the previous quarter's profit of $107 million.
The company, headquartered in Englewood, Colorado, has filed with SEC an 8-K earnings report.
Qurate Retail, a prominent player in the retail sector, reported revenue of $2.4 billion. This figure reflects a 9% decrease from the previous quarter, highlighting the challenging market conditions the company navigated during the period.
In comparison to the same quarter in the previous year, Qurate Retail experienced a 9% decrease in revenue, signaling challenges in the retail landscape. Additionally, the company saw an 81% decline in profit for the current quarter compared to the same period in the previous year.
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As of August 12, 2024 end of day trading.
Dollars in millions | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|
Income Statement |
| Revenue | $2,407.0 | $2,342.0 | $10,915.0 | $2,479.0 |
| Operating Profit | $165.0 | $145.0 | $590.0 | $151.0 |
| Net Income | $32.0 | $8.0 | -$94.0 | $12.0 |
| Net Cash | $89.0 | -$19.0 | -$149.0 | -$173.0 |
| Gross Margin | $875.0 | $831.0 | $3,685.0 | $876.0 |
| Operating Margin | $0.0 | $0.0 | $0.0 | $0.0 |
| Profit as % of Revenues | 2734.38 | 35.48 | 33.76 | 35.34 |
| Profit as % of Assets | 0.48 | 0.07 | -0.79 | 0.10 |
| Profit as % of Stockholder Equity | 7.60 | 2.28 | -19.22 | 1.73 |
| Return on Equity | 7.60 | -6.55 | -19.22 | 1.73 |
| Return on Assets | 0.29 | -0.21 | -0.83 | 0.10 |
| Turnover Ratio | 36.07 | 0.21 | 0.91 | 0.21 |
| EBITA | $261.0 | $0.0 | $0.0 | $0.0 |
Balance Sheet |
| Total Assets | $10,939.0 | $10,981.0 | $11,368.0 | $11,437.0 |
| Total Liabilities | $10,518.0 | $10,630.0 | $10,879.0 | $10,744.0 |
Cash Flow Statement |
| Operating Cash Flow | $293.0 | $26.0 | $919.0 | $602.0 |
| Investing Cash Flow | -$98.0 | -$31.0 | -$54.0 | $18.0 |
| Financing Cash Flow | -$85.0 | -$2.0 | -$1,010.0 | -$776.0 |
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