Qurate Retail Q3 revenue down 5%, adjusted OIBDA falls 12%; tenders 89% of near-term notes

QVC Group, Inc.

2024-Q3 EPS reported -$0.01 vs consensus $4.74 ▼ miss (-100.2%)

Revenue fell 5% to $2.34B; operating income flat at $152M; adjusted OIBDA down 12% to $250M.
QxH units shipped declined 6%; eCommerce revenue -3% but mix rose to 63.6% of QxH sales.
Tendered 89% of QVC 2027/2028 notes; funded with $605M new 6.875% notes due 2029 and $352M cash.
Cash dropped $337M to $873M; total debt decreased $299M to $5.58B; QVC leverage at 3.1x.
CEO cites macro headwinds and viewership impact; transitioning from Project Athens to social/streaming growth.

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