Qurate Retail Inc. (QRTEA) shunned 7.01% on Monday after gaining 10.69% in the past week following announcement of quarterly results. The company remained successful to post beating earnings and revenue partially because of the popularity gained by its home shopping sites, including the e-Commerce site Zulily, thanks to the opportunities created by COVID-19 pandemic.
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In the third quarter, Qurate Retail sales rose 10 percent to $3.38 billion, exceeding estimates of $3.25 billion. In the quarter ended Sep. 30, nearly all of the company’s brands have shown stability. Growth in e-commerce was especially high which generated revenue of $2.1 billion at a growth rate of 15 percent which now accounts for 62 percent of media conglomerate’s overall revenue.
The third-quarter adjusted operating income of QRTEA increased 24 percent to $566 million, compares to the $456 million in the year-ago quarter while adjusted earnings per share increased 36 percent to $0.57.
Qurate Retail also announced paying a special dividend of $1.5 per share to its shareholders for the year, which is around 20 percent of the return. A $3 preferred stock dividend was also issued by the firm.
The capacity to combine live sales and e-Commerce is a feature of Qurate Retail solutions that can provide the company with a stable position in the field of non-stationary shopping. The business has good remote retail experience, which provides it with a competitive advantage. E-Commerce and video are becoming increasingly intertwined, and social networks are already seeing this development. Qurate Retail will then modernize its business in a timely manner in order to satisfy modern consumer needs, which will ensure success in the future.
In North America, Europe and Asia, Qurate Retail is active in video and online shopping. The company sells various consumer goods primarily through live television shopping programs, as well as websites and other interactive media.
The company also operates websites selling athletic equipment and outdoor apparel, sports nutrition, footwear, costumes, party items, furniture, perishable products such as roses, sweets and fruits, and customized gifts.
QRTEA stock concluded Monday trading at $7.56.