QVC boasts strong revenue growth in Q4
ENGLEWOOD, Colo. — Liberty Interactive, parent company of QVC, reported revenue growth for the fourth quarter and full year thanks favorable results at QVC and its e-commerce division.
Liberty Interactive's revenue increased 7% to $3.1 billion in the fourth quarter and 8% to $9.6 billion for the year.
"QVC finished the year strong with impressive Q4 results, particularly in the United States and Japan, despite a challenging macroeconomic environment," stated Greg Maffei, Liberty Interactive president and CEO.
QVC's consolidated revenue increased 5% in the fourth quarter to $2.6 billion and 6% to $8.3 billion for the year.
"QVC's success in 2011 is a result of our strategy to engage customers with compelling content and unique products at a great value. This focus has allowed us to expand our global market leadership in video and e-commerce retail, despite a tough economy," said Mike George, QVC President and CEO.
QVC's U.S. revenue increased 4% to $1.8 billion in the fourth quarter and 3% to $5.4 billion for the year. Revenue growth was driven by strong sales in electronics, home and accessories products. For the full year, these increases were partially offset by a decline in jewelry product sales.
In the fourth quarter, QVC's e-commerce revenue increased 16% to $712 million and grew to 40% from 36% as a percentage of total U.S. revenue. For the year, e-commerce revenue increased 15% to $2.0 billion and grew to 37% from 33% as a percentage of total US revenue.
QVC's international revenue increased 7% in the fourth quarter to $857 million and increased 11% to $2.9 billion for the year.
In the aggregate, Liberty Interactive's e-commerce businesses increased revenue 18% to $430 million for the fourth quarter and 20% to $1.3 billion for the year.