Qurate Retail's Stock Slides On Q4 Earnings Miss

• Qurate Retail Inc (NASDAQ:QRTEA) reported a fourth-quarter FY21 sales decline of 8.8% year-on-year, to $4.06 billion, missing the consensus of $4.15 billion.
• eCommerce revenue decreased 9% to $2.6 billion or 65% of total revenue in Q4.
• The company's QxH revenue decreased 7% in Q4, and QVC International revenue decreased 9%. Zulily revenue fell 30%, primarily reflecting supply constraints and marketing challenges.
• Operating income for the quarter was $7 million versus $530 million a year ago, primarily due to a $363 million non-cash impairment charge related to Zulily's tradename and goodwill incurred in the Q4 of 2021.
• Adjusted OIBDA decreased 19% Y/Y to $550 million.
• Adjusted EPS of $0.40 missed the consensus of $0.59.
• The company held $587 million in cash and equivalents as of December 31, 2021.
• "In the fourth quarter, we managed through a number of continuing challenges and are not pleased with the performance," said CEO David Rawlinson.
• Price Action: QRTEA shares are trading lower by 3.95% at $5.83 on the last check Friday.