In its second-largest acquisition, Amazon buys the company for $970 million.
In Q2 QVC.com posted U.S. revenue of about $295.3 million, up 8.5% from $272.3 million in the prior year. At the same time, the TV and web retailer grew total revenue,including overseas sales, by 4.1% to $1.76 billion from $1.69 billion in Q2 of 2007.
QVC Inc. posted a modest gain in overall sales but a solid increase in domestic e-commerce revenue in the second quarter.
In Q2 QVC.com posted U.S. revenue of about $295.3 million, an increase of 8.5% from $272.3 million in the prior year. At the same time, the TV and web retailer, No. 11 in the Internet Retailer Top 500 Guide, grew total revenue, which includes both U.S. and overseas sales, by 4.1% to $1.76 billion from $1.69 billion in the second quarter of 2007. For the quarter ended June 30, QVC posted operating income of $253 million vs. $244 million in the prior year. QVC doesn’t break out its foreign web sales.
“The challenging economic environment continues, however we are pleased with our disciplined approach to margin, expense and capital management,” says QVC CEO Mike George. “We are excited about several product, programming and distribution initiatives planned for the second half of the year to offer our customers a compelling shopping experience, which will further differentiate us from other retailers.”
For the first six months of the year QVC, a business unit of Liberty Media Corp., posted U.S. web sales of $577.5 million, an increase of about 6.6% from web sales of $542 million for January through June 2007. For the same six months the company recorded operating income of $503 million on revenue of $3.52 billion vs. operating income of $487 million on sales of $3.37 billion in the prior year.
Although it didn’t break out specific figures, Liberty Media also reports that sales for Liberty Interactive, which includes Backcountry.com, Provide Commerce, Bodybuilding.com and BuySeasons.com, grew by 9%. “The Liberty Interactive e-commerce businesses had strong financial results in the second quarter and continue to grow at a rapid pace,” the company says.