QVC’s U.S. web sales grow faster than total sales in Q2
Second quarter web sales rose 19.4% for QVC Inc.’s U.S. business while total domestic sales increased by just 3.9%. For the quarter QVC reported U.S. web sales of $272.2 million, compared with $228 million in the prior year. Total U.S. sales amounted to $1.18 billion vs. $1.14 billion in Q2 of 2006.
QVC, No. 14 in the Internet Retailer Top 500 Guide, reported total revenue, including international sales, of $1.69 billion vs. $1.63 billion in Q2 of 2006. “While we are disappointed with our second quarter results, our U.S. business continued to grow but at a reduced rate, driven in part by difficult comparisons and continued challenges in the jewelry category,” says QVC CEO Mike George. “We will be launching new branding and Internet initiatives this fall that support our long-term strategy of driving growth by capitalizing on TV-Internet convergence and building the preeminent multimedia shopping brand."
Overall the web represented 23% of all QVC domestic revenues in the second quarter, compared with 20% in Q2 2006.
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