| Over a month ago | ||||
Citi analyst Jason… Citi analyst Jason Bazinet lowered the firm's price target on Qurate Retail to $3 from $4 and keeps a Neutral rating on the shares. Due to recession fears, most advertising and entertainment stocks have declined, Bazinet tells investors in a research note. However, the market has pressured firms with lower contractual revenue as much as they have punished firms with low EBIT margins, which is incorrect, the analyst contends. He lowered 2023 estimates on higher expense growth but left revenue estimates largely unchanged. Recession risks are "usually most acute for firms with high ad exposure and lower levels of contractual revenue," contends Bazinet. | ||||
CEO Rawlinson holds a… CEO Rawlinson holds a Virtual Investor Event to be held on June 27 at 9:30 am. Webcast Link | ||||
CEO Rawlinson holds a… CEO Rawlinson holds a Virtual Investor Event to be held on June 27 at 9:30 am. Webcast Link | ||||
CEO Rawlinson holds a… CEO Rawlinson holds a Virtual Investor Event to be held on June 27 at 9:30 am. Webcast Link | ||||
| Over a quarter ago | ||||
Reports Q1 revenue… Reports Q1 revenue $2.88B, consensus $3B. "We took important first steps in our turnaround, with a focus on stabilizing our core US vCommerce business and setting the foundation for accelerating growth in streaming. We restructured the organization and leadership of the QVC US and HSN brands, formed a new dedicated streaming business unit and attracted a proven leader at Zulily," said David Rawlinson, president and CEO of Qurate Retail. | ||||
Qurate Retail President… Qurate Retail President and CEO David L. Rawlinson II announced the appointment of Terry Boyle as President & CEO of Zulily effective March 14. Boyle will report to and work in collaboration with Rawlinson to develop and implement a compelling strategy for Zulily to optimize short- and long-term business goals. | ||||
BofA analyst Jason Haas… BofA analyst Jason Haas downgraded Qurate Retail to Neutral from Buy with a price target of $6.30, down from $11.50. The company's Q4 pre-announcement was "disappointing", and while he thought this was driven by supply chain issues, the final earnings report suggested that competitive issues and poor execution impacted business, the analyst tells investors in a research note. While the management expects supply chain issues to abate beyond the first half of the year, visibility is low, Haas adds. | ||||
BofA analyst Jason Haas… BofA analyst Jason Haas downgraded Qurate Retail to Neutral from Buy with a price target of $6.30, down from $11.50. | ||||
Reports Q4 revenue… Reports Q4 revenue $4.06B, consensus $4.15B. "As a team we are focused on a turnaround of this business that will modernize the value proposition, stabilize our core flagship brands and capitalize on growth opportunities," said David Rawlinson, president and CEO of Qurate Retail. "In the fourth quarter, we managed through a number of continuing challenges and are not pleased with the performance. We feel confident in our ability to deliver, although we know it will take time to improve some aspects of the business and innovate." | ||||
Says experienced… Says experienced lower-than-anticipated deamnd in Q4. "Revenue performance at QxH deteriorated throughout the fourth quarter, deviating from initial trends indicated on our third quarter earnings conference call. We are not pleased with these results and are actively taking steps to improve our long-term performance across business units. We are looking forward to a new leadership approach at QxH and Zulily and the ongoing development of our long-term strategy. We will share more details on our fourth quarter performance when we report earnings on February 25th," said David Rawlinson, president and CEO of Qurate Retail. "Our hearts go out to our team members and the local community affected by the Rocky Mount fire, and we remain engaged in supporting the team members and residents. We are still assessing the impact of the tragic fire in coordination with our insurance carriers." | ||||
