As of September 30, 2024, QVC, Inc. reported total current assets of $2,435 million, a decrease from $2,639 million at the end of 2023. Total assets also declined from $11,720 million to $11,406 million during the same period. Current liabilities decreased to $2,190 million from $2,251 million, while total liabilities fell from $7,383 million to $6,706 million. The long-term portion of debt and finance lease obligations decreased from $3,911 million to $3,398 million. QVC's accumulated deficit improved slightly from $(6,361) million to $(6,297) million, and total stockholder's equity increased from $4,250 million to $4,629 million.
In terms of financial performance, QVC reported net revenue of $2,092 million for the three months ended September 30, 2024, down from $2,194 million in the same period of 2023. For the nine months ended September 30, 2024, net revenue was $6,337 million, a decrease from $6,611 million year-over-year. Operating income for Q3 2024 was $164 million, up from $154 million in Q3 2023, while net income for the quarter was $62 million, slightly down from $63 million. For the nine-month period, net income dropped significantly to $190 million from $424 million in the previous year.
The decline in revenue was attributed to a 6.4% decrease in units shipped in the QxH segment, which includes QVC-U.S. and HSN, and unfavorable foreign exchange rates that contributed to a $49 million revenue decrease. The QVC-International segment also saw a decline in revenue, primarily due to a decrease in average selling prices across most markets.
QVC's Adjusted OIBDA for Q3 2024 was $252 million, down from $278 million in Q3 2023, while for the nine months, it increased to $783 million from $751 million. The company recorded restructuring charges of $18 million related to a shift in its IT operating model during the nine months ended September 30, 2024.
Strategically, QVC has been implementing "Project Athens," a turnaround plan aimed at stabilizing its core businesses and enhancing customer experience. The company also divested Zulily in 2023 as part of its brand portfolio optimization strategy. As of September 30, 2024, QVC's cash and cash equivalents stood at $314 million, with capital expenditures projected between $170 million and $185 million for the year.
About QVC INC
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