In the QxH division (which includes QVC U.S. and HSN), revenue fell 8% to $1.98 billion, impacted by lower unit volumes, average selling prices, and shipping and handling revenue. The home category also saw an 8% decline, driven by weaker demand for culinary and floor care products, though seasonal items provided a slight offset.
Sales in the Cornerstone Group dropped 7% to $284 million, reflecting soft demand, increased promotional activity, and ongoing challenges in the broader home furnishings market. The division includes Ballard Designs, Frontgate, Garnet Hill, and Grandin Road.
With Q4 revenues declining in both U.S. divisions and remaining flat at QVC International, the company’s consolidated revenue fell 6% to $2.9 billion. Operating losses also surged, reaching $1.3 billion, compared to $103 million in the same quarter last year.
Full-Year Revenue Performance (Ending Dec. 31, 2024)
- QxH division: Down 6% to $6.5 billion
- Cornerstone Group: Down 11% to $1.0 billion
- QVC International: Down 2% to $2.4 billion
- Total company revenue: Down 5% to $10 billion (excluding results from Zulily, which was exited in 2023)
Strategic Shifts & Future Outlook
David Rawlinson, President and CEO of QVC Group, attributed the revenue challenges to increased competition for viewership due to the Olympics and election coverage, as well as a more cautious consumer environment.
In response, the company launched a three-year strategy aimed at returning to growth. “We are moving quickly to transform into a scaled player in live social shopping and believe we have the key assets to win in this market,” Rawlinson stated.
Additionally, QVC Group has begun consolidating HSN’s headquarters and studio operations into QVC’s base in West Chester, Pennsylvania. As part of its rebranding efforts, the company officially changed its corporate identity from Qurate Retail Group to QVC Group earlier this week.
