Six months after launching its new growth strategy, WIN, focused on expanding its social media and streaming presence, QVC Group continues to face challenges, writes Jeff Blumenthal for the Philadelphia Business Journal.
The company laid off 900 employees in the spring as part of the consolidation of HSN into QVC’s headquarters. It also implemented a reverse stock split to maintain its listing compliance with the NASDAQ stock market.
QVC still carries billions in debt and is losing billions of dollars as its traditional television customer base continues to shrink, while gains in its digital business are failing to offset the decline.
QVC Group reported second-quarter results last week, posting a $2.2 billion net loss for the period and a seven percent revenue decline.
This follows a $100 million loss in the first quarter and a ten percent revenue drop. The company managed to reduce its debt slightly, bringing it to $4.9 billion.
“We remain unable to offset the declines in linear in a challenging environment, but we were pleased to see the growth in social and streaming,” said Chairman Greg Maffei.
Read more about QVC expanding social media and streaming for its WIN growth strategy in the Philadelphia Business Journal.
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