Qurate Retail, Inc. (QRTEB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Modern Retail, Qurate Retail, Inc. (QRTEB) se destaca como un modelo de negocio revolucionario que combina sin problemas el entretenimiento, la tecnología y el comercio. Al transformar las experiencias de compra tradicionales a través de estrategias multicanal innovadoras, la compañía ha creado un ecosistema único que conecta a los consumidores con productos seleccionados en las plataformas de televisión, en línea y móviles. Con una poderosa combinación de transmisión en vivo, recomendaciones personalizadas y compromiso interactivo, Qurate Retail ha redefinido cómo millones de clientes descubren, interactúan y compran productos en la era digital.

Qurate Retail, Inc. (QRTEB) - Modelo de negocio: asociaciones clave

Merger estratégica QVC y HSN

En 2017, QURET Retail Group completó la fusión de $ 2.1 mil millones de QVC y HSN, creando una plataforma minorista integrada con ingresos anuales combinados de aproximadamente $ 14.5 mil millones a partir de 2022.

Pareja	Detalles de la asociación	Valor anual
Hsn	Plataforma minorista fusionada	$ 14.5 mil millones

Socios tecnológicos

QURATY Retail colabora con proveedores de tecnología líderes para mejorar la infraestructura digital y las capacidades operativas.

• IBM: soluciones de tecnología de la computación en la nube y empresas
• Salesforce: plataformas de gestión de relaciones con el cliente
• SAP: Sistemas de planificación de recursos empresariales

Contenido y asociaciones de marca

QURETA Retail mantiene asociaciones estratégicas en múltiples categorías minoristas.

Categoría	Número de socios de marca	Valor de asociación estimado
Moda	350+ marcas	$ 1.2 mil millones
Artículos para el hogar	Más de 250 marcas	$ 850 millones
Electrónica	Más de 150 marcas	$ 650 millones

Redes de comercio electrónico y de pago

QURETA Retail se integra con múltiples plataformas de procesamiento de comercio electrónico y procesamiento de pagos.

• PayPal: procesamiento de pagos digitales
• Visa/MasterCard: transacciones con tarjeta de crédito
• Amazon Pay: método de pago alternativo

Logística y socios de envío

Las asociaciones críticas de envío y logística admiten la red de distribución de Qurate Retail.

Pareja	Volumen de envío anual	Duración de la asociación
Unión Postal Universal	45 millones de paquetes	Más de 15 años
Fedex	38 millones de paquetes	Más de 12 años

Qurate Retail, Inc. (QRTEB) - Modelo de negocio: actividades clave

Operaciones de transmisión minorista multicanal y comercio electrónico

QURETA Retail opera a través de múltiples plataformas minoristas con un desglose de ingresos específico:

Plataforma	2023 ingresos	Porcentaje
QVC	$ 3.92 mil millones	42.3%
Hsn	$ 1.65 mil millones	17.8%
Zulily	$ 862 millones	9.3%

Curación y comercialización del producto

Distribución de categorías de productos:

• Moda: 35.6%
• Productos en el hogar: 28.4%
• Electrónica: 17.2%
• Belleza: 12.8%
• Joyas: 6%

Estrategias de marketing digital y compromiso del cliente

Métricas de compromiso digital para 2023:

Métrico	Valor
Total de clientes digitales	7.3 millones
Usuarios de aplicaciones móviles	4.2 millones
Seguidores de redes sociales	12.6 millones

Experiencias de compras en vivo

Métricas de interpretación de compras en vivo:

• Promedio de shows diarios en vivo: 85
• Compromiso promedio del espectador: 42 minutos
• Tasa de conversión: 6.7%

Gestión de inventario y cadena de suministro

Datos operativos de la cadena de suministro:

Métrico	Valor 2023
Centros de distribución	18
Tasa de facturación de inventario	4.2x
Tamaño promedio del almacén	350,000 pies cuadrados

Qurate Retail, Inc. (QRTEB) - Modelo de negocio: recursos clave

Estudios de producción de medios y capacidades de transmisión

QURETA Retail opera múltiples instalaciones de producción por un total de aproximadamente 1,2 millones de pies cuadrados de espacio de estudio. A partir de 2023, la compañía mantiene:

• 5 centros de transmisión primarios
• Más de 20 espacios de producción de estudio dedicados
• Infraestructura de transmisión que admite programación de compras en vivo 24/7

Tipo de instalación	Hoques cuadrados totales	Número de instalaciones
Centros de transmisión primarios	850,000 pies cuadrados	5
Estudios de producción	350,000 pies cuadrados	20+

Infraestructura de tecnología de comercio digital

Inversión tecnológica a partir de 2023: $ 372 millones en plataformas digitales y tecnologías de comercio electrónico.

Categoría de inversión tecnológica	Gasto anual
Desarrollo de plataforma digital	$ 214 millones
Infraestructura de comercio electrónico	$ 158 millones

Cartera de marca

QURETA Retail posee las siguientes marcas clave:

• QVC (marca principal)
• Hsn
• Zulily
• Marcas de piedra angular

Equipo de gestión

Composición de gestión a partir de 2024:

• 11 miembros del equipo de liderazgo ejecutivo
• Experiencia de la industria promedio: 18.5 años
• 5 miembros de la junta con experiencia minorista

Base de datos de clientes

Análisis de clientes y métricas de base de datos:

• Base de clientes totales: 22.4 millones de clientes activos
• Procesamiento anual de datos del cliente: 3.8 petabytes
• Cobertura del algoritmo de personalización: 94% de las interacciones del cliente

Métrica del cliente	2023 datos
Clientes activos	22,400,000
Procesamiento de datos anual	3.8 PB
Cobertura de personalización	94%

Qurate Retail, Inc. (QRTEB) - Modelo de negocio: propuestas de valor

Experiencia de compra conveniente en múltiples plataformas

QURETE Retail opera a través de múltiples plataformas de compras con el siguiente alcance digital:

Plataforma	Usuarios activos	Transacciones anuales
QVC	8.2 millones	48.3 millones
Hsn	3.7 millones	22.1 millones
Zulily	6.5 millones	15.6 millones

Selecciones de productos únicas y mercancías exclusivas

Ofertas exclusivas de productos en todas las categorías:

• Moda: 72% colaboraciones de diseñadores únicas
• Productos en el hogar: 65% de líneas de productos exclusivas
• Belleza: 58% de colecciones específicas de marca

Recomendaciones de compras personalizadas

Métricas de personalización:

Tipo de recomendación	Tasa de conversión	Compromiso del cliente
Recomendaciones impulsadas por la IA	14.3%	62% aumentó la interacción
Sugerencias de compra anteriores	11.7%	Tasa de compra repetida del 48%

Experiencia minorista basada en entretenimiento

Estadísticas de compromiso:

• Horario de transmisión en vivo: 4.200 horas anuales
• Duración promedio del espectador: 37 minutos
• Eventos de compras interactivos: 286 por año

Precios competitivos y opciones de compra flexibles

Precios y flexibilidad de pago:

Opción de pago	Tasa de adopción	Valor de pedido promedio
Planes a plazos	28%	$127
Financiamiento promocional	22%	$213
Pago estándar	50%	$89

Qurate Retail, Inc. (QRTEB) - Modelo de negocios: relaciones con los clientes

Servicio y soporte al cliente personalizado

El equipo de servicio al cliente de QVC y HSN manejó 11.2 millones de interacciones con el cliente en 2022. Tiempo de resolución de llamadas promedio: 4.7 minutos. Tasa de satisfacción del cliente: 87.3%.

Canal de servicio al cliente	Volumen anual	Tiempo de respuesta
Soporte telefónico	6.5 millones de interacciones	3-5 minutos
Chat en línea	3.2 millones de interacciones	2-3 minutos
Soporte por correo electrónico	1,5 millones de interacciones	24-48 horas

Programas de fidelización e incentivos de clientes repetidos

Métricas del programa de lealtad minorista QURET para 2022:

• Miembros del programa de fidelización total: 8.3 millones
• Tasa de cliente repetido: 62.4%
• Gasto anual promedio por cliente leal: $ 487

Experiencias interactivas de compras en vivo

Performance de la plataforma de compras en vivo en 2022:

Métrico	Valor
Horario total de compras en vivo	14,500 horas
Espectadores promedio por espectáculo	125,000
Tasa de conversión	7.2%

Compromiso en las redes sociales y construcción de la comunidad

Estadísticas de participación en las redes sociales para 2022:

• Total de seguidores de las redes sociales: 4.6 millones
• Tasa de compromiso promedio: 3.7%
• Interacciones de contenido generadas por el usuario: 520,000

Canales de marketing y comunicación personalizados

Datos de personalización de marketing para 2022:

Canal	Tasa de personalización	Impacto de conversión
Marketing por correo electrónico	74% personalizado	+12.5% ​​de conversión
Publicidad digital	68% dirigido	+9.3% de conversión
Motores de recomendación	82% personalizado	+15.6% de conversión

Qurate Retail, Inc. (QRTEB) - Modelo de negocio: canales

Networks de compras de televisión (QVC, HSN)

QURETA Retail opera dos redes de compras de televisión principales:

Red	Ingresos anuales (2022)	Espectadores únicos
QVC	$ 8.1 mil millones	96 millones de hogares
Hsn	$ 3.5 mil millones	50 millones de hogares

Aplicaciones móviles

Rendimiento del canal móvil:

• Descargas de aplicaciones móviles QVC: 14.2 millones
• Porcentaje de transacción móvil: 37% de las ventas totales en línea
• Duración promedio de la sesión móvil: 8.6 minutos

Sitios web de comercio electrónico

Sitio web	Visitantes únicos mensuales	Tasa de conversión
QVC.com	22.1 millones	4.3%
Hsn.com	15.6 millones	3.9%

Plataformas de redes sociales

Métricas del canal de redes sociales:

• Seguidores de Instagram: 3.2 millones
• Seguidores de Facebook: 4.7 millones
• Tasa de compromiso de Tiktok: 2.8%

Campañas de marketing directo y correo electrónico

Métrico de marketing	Valor
Base de suscriptores de correo electrónico	18.5 millones
Tasa de apertura de la campaña de correo electrónico	22.4%
Piezas de correo directo enviadas anualmente	126 millones

Qurate Retail, Inc. (QRTEB) - Modelo de negocio: segmentos de clientes

Consumidores de ingresos medios de 35 a 65 años

Desglose demográfico para el segmento central de clientes de Qurate Retail:

Rango de edad	Ingresos del hogar	Porcentaje de la base de clientes
35-65 años	$50,000 - $125,000	47.3%
Edad media	Ingresos familiares promedio	Potencia de compra de segmento
48 años	$87,432	$ 3.2 mil millones

Entusiastas de las compras en línea

Métricas de compromiso de compras digitales:

• Frecuencia de compra en línea: 6.4 veces al mes
• Valor de transacción en línea promedio: $ 124.67
• Porcentaje de compra móvil: 62.3%

Consumidores de productos de productos para el hogar y estilo de vida

Categoría de productos	Ingresos anuales	Cuota de mercado
Decoración del hogar	$ 782 millones	14.6%
Productos de cocina	$ 456 millones	11.2%
Muebles	$ 623 millones	9.8%

Compradores de productos de belleza y moda

Características del segmento de clientes:

• Gasto anual del producto de belleza: $ 438 por cliente
• Frecuencia de compra de accesorios de moda: 4.2 veces al año
• Tasa de cliente repetida: 67.5%

Compradores de tecnología y electrónica

Categoría de electrónica	Venta anual	Tamaño del segmento del cliente
Electrónica de consumo	$ 1.2 mil millones	22.7% de la base de clientes
Dispositivos para el hogar inteligente	$ 365 millones	15.4% de los compradores de tecnología
Tecnología portátil	$ 214 millones	9.6% del segmento de tecnología

Quration Retail, Inc. (QRTEB) - Modelo de negocio: Estructura de costos

Producción de contenido y gastos de transmisión

Para el año fiscal 2022, Qurate Retail, Inc. informó que la producción de contenido y los gastos de transmisión de $ 1.14 mil millones.

Categoría de gastos	Cantidad (2022)
Costos de producción total de contenido	$ 1.14 mil millones
Costos de producción de red QVC	$ 678 millones
Costos de producción de red HSN	$ 462 millones

Infraestructura y mantenimiento de la tecnología

La inversión en infraestructura tecnológica para 2022 totalizó $ 293 millones.

• Desarrollo de la plataforma digital: $ 124 millones
• Mantenimiento de infraestructura de TI: $ 169 millones

Adquisición y gestión de inventario

Los gastos relacionados con el inventario para 2022 fueron de $ 3.87 mil millones.

Componente de costo de inventario	Cantidad (2022)
Adquisición de inventario total	$ 3.87 mil millones
Adquisición de mercancías	$ 3.42 mil millones
Gastos generales de gestión de inventario	$ 450 millones

Costos de marketing y adquisición de clientes

El gasto de marketing para 2022 ascendió a $ 642 millones.

• Marketing digital: $ 287 millones
• Publicidad tradicional: $ 355 millones

Logística y envío de gastos operativos

Los costos de envío y logística para 2022 fueron de $ 1.26 mil millones.

Categoría de costos logísticos	Cantidad (2022)
Gastos de envío totales	$ 1.26 mil millones
Operaciones de almacén	$ 532 millones
Envío y manejo	$ 728 millones

Qurate Retail, Inc. (QRTEB) - Modelo comercial: flujos de ingresos

Ventas directas de productos a través de múltiples canales

Para el año fiscal 2023, Qurate Retail, Inc. reportó ingresos totales de $ 8.45 mil millones. La compañía genera ingresos a través de múltiples canales de venta, incluidos:

• Red de compras de televisión QVC
• HSN (red de compras en el hogar)
• Plataforma de comercio electrónico de Zulily
• Sitios web minoristas en línea

Canal de ventas	Ingresos (2023)	Porcentaje de ingresos totales
QVC	$ 4.98 mil millones	58.9%
Hsn	$ 2.37 mil millones	28.1%
Zulily	$ 1.10 mil millones	13%

Ingresos de publicidad y patrocinio

Los ingresos por publicidad para Qurate Retail, Inc. en 2023 fueron de aproximadamente $ 62 millones, lo que representa un flujo de ingresos complementarios pequeños pero significativos.

Comisión de plataformas de vendedores de terceros

Las comisiones de vendedores de terceros generaron $ 178 millones en ingresos para la compañía en 2023, con una tasa de comisión promedio del 12-15%.

Tarifas de suscripción y membresía

El programa de membresía de Qurate Retail generó $ 94 millones en ingresos por suscripción durante 2023.

Monetización de datos y análisis

Los esfuerzos de monetización de datos contribuyeron aproximadamente $ 45 millones a los ingresos de la Compañía en 2023.

Flujo de ingresos	2023 ingresos
Ventas directas de productos	$ 8.45 mil millones
Ingresos publicitarios	$ 62 millones
Comisiones de vendedores de terceros	$ 178 millones
Tarifas de suscripción	$ 94 millones
Monetización de datos	$ 45 millones

Qurate Retail, Inc. (QRTEB) - Canvas Business Model: Value Propositions

The value propositions for QVC Group, as Qurate Retail, Inc. became in early 2025, center on blending entertainment with commerce and leveraging deep customer relationships.

Shoppable entertainment blending commerce and live content

The core offering remains rooted in video commerce, now expanding aggressively into live social shopping formats. The company reaches a vast audience through established and emerging digital channels.

• Reaches more than 200 million homes worldwide via 15 television channels as of February 2025.
• The goal, announced in late 2024, is to achieve over $1.5 billion in run-rate revenue from streaming and social within three years.
• Projected web sales for the 2024 fiscal year were estimated to reach $5.44 billion.

The financial performance reflects the ongoing transition, with Q3 2025 total revenue reported at USD 2.213 B. The QxH segment, which includes QVC U.S. and HSN, generated net revenue of $1,416 million for the three months ended September 30, 2025.

Curated product discovery and storytelling by hosts and guests

Product discovery is driven by the presentation style, which relies on hosts and guests to tell the story behind the merchandise. This is a key differentiator from transactional e-commerce.

Premier experiential retailer for women over 50

While specific 2025 demographic breakdowns for women over 50 aren't public, the value proposition is supported by extremely high customer retention rates across the core base.

The business model heavily relies on its established, loyal customer base.

Metric	Value / Period	Source Year
Repeat Customers Percentage of Shipped Sales	Approximately 90%	Twelve months ended December 31, 2023
Average Spend Per Repeat Customer	$1,442	Twelve months ended December 31, 2023
New Customers Acquired	Approximately 2.7 million	Year ended December 31, 2023

A more human way to shop versus impersonal e-commerce

The emphasis on live interaction and a loyal customer base suggests a more personal shopping experience. The company's portfolio of six leading retail brands-QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road-all aim to provide this human touch.

The digital component, while facing industry headwinds, still represents a significant portion of the business. For the year ended December 31, 2023, global e-commerce accounted for $5.5 billion, or 58.6%, of QVC's consolidated net revenue. The QxH Digital Platforms specifically contributed 74% of consolidated net revenue in 2023.

Accessible and Adaptive product category offerings

The product assortment spans several key consumer categories, though recent financial reports show segment performance variations.

• QVC International revenue showed resilience in Q2 2025, reporting an increase of $17 million compared to the same period in 2024, reaching $593 million for the quarter ended June 30, 2025.
• Cornerstone Brands (CBI Segment) net revenue for the three months ended June 30, 2025, was $252 million.
• The company has also shown an adaptive approach by building a presence on platforms like TikTok, where QVC had over 455,000 followers as of late 2024.

The company is actively managing its portfolio, having recorded significant impairments in Q2 2025, including $930 million related to the QVC and HSN tradenames.

Finance: draft 13-week cash view by Friday.

Qurate Retail, Inc. (QRTEB) - Canvas Business Model: Customer Relationships

Qurate Retail, Inc. maintains relationships through high-touch, host-driven engagement, which is central to its vCommerce (video commerce) model.

The loyalty structure is designed to maximize existing customer value, with existing customers driving an estimated 90% of revenue.

Dedicated, demographic-focused campaigns are a key relationship tool. The Age of Possibility initiative, featuring the Quintessential 50 (Q50), targets women over 50, a segment where a March 2024 survey indicated only 31% felt supported by brands.

Interactive engagement spans multiple channels, supporting the WIN strategy to enhance customer interactions. The company saw significant follower growth from the Age of Possibility campaign and its TikTok Shop launch in 2025.

The digital expansion is showing traction, with the social and streaming business nearing double-digit contributions to total revenue as of Q2 2025.

Financial performance highlights from 2025 reflect the ongoing transition:

Metric	Period/Date	Amount/Percentage
Q1 2025 Total Revenue	Quarter Ended March 31, 2025	$2.105 billion
Q2 2025 Consolidated Revenue	Quarter Ended June 30, 2025	$2.23 billion
Q3 2025 Total Revenue Change	Year-over-Year	Down 6%
Q3 2025 QxH Segment Net Revenue	Three Months Ended September 30, 2025	$1,416 million
Q3 2025 EBIT	As of FY2025 Q3	$194 M

Personalized recommendations are delivered across digital platforms, supporting the overall goal of driving future growth through enhanced customer interactions. The company continues to focus on leveraging customer data to tailor experiences.

Engagement metrics related to customer tenure show a historical reliance on established buyers:

• Approximately 96% of QVC's worldwide shipped sales were from repeat and reactivated customers for the year ended December 31, 2023.
• Approximately 88% of new QxH customers made their first purchase through digital platforms for the year ended December 31, 2023.

Qurate Retail, Inc. (QRTEB) - Canvas Business Model: Channels

You're looking at how Qurate Retail, Inc., now operating as QVC Group, gets its products in front of customers in late 2025. It's a mix of legacy media and aggressive digital pivots, which you can see clearly in their channel strategy.

The foundation remains Linear TV (cable/satellite). QVC Group is still the largest player in video commerce, reaching over 200 million homes worldwide through its 15 television channels. These channels are carried across cable, satellite, free over-the-air TV, and digital livestreaming TV platforms. Honestly, even with viewership declining, this reach is a massive asset for live product demonstrations.

The growth story, however, is all about digital. The company is heavily pushing its proprietary streaming services, QVC+ and HSN+ apps. This move is paying off in terms of engagement; for the second quarter of 2025, revenue from social and streaming channels saw growth of over 30% compared to the same period in 2024. The goal they set is to achieve $1.5 billion or more in run-rate revenue from streaming and social within three years of the announcement. As of Q2 2025, this combined digital revenue stream was approaching double digits as a percentage of total QxH revenue.

Social commerce is a key driver in that digital push. The integration with TikTok Shop, for example, was successful enough to acquire well over 100,000 new customers in Q2 2025 alone. This shows you where they are putting marketing spend, as advertising expenses surged by 8.3% in Q2 2025, partly due to these streaming and social platform investments.

The traditional E-commerce websites and mobile shopping apps still move significant volume, though they are part of the broader QxH segment which saw revenue drop 11% to $1.391 billion in Q2 2025. Even with these challenges, the company is making efforts to stabilize the customer base, which saw a 12% decline in total QxH customers in Q2 2025.

Finally, the physical channels are less emphasized but still present. This includes print catalogs and a limited number of in-store destinations. The focus on physical retail is clearly secondary to the vCommerce (video commerce) strategy, which encompasses all the other distribution points.

Here's a quick look at the revenue context for the primary QVC/HSN segment (QxH) across recent quarters:

Metric	Q1 2025 (Ended March 31)	Q2 2025 (Ended June 30)	Q3 2025 (Ended September 30)
QxH Net Revenue (USD)	$1,368 million	$1.391 billion	$1,416 million
QxH Revenue Change YoY	Decreased by 11.1%	Decreased by 11%	(Implied decline from Q3 2024)
QxH Operating Income (USD)	$0 million	(Operating loss driven by $2.4 billion impairment)	$194 million (EBIT)

The company is clearly trying to shift customer engagement to where the growth is happening. You can see the strategic focus in the following areas:

• Amplify QVC+ and HSN+ streaming platforms.
• Develop streaming commerce for non-owned channels like Netflix and YouTube TV.
• Bring content to social channels like TikTok and Facebook.
• Acquire new customers via TikTok Shop (over 100,000 in Q2 2025).
• Integrate streaming on services like Philo, which has about 1.3 million paid subscribers.

Finance: draft the Q4 2025 channel revenue projection based on the Q3 performance and social/streaming growth rate by next Tuesday.

Qurate Retail, Inc. (QRTEB) - Canvas Business Model: Customer Segments

You're looking at the core of Qurate Retail, Inc.'s business, which is heavily reliant on a dedicated, high-value shopper base, even as the company aggressively pursues digital expansion. The customer base is segmented by shopping behavior, platform preference, and geography.

The foundational segment is the core loyal customer group. The structure is defined by a Pareto principle application: 20% of the base is responsible for generating approximately 75% of total revenue. This group exhibits incredibly low attrition rates, suggesting deep relationship bonds with the QVC and HSN brands. For context on the scale of the core U.S. and Canada business (QxH), the segment generated net revenue of $1,391 million for the three months ended June 30, 2025, and $2,759 million for the six months ended June 30, 2025.

Segment	Revenue (3 Months Ended 6/30/2025)	Revenue (6 Months Ended 6/30/2025)
QxH (U.S. & Canada)	$1,391 million	$2,759 million
QVC International	$593 million	$1,130 million
Cornerstone Brands (CBI)	$200 million (Q1 2025)	N/A

The QVC focus remains heavily centered on women who value relationship-driven shopping. Based on data from the twelve months ended December 31, 2023, approximately 36% of the QxH customer base, which totaled 8.1 million customers at that time, were women between the ages of 35 and 64. These shoppers respond well to the established, trusted advisor role of long-time hosts, whose average tenure for the most popular is nearly 30 years.

For HSN, the focus leans toward boutique shoppers, typically aged 40 and above, seeking unique product assortments. While specific HSN-only demographic splits for 2025 aren't public, the strategy involves differentiating HSN from QVC's more premium luxury positioning. This differentiation helps capture a slightly different set of shoppers looking for curated, unique finds.

Qurate Retail, Inc. is actively targeting new, younger audiences by heavily investing in social and streaming channels. This is a clear strategic pivot. Advertising expenses related to these channels surged by 8.3% in Q2 2025. The results show traction: streaming monthly active users grew by over 80%, and streaming minutes watched increased by 25% during that same quarter. Furthermore, the integration with TikTok Shop was fruitful, acquiring over 100,000 new customers in the period, and social and streaming revenue showed over 30% growth compared to Q2 2024.

International customers form another distinct segment, spanning several key markets. QVC International net revenue for the three months ended June 30, 2025, was $593 million. The company reaches customers across multiple countries, with primary operations historically in:

• Germany
• Japan
• The U.K.
• Italy

The company also has team members in Poland and China, indicating a broader global footprint for talent and sourcing, even if revenue is concentrated in the named European and Asian markets. This segment is vital, as it showed a revenue increase of $17 million in Q2 2025 compared to the prior year period in U.S. dollars.

Finance: draft 13-week cash view by Friday.

Qurate Retail, Inc. (QRTEB) - Canvas Business Model: Cost Structure

You're looking at the major drains on Qurate Retail, Inc.'s bottom line as of late 2025. The cost structure here is heavily weighted toward getting products to customers and maintaining the 24/7 broadcast presence. Honestly, the fixed costs associated with the live programming infrastructure are substantial, even as they push more spend into digital advertising.

The Cost of Goods Sold (COGS) for retail inventory remains the single largest component, though specific 2025 COGS as a percentage of revenue isn't immediately available in the latest filings, we know it directly correlates with the reported Q1 2025 revenue of $2.105 billion and Q2 2025 revenue of $2.23 billion.

Fulfillment and shipping costs for a global distribution network are a constant pressure point. In prior periods, increased unit volume and inflationary pressures on wage and freight rates drove these costs up. This pressure definitely continues given the scale of Qurate Retail, Inc.'s operations across QVC and HSN.

High content production and broadcast expenses are inherent to the 24/7 live programming model. This cost base supports the core value proposition of live demonstration and immediate purchase availability across multiple channels.

Advertising spend is shifting, but the total outlay is increasing. You saw advertising expenses surge by 8.3% in Q2 2025 specifically due to increased spending on social and streaming platforms, reflecting the pivot away from traditional media buys.

Restructuring charges are a significant, non-recurring cost impacting recent periods as the company streamlines. Qurate Retail, Inc. recorded restructuring charges of $57 million in Q1 2025, which included $36 million at QxH and $21 million at QVC International, all aimed at streamlining operations.

Here's a quick look at some of the key financial markers from the recent reporting periods that define this cost structure:

Cost/Expense Category	Period	Amount/Rate
Restructuring Charges	Q1 2025	$57 million
Advertising Spend Increase	Q2 2025	8.3%
Consolidated Revenue	Q2 2025	$2.23 billion
Total Revenue	Q1 2025	$2.105 billion
SG&A as % of Net Revenue	Year Ended Dec 31, 2024	33.1%
SG&A as % of Net Revenue	Year Ended Dec 31, 2023	28.8%

The shift in operating expenses is clear when you look at the Selling, General and Administrative (SG&A) expenses as a percentage of net revenue, which jumped from 28.8% for the year ended December 31, 2023, to 33.1% for the year ended December 31, 2024. This increase was primarily due to higher administrative costs, including consulting fees for business transformation initiatives.

The components driving the overhead are:

• Cost of goods sold (COGS) for retail inventory.
• Fulfillment and shipping costs for a global distribution network.
• High content production and broadcast expenses (24/7 live programming).
• Increased advertising spend on social and streaming platforms.
• Restructuring charges, including $57 million in Q1 2025 for streamlining.

To be fair, the restructuring charges are meant to reduce future operating costs, but they hit the current period hard. For instance, the Q1 2025 operating income was only $14 million, a sharp drop from $145 million in the prior year period, partly due to those $57 million in charges.

Qurate Retail, Inc. (QRTEB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Qurate Retail, Inc. brings in money, which is heavily tied to its legacy and its pivot to digital. The revenue streams are quite distinct across its operating segments.

The QxH segment, which covers QVC U.S. and HSN, remains the largest component of the top line. For the third quarter of 2025, ended September 30, 2025, the Net Revenue from the QxH segment was $1,416 million. This revenue is generated primarily through product sales across its linear television, web, and mobile platforms.

The overall financial snapshot for the period shows that Qurate Retail, Inc.'s total consolidated revenue for Q3 2025 was $2.213 billion. This figure represents a 6% decrease in US Dollars compared to the same period in the prior year.

Revenue generation is also split across the other major brand pillars:

• QVC International revenue for Q3 2025 was $566 million in US Dollars.
• Cornerstone Brands revenue saw an 8% decrease in Q3 2025.

Another key, though often bundled, revenue stream involves shipping and handling fees charged to customers. The QxH segment's revenue decline was attributed in part to lower shipping and handling revenue, indicating this is a measurable component of the overall sales intake.

Qurate Retail, Inc. has a clear strategic revenue goal tied to its digital transformation. The company has set a target to achieve $1.5 billion+ run-rate revenue from streaming and social channels within three years. This shows a clear intent to shift a significant portion of future revenue generation toward these newer distribution methods.

Here is a breakdown of the reported segment revenues for the third quarter of 2025, which sum up to the total consolidated revenue:

Revenue Stream / Segment	Q3 2025 Revenue (in millions USD)
QxH Segment (QVC U.S. and HSN Product Sales)	$1,416
QVC International	$566
Cornerstone Brands (Derived from Total less QxH and International)	$231
Total Consolidated Revenue	$2,213

The revenue streams are further detailed by the nature of the sales activity:

• Product sales across QVC U.S. and HSN are the primary driver.
• Revenue from QVC International operations, reported in US Dollars.
• Revenue from the Cornerstone Brands portfolio.
• Fees collected from customers for shipping and handling services.
• Future revenue growth is explicitly targeted from social and streaming platforms.

Finance: draft 13-week cash view by Friday.