QUERAT RETAIL, Inc. (QRTEB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la vente au détail moderne, QUILAT RETAIL, Inc. (QRTEB) se distingue comme un modèle commercial révolutionnaire qui mélange de manière transparente le divertissement, la technologie et le commerce. En transformant des expériences d'achat traditionnelles grâce à des stratégies multicanaux innovantes, l'entreprise a créé un écosystème unique qui relie les consommateurs avec des produits organisés sur la télévision, en ligne et des plateformes mobiles. Avec une puissante combinaison de diffusion en direct, de recommandations personnalisées et d'engagement interactif, Qurur Retail a redéfini comment des millions de clients découvrent, interagissent et achètent des produits à l'ère numérique.

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: partenariats clés

Fusion stratégique QVC et HSN

En 2017, QUILAT Retail Group a terminé la fusion de 2,1 milliards de dollars de QVC et HSN, créant une plate-forme de vente au détail intégrée avec un chiffre d'affaires annuel combiné d'environ 14,5 milliards de dollars en 2022.

Partenaire	Détails du partenariat	Valeur annuelle
HSN	Plate-forme de vente au détail fusionnée	14,5 milliards de dollars

Partenaires technologiques

Qurate Retail collabore avec les principaux fournisseurs de technologies pour améliorer les infrastructures numériques et les capacités opérationnelles.

• IBM: Cloud Computing et Enterprise Technology Solutions
• Salesforce: plateformes de gestion de la relation client
• SAP: Systèmes de planification des ressources d'entreprise

Contenu et partenariats de marque

Qurate Retail maintient des partenariats stratégiques dans plusieurs catégories de vente au détail.

Catégorie	Nombre de partenaires de marque	Valeur de partenariat estimé
Mode	350+ marques	1,2 milliard de dollars
Marchandises à domicile	250+ marques	850 millions de dollars
Électronique	150+ marques	650 millions de dollars

Réseaux de commerce électronique et de paiement

Qural Retail s'intègre à plusieurs plates-formes de commerce électronique et de traitement des paiements.

• PayPal: traitement des paiements numériques
• Visa / MasterCard: transactions par carte de crédit
• Amazon Pay: Méthode de paiement alternatif

Partners de logistique et d'expédition

Les partenariats critiques d'expédition et de logistique soutiennent le réseau de distribution de Qurate Retail.

Partenaire	Volume d'expédition annuel	Durée du partenariat
Hauts	45 millions de packages	15 ans et plus
FedEx	38 millions de packages	12 ans et plus

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: Activités clés

Opérations de diffusion de détail et de commerce électronique multicanal

Qural Retail fonctionne via plusieurs plateformes de vente au détail avec une répartition spécifique des revenus:

Plate-forme	Revenus de 2023	Pourcentage
QVC	3,92 milliards de dollars	42.3%
HSN	1,65 milliard de dollars	17.8%
Zélo	862 millions de dollars	9.3%

Curration des produits et marchandisage

Catégories de produits Distribution:

• Mode: 35,6%
• Marchandises à domicile: 28,4%
• Électronique: 17,2%
• Beauté: 12,8%
• Bijoux: 6%

Marketing numérique et stratégies d'engagement client

Métriques d'engagement numérique pour 2023:

Métrique	Valeur
Clients numériques totaux	7,3 millions
Utilisateurs d'applications mobiles	4,2 millions
Abonnés des médias sociaux	12,6 millions

Expériences de magasinage en direct

Métriques de performance de shopping en direct:

• Émissions quotidiennes moyennes: 85
• Engagement moyen du spectateur: 42 minutes
• Taux de conversion: 6,7%

Gestion des stocks et chaîne d'approvisionnement

Données opérationnelles de la chaîne d'approvisionnement:

Métrique	Valeur 2023
Centres de distribution	18
Taux de rotation des stocks	4.2x
Taille de l'entrepôt moyen	350 000 pieds carrés

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: Ressources clés

Studios de production des médias et capacités de diffusion

Qural Retail exploite plusieurs installations de production totalisant environ 1,2 million de pieds carrés d'espace de studio. En 2023, la société maintient:

• 5 centres de diffusion primaires
• Plus de 20 espaces de production de studio dédiés
• Infrastructure de diffusion soutenant la programmation de shopping en direct 24/7

Type d'installation	Total en pieds carrés	Nombre d'installations
Centres de diffusion primaires	850 000 pieds carrés	5
Studios de production	350 000 pieds carrés	20+

Infrastructure technologique du commerce numérique

Investissement technologique en 2023: 372 millions de dollars en plates-formes numériques et technologies de commerce électronique.

Catégorie d'investissement technologique	Dépenses annuelles
Développement de plate-forme numérique	214 millions de dollars
Infrastructure de commerce électronique	158 millions de dollars

Portefeuille de marque

Qural Retail possède les marques clés suivantes:

• QVC (marque principale)
• HSN
• Zélo
• Marques Cornerstone

Équipe de direction

Composition de gestion à partir de 2024:

• 11 membres de l'équipe de direction exécutive
• Expérience moyenne de l'industrie: 18,5 ans
• 5 membres du conseil d'administration avec une expertise au détail

Base de données client

Métriques d'analyse des clients et de base de données:

• Base de clientèle totale: 22,4 millions de clients actifs
• Traitement annuel des données des clients: 3,8 pétaoctets
• Couverture de l'algorithme de personnalisation: 94% des interactions du client

Métrique client	2023 données
Clients actifs	22,400,000
Traitement annuel des données	3,8 PB
Couverture de personnalisation	94%

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: propositions de valeur

Expérience d'achat pratique sur plusieurs plateformes

Qurate Retail fonctionne via plusieurs plates-formes d'achat avec la portée numérique suivante:

Plate-forme	Utilisateurs actifs	Transactions annuelles
QVC	8,2 millions	48,3 millions
HSN	3,7 millions	22,1 millions
Zélo	6,5 millions	15,6 millions

Sélections de produits uniques et marchandises exclusives

Offres de produits exclusifs dans toutes les catégories:

• Mode: 72% de collaborations de créateurs uniques
• Marchandises à domicile: 65% de gammes de produits exclusifs
• Beauté: 58% de collections spécifiques à la marque

Recommandations d'achat personnalisées

Métriques de personnalisation:

Type de recommandation	Taux de conversion	Engagement client
Recommandations basées sur l'IA	14.3%	62% d'interaction accrue
Suggestions d'achat passées	11.7%	Taux d'achat de 48%

Expérience de vente au détail axée sur le divertissement

Statistiques d'engagement:

• Heures de streaming en direct: 4 200 heures par an
• Durée moyenne du spectateur: 37 minutes
• Événements de magasinage interactifs: 286 par an

Prix ​​compétitifs et options d'achat flexibles

Prix ​​et flexibilité de paiement:

Option de paiement	Taux d'adoption	Valeur de commande moyenne
Plans de versement	28%	$127
Financement promotionnel	22%	$213
Accrocheur standard	50%	$89

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: relations avec les clients

Service client et assistance personnalisés

L'équipe de service client de QVC et HSN a géré 11,2 millions d'interactions clients en 2022. Temps de résolution moyenne des appels: 4,7 minutes. Taux de satisfaction client: 87,3%.

Canal de service client	Volume annuel	Temps de réponse
Support téléphonique	6,5 millions d'interactions	3-5 minutes
Chat en ligne	3,2 millions d'interactions	2-3 minutes
Assistance par e-mail	1,5 million d'interactions	24-48 heures

Programmes de fidélité et incitations aux clients répétés

Murgés par le programme de fidélisation du détail QUIRY pour 2022:

• Membres du programme de fidélité totale: 8,3 millions
• Taux client répété: 62,4%
• Dépenses annuelles moyennes par client fidèle: 487 $

Expériences de shopping interactif en direct

Performance de plate-forme d'achat en direct en 2022:

Métrique	Valeur
Total des heures de shopping en direct	14 500 heures
Les téléspectateurs moyens par spectacle	125,000
Taux de conversion	7.2%

Engagement des médias sociaux et renforcement de la communauté

Statistiques d'engagement des médias sociaux pour 2022:

• Total des adeptes des médias sociaux: 4,6 millions
• Taux d'engagement moyen: 3,7%
• Interactions de contenu généré par l'utilisateur: 520 000

Canaux de marketing ciblés et de communication personnalisés

Données de personnalisation marketing pour 2022:

Canal	Taux de personnalisation	Impact de la conversion
E-mail marketing	74% personnalisé	+ Conversion de 12,5%
Publicité numérique	68% ciblé	+ 9,3% de conversion
Moteurs de recommandation	82% personnalisé	+ 15,6% de conversion

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: canaux

Réseaux commerciaux télévisés (QVC, HSN)

Qural Retail exploite deux réseaux commerciaux de télévision principaux:

Réseau	Revenus annuels (2022)	Téléspectateurs uniques
QVC	8,1 milliards de dollars	96 millions de ménages
HSN	3,5 milliards de dollars	50 millions de ménages

Applications mobiles

Performances des canaux mobiles:

• Téléchargements de l'application mobile QVC: 14,2 millions
• Pourcentage de transaction mobile: 37% du total des ventes en ligne
• Durée moyenne de la session mobile: 8,6 minutes

Sites Web de commerce électronique

Site web	Visiteurs uniques mensuels	Taux de conversion
QVC.com	22,1 millions	4.3%
Hsn.com	15,6 millions	3.9%

Plateformes de médias sociaux

Métriques des canaux de médias sociaux:

• Followers Instagram: 3,2 millions
• Fonds Facebook: 4,7 millions
• Taux d'engagement Tiktok: 2,8%

Campagnes marketing et e-mail directes

Métrique marketing	Valeur
Courriel Base d'abonné	18,5 millions
Rate d'ouverture de la campagne par e-mail	22.4%
Pièces de publication envoyées chaque année	126 millions

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: segments de clientèle

Consommateurs à revenu moyen âgé de 35 à 65 ans

Déchange démographique pour le segment de clientèle principal de Qurate Retail:

Tranche d'âge	Revenu des ménages	Pourcentage de clientèle
35 à 65 ans	$50,000 - $125,000	47.3%
Âge médian	Revenu médian des ménages	Pouvoir d'achat de segment
48 ans	$87,432	3,2 milliards de dollars

Antariens d'achat en ligne

Métriques d'engagement des achats numériques:

• Fréquence d'achat en ligne: 6,4 fois par mois
• Valeur de transaction en ligne moyenne: 124,67 $
• Pourcentage d'achat mobile: 62,3%

Produits à domicile et produits de vie

Catégorie de produits	Revenus annuels	Part de marché
Décoration intérieure	782 millions de dollars	14.6%
Produits de cuisine	456 millions de dollars	11.2%
Meubles	623 millions de dollars	9.8%

Acheteurs de produits de beauté et de mode

Caractéristiques du segment de la clientèle:

• Produits de beauté Dépenses annuelles: 438 $ par client
• Fréquence d'achat d'accessoires de mode: 4,2 fois par an
• Taux client répété: 67,5%

Acheteurs de la technologie et de l'électronique

Catégorie électronique	Ventes annuelles	Taille du segment de la clientèle
Électronique grand public	1,2 milliard de dollars	22,7% de la clientèle
Appareils à domicile intelligents	365 millions de dollars	15,4% des acheteurs de technologies
Technologie portable	214 millions de dollars	9,6% du segment de la technologie

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: Structure des coûts

Dépenses de production et de diffusion de contenu

Pour l'exercice 2022, Qurur Retail, Inc. a déclaré des dépenses de production et de diffusion de contenu de 1,14 milliard de dollars.

Catégorie de dépenses	Montant (2022)
Coût total de production de contenu	1,14 milliard de dollars
Coûts de production du réseau QVC	678 millions de dollars
Coûts de production du réseau HSN	462 millions de dollars

Infrastructure et maintenance technologiques

L'investissement infrastructure technologique pour 2022 a totalisé 293 millions de dollars.

• Développement de la plate-forme numérique: 124 millions de dollars
• Maintenance des infrastructures informatiques: 169 millions de dollars

Inventaire l'approvisionnement et la gestion

Les dépenses liées aux stocks pour 2022 étaient de 3,87 milliards de dollars.

Composant de coût des stocks	Montant (2022)
Procurement total des stocks	3,87 milliards de dollars
Acquisition de marchandises	3,42 milliards de dollars
Gestion des stocks au-dessus de la tête	450 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2022 s'élevaient à 642 millions de dollars.

• Marketing numérique: 287 millions de dollars
• Publicité traditionnelle: 355 millions de dollars

Dépenses opérationnelles de la logistique et de l'expédition

Les frais d'expédition et de logistique pour 2022 étaient de 1,26 milliard de dollars.

Catégorie de coût logistique	Montant (2022)
Total des frais d'expédition	1,26 milliard de dollars
Opérations de l'entrepôt	532 millions de dollars
Frais de port et de manutention	728 millions de dollars

QUERAT RETAIL, Inc. (QRTEB) - Modèle d'entreprise: Strots de revenus

Ventes de produits directs via plusieurs canaux

Pour l'exercice 2023, Qurur Retail, Inc. a déclaré un chiffre d'affaires total de 8,45 milliards de dollars. La société génère des revenus grâce à plusieurs canaux de vente, notamment:

• Réseau de commerce télévisé QVC
• HSN (réseau commercial à domicile)
• Plateforme de commerce électronique zulily
• Sites Web de vente au détail en ligne

Canal de vente	Revenus (2023)	Pourcentage du total des revenus
QVC	4,98 milliards de dollars	58.9%
HSN	2,37 milliards de dollars	28.1%
Zélo	1,10 milliard de dollars	13%

Revenus de publicité et de parrainage

Les revenus publicitaires de QUIVER Retail, Inc. en 2023 étaient d'environ 62 millions de dollars, ce qui représente une source de revenu supplémentaire petite mais significative.

Commission des plateformes de vendeurs tiers

Les commissions des vendeurs tiers ont généré 178 millions de dollars de revenus pour la société en 2023, avec un taux moyen de commission de 12 à 15%.

Frais d'abonnement et d'adhésion

Le programme d'adhésion de Qurur Retail a généré 94 millions de dollars de revenus d'abonnement en 2023.

Données et monétisation d'analyse

Les efforts de monétisation des données ont contribué environ 45 millions de dollars aux revenus de la société en 2023.

Flux de revenus	Revenus de 2023
Ventes de produits directs	8,45 milliards de dollars
Revenus publicitaires	62 millions de dollars
Commissions de vendeurs tiers	178 millions de dollars
Frais d'abonnement	94 millions de dollars
Monétisation des données	45 millions de dollars

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.