QURTER VARECH, INC. (QRTEB): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do varejo moderno, a QURTE VARECH, INC. (QRTEB) se destaca como um modelo de negócios revolucionário que combina perfeitamente entretenimento, tecnologia e comércio. Ao transformar experiências de compras tradicionais por meio de estratégias multicanais inovadoras, a empresa criou um ecossistema exclusivo que conecta os consumidores a produtos com curadoria nas plataformas de televisão, online e móveis. Com uma poderosa combinação de transmissão ao vivo, recomendações personalizadas e engajamento interativo, o QURTE Retail redefiniu como milhões de clientes descobrem, interagem e compram produtos na era digital.

QURTER VAREND, INC. (QRTEB) - Modelo de negócios: Parcerias -chave

Incorporação Estratégica QVC e HSN

Em 2017, o QURTE VARECH GROUP concluiu a fusão de US $ 2,1 bilhões da QVC e HSN, criando uma plataforma de varejo integrada com receita anual combinada de aproximadamente US $ 14,5 bilhões em 2022.

Parceiro	Detalhes da parceria	Valor anual
Hsn	Plataforma de varejo mesclada	US $ 14,5 bilhões

Parceiros de tecnologia

O QURTE de varejo colabora com os principais provedores de tecnologia para aprimorar a infraestrutura digital e os recursos operacionais.

• IBM: Soluções de Computação em Cloud e Enterprise
• Salesforce: plataformas de gerenciamento de relacionamento com clientes
• SAP: Sistemas de planejamento de recursos corporativos

Conteúdo e parcerias de marca

O Varejo QURTE mantém parcerias estratégicas em várias categorias de varejo.

Categoria	Número de parceiros de marca	Valor estimado da parceria
Moda	350 mais de marcas	US $ 1,2 bilhão
Bens domésticos	250 mais de marcas	US $ 850 milhões
Eletrônica	150 mais de marcas	US $ 650 milhões

Redes de comércio eletrônico e pagamento

O varejo QURT se integra a várias plataformas de comércio eletrônico e processamento de pagamento.

• PayPal: processamento de pagamento digital
• Visa/MasterCard: transações com cartão de crédito
• Amazon Pay: método de pagamento alternativo

Parceiros de logística e remessa

As parcerias críticas de remessa e logística suportam a rede de distribuição da QURTE VARECH.

Parceiro	Volume de envio anual	Duração da parceria
UPS	45 milhões de pacotes	Mais de 15 anos
FedEx	38 milhões de pacotes	Mais de 12 anos

QURTER VAREND, INC. (QRTEB) - Modelo de negócios: Atividades -chave

Operações multicanais de transmissão de varejo e comércio eletrônico

O varejo QURTER opera através de várias plataformas de varejo com quebra de receita específica:

Plataforma	2023 Receita	Percentagem
Qvc	US $ 3,92 bilhões	42.3%
Hsn	US $ 1,65 bilhão	17.8%
Zulily	US $ 862 milhões	9.3%

Curadoria de produtos e merchandising

Distribuição das categorias de produtos:

• Moda: 35,6%
• Bens domésticos: 28,4%
• Eletrônica: 17,2%
• Beleza: 12,8%
• Jóias: 6%

Estratégias de marketing digital e envolvimento do cliente

Métricas de engajamento digital para 2023:

Métrica	Valor
Total de clientes digitais	7,3 milhões
Usuários de aplicativos móveis	4,2 milhões
Seguidores de mídia social	12,6 milhões

Experiências de compras ao vivo

Métricas de desempenho de compras ao vivo:

• Shows médios diários ao vivo: 85
• Engajamento médio do espectador: 42 minutos
• Taxa de conversão: 6,7%

Gerenciamento de inventário e cadeia de suprimentos

Dados operacionais da cadeia de suprimentos:

Métrica	2023 valor
Centros de distribuição	18
Taxa de rotatividade de estoque	4.2x
Tamanho médio do armazém	350.000 pés quadrados

QURTER VARECH, INC. (QRTEB) - Modelo de negócios: Recursos -chave

Estúdios de produção de mídia e recursos de transmissão

O varejo QURTER opera várias instalações de produção, totalizando aproximadamente 1,2 milhão de pés quadrados de espaço de estúdio. A partir de 2023, a empresa mantém:

• 5 centros de transmissão primária
• Mais de 20 espaços de produção de estúdio dedicados
• Infraestrutura de transmissão que suporta programação de compras ao vivo 24/7

Tipo de instalação	Mágua quadrada total	Número de instalações
Centros de transmissão primária	850.000 pés quadrados	5
Estúdios de produção	350.000 pés quadrados	20+

Infraestrutura de tecnologia de comércio digital

Investimento em tecnologia a partir de 2023: US $ 372 milhões em plataformas digitais e tecnologias de comércio eletrônico.

Categoria de investimento em tecnologia	Gastos anuais
Desenvolvimento da plataforma digital	US $ 214 milhões
Infraestrutura de comércio eletrônico	US $ 158 milhões

Portfólio de marcas

O QURTER VARECH PROVA as seguintes marcas principais:

• QVC (marca primária)
• Hsn
• Zulily
• Marcas de Cornerstone

Equipe de gerenciamento

Composição de gerenciamento a partir de 2024:

• 11 membros da equipe de liderança executiva
• Experiência média da indústria: 18,5 anos
• 5 membros do conselho com experiência no varejo

Banco de dados do cliente

Métricas de análise de clientes e banco de dados:

• Base total de clientes: 22,4 milhões de clientes ativos
• Processamento anual de dados do cliente: 3.8 petabytes
• Cobertura do algoritmo de personalização: 94% das interações com os clientes

Métrica do cliente	2023 dados
Clientes ativos	22,400,000
Processamento anual de dados	3.8 PB
Cobertura de personalização	94%

QURTE VARECH, INC. (QRTEB) - Modelo de negócios: proposições de valor

Experiência de compra conveniente em várias plataformas

O varejo QURTER opera através de várias plataformas de compras com o seguinte alcance digital:

Plataforma	Usuários ativos	Transações anuais
Qvc	8,2 milhões	48,3 milhões
Hsn	3,7 milhões	22,1 milhões
Zulily	6,5 milhões	15,6 milhões

Seleções exclusivas de produtos e mercadorias exclusivas

Ofertas exclusivas de produtos em categorias:

• Moda: 72% de colaborações de designers únicas
• Bens domésticos: 65% de linhas de produtos exclusivas
• Beleza: 58% de coleções específicas da marca

Recomendações de compras personalizadas

Métricas de personalização:

Tipo de recomendação	Taxa de conversão	Engajamento do cliente
Recomendações orientadas pela IA	14.3%	62% aumentaram a interação
Sugestões de compras anteriores	11.7%	48% de taxa de compra repetida

Experiência de varejo orientada por entretenimento

Estatísticas de engajamento:

• Horário de transmissão ao vivo: 4.200 horas anualmente
• Duração média do visualizador: 37 minutos
• Eventos interativos de compras: 286 por ano

Preços competitivos e opções de compra flexíveis

Flexibilidade de preços e pagamento:

Opção de pagamento	Taxa de adoção	Valor médio do pedido
Planos de parcelamento	28%	$127
Financiamento promocional	22%	$213
Checkout padrão	50%	$89

QURTER VAREND, INC. (QRTEB) - Modelo de negócios: relacionamentos com o cliente

Atendimento ao cliente personalizado e suporte

A equipe de atendimento ao cliente da QVC e da HSN lidou com 11,2 milhões de interações com os clientes em 2022. Tempo médio de resolução de chamadas: 4,7 minutos. Taxa de satisfação do cliente: 87,3%.

Canal de atendimento ao cliente	Volume anual	Tempo de resposta
Suporte telefônico	6,5 milhões de interações	3-5 minutos
Chat online	3,2 milhões de interações	2-3 minutos
Suporte por e -mail	1,5 milhão de interações	24-48 horas

Programas de fidelidade e incentivos recorrentes ao cliente

QURTER METRICS DE PROGRAMA DE FELEAÇÃO DE VAREJO PARA 2022:

• Membros do programa de fidelidade total: 8,3 milhões
• Taxa repetida do cliente: 62,4%
• Gastes anuais médios por cliente leal: US $ 487

Experiências interativas de compras ao vivo

Performance de plataforma de compras ao vivo em 2022:

Métrica	Valor
Total de horas de compras ao vivo	14.500 horas
Espectadores médios por show	125,000
Taxa de conversão	7.2%

Engajamento de mídia social e construção da comunidade

Estatísticas de engajamento de mídia social para 2022:

• Total de seguidores de mídia social: 4,6 milhões
• Taxa de engajamento médio: 3,7%
• Interações de conteúdo geradas pelo usuário: 520.000

Canais de marketing e comunicação personalizados direcionados

Dados de personalização de marketing para 2022:

Canal	Taxa de personalização	Impacto de conversão
Marketing por e -mail	74% personalizados	+12,5% de conversão
Publicidade digital	68% direcionados	+9,3% de conversão
Motores de recomendação	82% personalizados	+15,6% de conversão

QURTER VARECH, INC. (QRTEB) - Modelo de negócios: canais

Redes de compras de televisão (QVC, HSN)

O varejo QURTER opera duas redes de compras de televisão primárias:

Rede	Receita anual (2022)	Espectadores únicos
Qvc	US $ 8,1 bilhões	96 milhões de famílias
Hsn	US $ 3,5 bilhões	50 milhões de famílias

Aplicativos móveis

Desempenho do canal móvel:

• Downloads de aplicativos móveis qvc: 14,2 milhões
• Porcentagem de transação móvel: 37% do total de vendas on -line
• Duração média da sessão móvel: 8,6 minutos

Sites de comércio eletrônico

Site	Visitantes únicos mensais	Taxa de conversão
Qvc.com	22,1 milhões	4.3%
Hsn.com	15,6 milhões	3.9%

Plataformas de mídia social

Métricas de canal de mídia social:

• Seguidores do Instagram: 3,2 milhões
• Seguidores do Facebook: 4,7 milhões
• Taxa de engajamento de Tiktok: 2,8%

Campanhas de marketing direto e e -mail

Métrica de marketing	Valor
Base de assinante de email	18,5 milhões
Taxa de abertura da campanha por e -mail	22.4%
Peças de mala direta enviadas anualmente	126 milhões

QURTER VAREND, INC. (QRTEB) - Modelo de negócios: segmentos de clientes

Consumidores de renda média com idades entre 35 e 65 anos

Redução demográfica para o principal segmento de clientes do QURTE VARELHA:

Faixa etária	Renda familiar	Porcentagem de base de clientes
35-65 anos	$50,000 - $125,000	47.3%
Idade mediana	Renda familiar média	Poder de compra de segmento
48 anos	$87,432	US $ 3,2 bilhões

Entusiastas de compras on -line

Métricas de engajamento de compras digitais:

• Frequência de compra on -line: 6,4 vezes por mês
• Valor médio da transação online: $ 124,67
• Porcentagem de compras móveis: 62,3%

Consumidores de produtos para casa e estilo de vida

Categoria de produto	Receita anual	Quota de mercado
Decoração da casa	US $ 782 milhões	14.6%
Produtos de cozinha	US $ 456 milhões	11.2%
Mobília	US $ 623 milhões	9.8%

Compradores de beleza e produtos de moda

Características do segmento de clientes:

• Gastos anuais do produto de beleza: US $ 438 por cliente
• Frequência de compra de acessórios de moda: 4,2 vezes por ano
• Taxa repetida do cliente: 67,5%

Compradores de tecnologia e eletrônica

Categoria eletrônica	Vendas anuais	Tamanho do segmento do cliente
Eletrônica de consumo	US $ 1,2 bilhão	22,7% da base de clientes
Dispositivos domésticos inteligentes	US $ 365 milhões	15,4% dos compradores de tecnologia
Tecnologia vestível	US $ 214 milhões	9,6% do segmento de tecnologia

QURTER VAREND, INC. (QRTEB) - Modelo de negócios: estrutura de custos

Despesas de produção e transmissão de conteúdo

Para o ano fiscal de 2022, a QURTELA, Inc. relatou despesas de produção e transmissão de conteúdo de US $ 1,14 bilhão.

Categoria de despesa	Valor (2022)
Custos totais de produção de conteúdo	US $ 1,14 bilhão
Custos de produção de rede QVC	US $ 678 milhões
Custos de produção de rede HSN	US $ 462 milhões

Infraestrutura e manutenção de tecnologia

O investimento em infraestrutura de tecnologia para 2022 totalizou US $ 293 milhões.

• Desenvolvimento da plataforma digital: US $ 124 milhões
• Manutenção de infraestrutura de TI: US $ 169 milhões

Compras e gerenciamento de inventário

As despesas relacionadas ao estoque de 2022 foram de US $ 3,87 bilhões.

Componente de custo de inventário	Valor (2022)
Compras de inventário total	US $ 3,87 bilhões
Aquisição de mercadorias	US $ 3,42 bilhões
Gerenciamento de inventário Sobrecarga	US $ 450 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing para 2022 totalizaram US $ 642 milhões.

• Marketing Digital: US $ 287 milhões
• Publicidade tradicional: US $ 355 milhões

Despesas operacionais de logística e remessa

Os custos de remessa e logística para 2022 foram de US $ 1,26 bilhão.

Categoria de custo de logística	Valor (2022)
Total de despesas de envio	US $ 1,26 bilhão
Operações de armazém	US $ 532 milhões
Envio e manipulação	US $ 728 milhões

QURTER VAREND, INC. (QRTEB) - Modelo de negócios: fluxos de receita

Vendas diretas de produtos através de vários canais

Para o ano fiscal de 2023, a QURTE Retail, Inc. registrou receita total de US $ 8,45 bilhões. A empresa gera receita através de vários canais de vendas, incluindo:

• Rede de compras de televisão QVC
• HSN (rede de compras em casa)
• Plataforma de comércio eletrônico zulily
• Sites de varejo on -line

Canal de vendas	Receita (2023)	Porcentagem da receita total
Qvc	US $ 4,98 bilhões	58.9%
Hsn	US $ 2,37 bilhões	28.1%
Zulily	US $ 1,10 bilhão	13%

Receitas de publicidade e patrocínio

A receita de publicidade da QURTE Retail, Inc. em 2023 foi de aproximadamente US $ 62 milhões, representando um pequeno mas significativo fluxo de renda suplementar.

Comissão de plataformas de vendedores de terceiros

As comissões de vendedores de terceiros geraram US $ 178 milhões em receita para a empresa em 2023, com uma taxa média de comissão de 12 a 15%.

Taxas de assinatura e associação

O Programa de Associação da QURTE Retail gerou US $ 94 milhões em receitas de assinatura durante 2023.

Monetização de dados e análises

Os esforços de monetização de dados contribuíram com aproximadamente US $ 45 milhões para a receita da empresa em 2023.

Fluxo de receita	2023 Receita
Vendas diretas de produtos	US $ 8,45 bilhões
Receita de publicidade	US $ 62 milhões
Comissões de vendedor de terceiros	US $ 178 milhões
Taxas de assinatura	US $ 94 milhões
Monetização de dados	US $ 45 milhões

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.