Mike. QxH QX. those disappointing it. Zulily, into Jeff. morning, Jeff, This was good challenging obviously Thank a Thanks, Yes, I’ll and everyone. XXXX results continued year as for us is take you, and for
the accelerated at we Group investment, capital free Retail cash OIBDA grew and revenue Qurate flow the despite decline and for However, the year.
we And priorities importantly, advanced strategic outlined November we our Investor of Day. at the number a
the While intersection and e-commerce. on is we of we’re way to work at have and media actions confident dynamics to in brick-and-mortar both much still front us, that the of retail, us taking a enable differentiated lead shop highly to from transactional industry third offering social, changing we’re will capitalize
on Before coronavirus business let briefly reviewing our comment the segments, me outbreak.
team members partners to ensure region. been has the and to the health safety our appropriate first Our measures of priority in take and
and Our factories returning assurance are restart now teams gradually work, are to beginning sourcing production. quality and to
the supply situation disruptions actively impact product shortfalls we and in developing contingency supply. While any the remains plans to chain of mitigate ongoing anticipate fluid, do are
Zulily company, has carries most has to-date since affected inventory China large been business. direct ship the a minimal the it and Across
challenges As actions of to remove potential and a result, too meaningful will at continue we’ve daily Zulily developments lines but our to from early events It’s sales number we take a other offerings, to had assess impact. a sales unfold. product as our businesses, causing
our QxH business. now to Turning
described on consistent issues challenges were we performance QX call. in largely Our with the last our
in the revenue declined QX Design fully full in came which The in largest $XX now our we’ve million at home Looking subsidiary, Home year. of performance. the $XXX million from and category HSN’s Ingenious closure pressure lapped.
by gourmet lower-priced care, and food, pressure segment, continued brands iRobot, Waterpik. alternatives. to mattress leading business With saw shifts care in premium the personal also and offset Sharp; in and was Dyson as gains in floor Sonicare This Philips in erosion We including partially that
declined accessories the $XX tough full in reflects data according footwear, in apparel, includes for primarily down three from year. and and NPD. which categories million industry This fashion, market the performance cycle, $XX with revenue all a QX to In year million
year, We’re of second QX year share, offsetting industry back the we but generally softness. the our not for purchases Earlier recognizing and reduced in weaker the industry time. air inventory cut half trends, the apparel our holding
in $XX and million $XX declined Beauty revenue QX year. million full the in
few seeing marketplace highly we industry expanding in with brands, slowing We’re a largest of a distribution growth. competitive our weakness as face and
growth Beekman XXXX, Lancer and We assortments diversified brands, good like emerging Beauty. with Belle to continue in on focus
year. million Consumer $X million increased the electronics revenue in full QX, declined $XX but in
Fitbit; on including such wearables, declined While in airtime, revenue we in offset ASPs. productivity. audio TVs, which we full reduced which see Bose, QX year also puts in and In laptops, primarily improved million in tablets strength by erosion and with to $XX by as partially $XX driven million continue is saw jewelry, the and brands pressure
category. concentrating sales enabled drive the that substantially on events per focus of jewelry engaging decline highly in on our increasing the reduce tune of minute by to handful airtime Our in, a us rate
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in count existing For the customers, declined full X% X% for year. QX and
the For at XXXX a QX new QX new count down primarily QX customers in reversal when customers, a due comparison XX% was of is declined in grew and The decline year. full from to recent X% growth trends, in we slightly difficult QVC.
in cohort. driven customers, count reactivated in is For apparel, in by category softness which X% QX largely XXXX and this a the key X% declined for
Investor XXXX overall believe, at Day, three was impacted, outlined by we As we key in performance factors. our
leads TV First and changing proliferation, product industry we’re declining cycles. volatile more long-term linear which brand shorter operating rapidly and in importantly, growing viewership headwinds context a and most life from with to
of accounted of which for our larger sales XXXX demand XX sales our XX% represented decline. of XXX% brands, fact, In more than just XXXX
offset While of brand more begin fast brands finding declines. most to to that level it’s scale decline, enough a it business then peak get that and these natural we’re taking hit to part fully new is brands large to a our
media for momentarily, of respond landscape caps and a our more believe before, our pressures and new curation And these access into led in I’ll ways creates has share more strategies types us, while consumers real, product and are also this more more opportunities engaging challenge. we transactional ever experiential, as growth to desire this are DNA. And on industry core to more changing than which to authentic, of for e-commerce the that alternatives
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as intense on is offered relevant believe immersive So discoveries to year, flexible customer as a our consumer engagement today reach focus despite low and ever, values experiences all the spend, loyalty. with enormous engagement, at and with the social highly curated we its compelling scale, marketing disappointing global options, astounding product platform with video-rich leading payment unparalleled
coupled recent inevitable shopping cost and the of is The at brand-building facing customers’ underscores also pressures the the both customer the something experience explosion those with our reach, now efficiency for proving so direct-to-consumer brands, platform. and high, attractiveness in of are brands highlights more of sustaining desire
As at Investor this enable take will focused offer. intently five that we to shared platform to we’re accelerating has on Day, what advantage us of strategies
TV third, every digital making curate and special bit reach First, compelling websites as traditional engaging values; sticky live at reimagine daily relevance; as and second, products extend apps and video experience. discovery, our our
customers the our and finally, expanded service customers’ delivery passionate the by journey engage and customer expectations connection to our deliver meeting that – loyalty, and joyful users and expand marketing; joy Fourth, of existing brand. increasing personalization through the customer emotional deepens and reaching of new moments engagement our injecting performance throughout community, rising our service
morning, first curating the distributing two, on This video. provide to our consumer an access and everywhere update products content to like I’d great
our resources business do. greater we our center today’s nurturing at product ourselves both brands of for and expansion differentiation, product the we adjacent with discovery win starts increase everything a pace their to our innovation, To environment, and categories, our underserved amazing devote strategy product increase product more in drive at so is life special Our with products expand of and through values, cycles. into pace partners, to vendor need of and curation capacity
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the we’ll the including new capability, of design bring XXXX, development relaunch IMAN In XX of next major least through in-house developed our at HSN week. launch brands at and
introduced XXXX. our outerwear, well Zuda We’re more a ones brand, and XXXX, categories as underpenetrated Mizrahi, launches we tackling with we’ve New athleisure athleisure including feel we coming key inclusivity. proprietary like In Balance as where strengths, size and three proprietary proprietary like Merrell national by underleveraged Isaac offerings, and brands LOGO in
Arctic expanding fashion great inclusivity been our saw we outerwear, In one age for decades XXXX. And price. Laurier in in and at Montreal success QVC further all virtually and with HSN are offerings new the full-size Expedition and have range products size leaders offering uniform in
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innovation. Recall In more on more enhance QVC merchandise HSN We’re spend category and investing enable a XXXX, specialized organizations finds discovery and to special more also to in functions. in capabilities holistic we focus combined the buyers administrative in time less curating our time on XXXX view. our to the and take to organizational market, steps we’re taking that
alone, search in follow. an we from two big in QX nationwide fashion search Find, summer, successful and next more QX brands beauty, the a with with conducted in Last additional for The launches XX to Big jewelry, the and
value at that of the market. to item, offered also and a to charges, shipping to products, Now inclusive have with special win we handling ensure relative compelling is every
similar every we option, become been Pay took typically in other offering This among January, value at by much cost. higher has – popular consumers, retailers we In on but operating FlexPay payment forward this U.S. at popular item a HSN QVC provide a step as at sell. and substantially a our has another Easy big story younger especially programs now
acknowledged But our time the it We to to of will to in we’ve sufficiently believe growth. offset larger some some for brands. also these scale erosion prove initiatives these instrumental in return our programs will take product
can’t discoveries of video course, platforms. and consumer, extending front matter these investments which across to priority, product of our our reach in our we Of me leads if second get curation none the relevance
puts our The relevant viewer and future is as cutting a era, supported content by fundamentally new While distribution, reshape base. platform potential discoverability, that we we we’re more of and that new video and control customer and cord investments pressures interactivity entering firmly short-term enhance increasingly video methods the shopping of tailored of accelerates, our face believe shopping will about expand in ubiquitous the innovations multiple lifestyle unique experience. and
these of And so go through each components. four let’s
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over other MVPD have to as as our today, introducing a growth And OTA grown XX attractive homes we’re five virtual unique rapidly have our still The another MVPD million to an million a which also vast million as of as a service. majority over-the-air declined XX has peak multi-year today, channel distribution XX demographic retailer. digital It’s in in provides bundles, XXXX, every While alternative skinny pay-TV approximately from a of began distribution, our alternatives, we early with And in opportunity. homes. advantage pay-TV. still target known locations at consumers of XXXX investments provides networks
adding QX, we on NOW, And TV launched distributors – in additional and this year. AT&T anticipate we major additional
the TV we enhanced leading service We’ve and streaming We’re partners. combines teamed providers, content. QVC that HSN Fire greatly a over-the-top best TV. the Roku, Apple and on launched major Amazon device Last in including multiple year, Roku and up innovation app offerings with Amazon with streaming
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our recently to and networks and HSN TV offer XUMO Plus. Samsung manufacturers TV LG on partnering streams We’re directly, linear launching with Channel Plus, including QVC
access subscribe broadband for their We’re video subscription. without a working distributors with an offering, that to homes to their alternative such to streaming our service, as platform cable Xfinity only homes Comcast Flex the
programmers and focus YouTube, aggregators significant our to Instagram minutes we’re have to both also and the and aggregators, in And exploring and relationships continue our in audience other of digital own of platforms app We in digital feeds viewing access. growth course, their web our And Facebook. on seen like video stages platforms. leverage of with linear on we’re early focused
September, David, on In popular Dabl. example, lifestyle new network, launched with CBS’s program, and The For we our Kitchen most in OTA streaming
We be to expect us later audiences. new relationships announcing year will other introduce to new this that
second and component the remotes The is by the of way all search devices of video and Direct platform growing the connected of are services. discoverability. find shopping future smart content, devices fragmentation voice-activated interfaces, compounded the changing viewers
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Leveraging has of some wins early these types our with Roku. led techniques of to
is investment component our We’ve recent audience. fits content a in and significantly ensuring as increased tailored the offering I’ve new the on third shared we’re platform relevant lifestyle shoppable and that The variety of content, calls.
an interactive, aim television be for leader a we experience. new creating possibilities to become video platforms innovator the shopping Finally, whole increasingly as and
Amazon. current seeing power in as or the streaming Roku We’re on when the the she of watching our control is of putting already user app content,
with marketplace. lifestyle plan QxH next taking our Later and even to service the at streaming that immersive remain retail growth experience. pay-TV the strategic will shopping holistic and intently this year, profitable to a partner and in retail anticipate We this create return a step, an dynamic and bringing on more focused media convenient we compete market
which impact, working recognize that growth our Olympics navigate to top coronavirus a and timing – number line predict, also in will the the to we need return and of makes XXXX, factors several macro will U.S. the We’re of hard initiatives, presidential on to election. we including the
free noted, pressures, later making the we’re sales the the do year, to began capital working yield see, in pressures in efficiency Coupled XXXX. anticipate we this improvements experience expected Jeff of our in to and that management, with the year progress second half flow on we will of as seeing synergies, these additional with as moderation with the that a conversion well. on our focus in even prudent part cash we cost and capital start we anticipate OIBDA margins, However,
to International. shift QVC Now let’s
consumption by to led our We tax across by October performance Japan, went programming, that drove effect X. the mitigating broad-based be where continue strong execution product effectively challenges the international solid team encouraged the and into increase QVC of
with we As growth to optimizing initiatives, airtime, International continue efficiency activity product to QVC and enhancement in drive promotional margin will rebalancing strategies the support forward, TSV on mix, including and and international, inventory long-term performance to focus To our margins. look brand we drive vendor marketing international announced region-wide drive a cross-market and growth, resources in new structure recently strategies advanced strategic merchandising enhance new development, analytic and investments partnerships. digital teams and deep
Their the by longer-term continue We we a savings. addressable consumers willing outbreak, serves from of several performance cost, Zulily. headwinds existing frequency opportunity. on short remained challenges product lower believe delivery purchase in large to Turning compounded the coronavirus acquisition highly with And to speed are for challenged in of trade while faces continued Zulily market due customers. to see meaningful who dimensions, new along Zulily customer to and term
leader new Merchant, machine business innovating and talent the last customer add Chief a top leader and address to for retail, the strong several experience. Marketing we across months, hiring current technology bring learning backgrounds of performance just a To development whom the continue marketing, all a to data, and for in including, Officer, challenges, a for a in organization, new Chief leader
find unique to and leading remained highly new acquiring Merchant and reduced focused brands Chief On continue efficient returns both disciplined leader products, new new marketing marketing product, spend in and on QX. the experimenting and Business XX% marketing have vehicles. year-over-year acquisition Development national more to brands with on We’ll finds. channels We are
Price customers’ the increase In improve foundation These its actions earn transparency product and Promise Best and trust. experience. to with Zulily market initiatives customer launched a to combined as October, are
and from category improved spend in also shop new home returns and pilot reduced we’ve search, areas in redeploying like marketing programs, the and by functionality videos. savings shipping product site We’re our page
taken Finally, and last we’ll we’ll cost going management summer, forward. from on actions benefit disciplined a maintain cost focus also
At year retail strength home highlighting revenue, in the OIBDA built of generated brands. seasonal driven in Design success second led Grandin the the momentum its stores. Road Cornerstone, delivered QX of the record half by Ballard we business. record QX by
we Grandin will As focused Frontgate’s sustaining brands, Ballard’s in retail Road’s forward, and particularly furniture and outdoor Cornerstone on momentum home assortment look be expansion, home with accessories.
In summary, while our on XXXX and QX results we were disappointing plan. resolutely remain at strategic QxH and focused Zulily, our
We and our discoveries, customers commerce in and business are video-rich ability model audiences our core experiences highly of aggregate across curated platforms. the immersive confident of to live multiple strengths engaged
it Greg. over with turn And I that, will to
