Liberty Interactive CorporationNASDAQ
Time For Investors To Start Shopping At QVC?
The Boyar Value Group
The Boyar Value Group
QVC - John Malone's Amazon
HFI • 11 Comments
HFI • 11 Comments
Sat, Oct. 1, 9:57 AM
- A holder of the original Liberty Media in 2004 - prior to the split of its U.S. and international assets into separate companies - would have seen annualized returns of 13% vs. 7.5% for Berkshire Hathaway and 7.7% for the S&P 500, according to Gamco's Christopher Marangi.
- While the complex structure of Liberty's businesses and assets - housed under five main corporate structures, and within that group nine stocks, including seven tracking stocks - can make it challenging for investors, there's plenty to gain from taking the time to understand it.
- A handy guide is here.
- "The Malone magic formula starts with good businesses that are within his core competency, then putting the right management teams in place and leveraging those companies appropriately,” says Marangi, noting one of Gabelli's golden rules is be on the same side of the table as John Malone.
- Tickers: LSXMK, LMCK, BATRK, QVCA, LVNTA, LBTYK, LILAK, LBRDK, LTRPA, LMCA
Thu, Sep. 22, 3:56 PM
- Liberty Interactive (QVCA +5%, LVNTA +1.9%) is on the climb today after CEO Greg Maffei suggested a turnaround in the company's revenue (and share price) fortunes.
- "We don't see any evidence of continuing declines below this level," Maffei said at the Communacopia Conference today. "In fact, we see some green shoots, suggesting upside."
- Shares of QVCA are down 28.5% YTD -- much of that coming after a Q2 earnings report where it noted growth falling off in the U.S.
- Asked about the company's discount to HSN (HSNI +2.9%) -- of which Liberty Interactive owns 38% -- Maffei says some may think Liberty may buy out HSN "at a big number," but denies that will happen.
- “If the numbers are right, we’ll do it, but we’re not gonna do it at some crazy multiple," Maffei says.
Mon, Aug. 29, 12:40 PM
- QVC (NASDAQ:QVCA) has opened a new West Coast distribution center with 1M square feet in Ontario, Calif.
- The new facility, QVC's first on the West Coast, is set to bring 1,000 jobs to the area by 2020.
- It's expected to accommodate about 20% of the company's total U.S. shipments across all categories.
- The company currently has U.S. distribution centers in Suffolk, Va.; Lancaster, Pa.; Rocky Mount, N.C.; and Florence, S.C.
Mon, Aug. 22, 6:24 PM
- CommerceHub (CHUBA +2.5%) posted slightly higher revenues, but lower profits, in its first earnings report since spinning out of Liberty Interactive (QVCA, LVNTA).
- Revenues rose 16% with a higher headline gross margin (77% vs. a year-ago 73%), but adjusted EPS fell to $0.06/share and EBITDA fell to $6.3M from a year-ago $8.3M.
- Total customers at quarter's end was 9,726, vs. a year-ago 9,191.
- Cash and equivalents came to $6.95M. compared with $19.3M at the end of 2015.
- Press Release
Fri, Aug. 5, 1:13 PM
- Liberty Interactive (NASDAQ:QVCA) has dived 18.3% after it warned of "significant headwinds" while reporting Q2 earnings that showed consolidated growth that started to slow in the U.S. with a "choppy" retail environment.
- QVC Group revenues rose 21% to $2.4B, though operating income fell 11% to $254M. QVC revenue rose 3%, and operating income increased 4%. At recently acquired zulily, revenues grew 23% to $366M.
- U.S. sales hit a wall in June, the company said, with declines in mid- to high single digits. It's working on a reversal, but "even if these initiatives begin to reverse these trends, it is believed that QVC’s US net revenue and adjusted OIBDA will likely experience negative growth rates for the third quarter."
- At the parent level, Liberty Interactive closed its investment in Liberty Broadband (with the closing of the Charter/TWC merger), finished a spin-off of CommerceHub and is making progress on the split of Liberty Expedia.
- Press release
Fri, Aug. 5, 12:46 PM
Fri, Aug. 5, 8:30 AM
Fri, Jul. 22, 6:41 PM
- Liberty Interactive (QVCA, LVNTA) has wrapped up a spin-off of its CommerceHub subsidiary, making it a separate publicly traded firm.
- CommerceHub will start trading regular way on Monday, with Series A common (NASDAQ:CHUBA) and Series C common (NASDAQ:CHUBK) on Nasdaq, and Series B common (CHUBB) on OTC.
- Liberty will post a deck with information about the spin-off and CommerceHub's capitalization on Monday.
Fri, Jul. 8, 4:58 PM
- Liberty Interactive (QVCA +2.3%, LVNTA +2.5%) has announced a new proposed distribution date for its spin-off of CommerceHub.
- That's due to a registration statement still under review at the SEC. So the company is delaying the planned distribution from next Wednesday to July 22 at 5 p.m. ET.
- The record date remains 5 p.m. ET today.
- As planned, holders of Liberty's series A and series B Liberty Ventures common stock (LVNTA, LVNTB) will receive 0.1 shares of the corresponding series of CH Parent common stock, as well as 0.2 shares of CH Parent Series C stock.
- The company expects CH Parent Series A stock to trade on Nasdaq as CHUBA; Series C shares to trade on Nasdaq as CHUBK; and Series B shares to trade on the OTC markets under CHUBB; now starting July 25.
Tue, Jun. 28, 6:52 PM
- Liberty Interactive (QVCA +2%, LVNTA +2.5%) has set dates around its spin-off of CommerceHub.
- The record date for distributing shares is July 8 at 5 p.m. ET. It plans a distribution (via dividend) for 5 p.m. on July 13 of shares of CH parent common stock to execute the spin-off.
- Holders of Liberty's series A and series B Liberty Ventures common stock (LVNTA, LVNTB) will receive 0.1 shares of the corresponding series of CH Parent common stock, as well as 0.2 shares of CH Parent Series C stock.
- The company expects CH Parent Series A stock to trade on Nasdaq as CHUBA; Series C shares to trade on Nasdaq as CHUBK; and Series B shares to trade on the OTC markets under CHUBB; all starting July 14.
Wed, May 18, 7:15 PM
- Finishing a money shuffle tied to today's closure of Charter's $56B buyout of Time Warner Cable and $10B purchase of Bright House Networks, Liberty Interactive (QVCA -0.5%) has completed a $2.4B investment in family company Liberty Broadband (LBRDA +0.2%).
- That partly fed Liberty Broadband's purchase of $5B of stock in New Charter (NASDAQ:CHTR). Liberty Interactive got newly issued shares of Liberty Broadband Series C common stock at $56.23/share.
- The two Libertys exchanged their shares of TWC stock one-for-one for shares of New Charter, and Liberty Interactive granted Liberty Broadband a proxy and right of first refusal to its new shares.
- Liberty Interactive ends up with 42.68M shares of Liberty Broadband Class C, and 5.36M shares of New Charter Class A.
- Now read Seeking Alpha's Market Challenge: Cable Deals »
Mon, May 9, 8:20 AM
- Liberty Interactive (NASDAQ:QVCA): Q1 Adj. net income of $176M.
- Revenue of $2.38B (+22.7% Y/Y) beats by $30M.
Tue, Mar. 8, 9:39 PM
- Amazon.com (NASDAQ:AMZN) has wrapped the premiere of its daily live shopping program Style Code Live tonight, streaming from its website (and planned for weeknights at 9 p.m. ET).
- As opposed to typical "second screen" experiences that many TV programmers are pursuing, prompting viewers to watch TV along with interacting via a mobile device, Amazon's keeping it all on the website -- an interesting threat to traditional TV shopping channels like QVC (QVCA -2.1%) and Home Shopping Network (HSNI -2.5%).
- Three hosts invited designers and makeup artists to present and discuss women's fashion looks, complete with an active chat window alongside to bring live questions in, and links to every product (on Amazon, natch) in a "style carousel" just below the show screen. Even a song used during a show break spurs an Amazon MP3 purchase link.
- The closest the show got to typical QVC and Home Shopping Network pressures ("Just three minutes left!") was an offhand comment from one host to jump on a product before she bought them up. But of course Amazon is prepared to route as many items from the show as it can to eager shoppers.
Fri, Feb. 26, 7:23 PM
- Liberty Interactive Group (NASDAQ:QVCA) fell 2.1% after Q3 earnings where revenues missed slightly overall despite 3% growth in its biggest area, domestic QVC operations.
- The strong dollar again affected international results, which declined 5% at QVC. Zulily delivered strong OIBDA margin expansion as well.
- QVC Group revenue breakouts: U.S., $2.1B (up 3%); International (rolling up France, Germany, Italy, Japan and UK), $711M (down 5%); zulily, $426M (new).
- Related: Liberty Interactive (QVCA) Gregory B. Maffei on Q4 2015 Results - Earnings Call Transcript (Feb. 26 2016)
Fri, Feb. 26, 8:08 AM
- Liberty Interactive (NASDAQ:QVCA): Q4 Adj. net income of $312M.
- Revenue of $3.23B (+16.2% Y/Y) misses by $20M.
Dec. 17, 2015, 1:29 PM
- QVC (QVCA -1.5%) has tapped Mike Fitzharris to lead QVC Japan, replacing John Thomas.
- Fitzharris had been COO of QVC UK after rejoining the company in 2012. He'll be CEO and representative director at QVC Japan, which posted $192M in revenue in Liberty Interactive's last earnings report, third most among geographies.
- Thomas will remain chairman of the board of the operation, and will also be vice chairman of CNR Mall, a joint venture between QVC and China National Radio.
- Previously: QVC names Bertoni new chief of China venture (Nov. 18 2015)
- Previously: Liberty Interactive beats, though strong dollar dampens QVC globally (Nov. 04 2015)