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HSN, QVC Parent Company Faces Delisting
Qurate Retail is in the middle of a turnaround plan as it battles declining sales.
Qurate Retail, the parent company of shopping networks HSN and QVC, may be delisted from the NASDQ if it can’t boost its share price.
Englewood, Co.—Qurate Retail Inc., the parent company of HSN and QVC, is facing being delisted from the NASDAQ due to a falling share price.
The company, which trades under the ticker “QRTEA,” received written notice from the exchange Monday that it was at risk of delisting because its share price has not met the minimum bid price requirement of $1.
It has been below $1 per share for 30 consecutive business days, according to its 8-K filing.
To regain compliance, the closing bid price has to meet or exceed $1 per share for a minimum of 10 consecutive business days prior to Dec. 9.
The company ranked No. 22 in this year’s State of the Majors’ “$100 Million Super Sellers” list by National Jeweler, reporting $304 million in watch and jewelry sales in North America in 2023.
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The company, which trades under the ticker “QRTEA,” received written notice from the exchange Monday that it was at risk of delisting because its share price has not met the minimum bid price requirement of $1.
It has been below $1 per share for 30 consecutive business days, according to its 8-K filing.
To regain compliance, the closing bid price has to meet or exceed $1 per share for a minimum of 10 consecutive business days prior to Dec. 9.
The company ranked No. 22 in this year’s State of the Majors’ “$100 Million Super Sellers” list by National Jeweler, reporting $304 million in watch and jewelry sales in North America in 2023.
Qurate is in the midst of a turnaround plan as it battles falling sales.
In its first-quarter report released May 8, the company posted an 11 percent year-over-year drop in revenue, totaling $2.34 billion.
First-quarter revenue at QVC in the U.S. and HSN fell 4 percent to $1.54 billion.
Qurate’s portfolio also includes retail brands Ballard Designs, Frontgate, Garnet Hill, and Grandin Road, as well as QVC International.
The company noted growth in sales of accessories and jewelry but declines in the home and apparel categories.
“Our first quarter results demonstrate the continued momentum in our turnaround,” said David Rawlinson, president and CEO of Qurate Retail.
“We are successfully delivering on our transformation initiatives to reduce costs and improve product margins while prioritizing enhanced merchandise, brand launches, and celebrity partnerships which are hallmarks of the QVC and HSN brands. We are focused on achieving our stated objectives throughout 2024 and positioning the business for sustainable future growth.”
The company launched its “Age of Possibility” campaign in April, showcasing inspiring women over 50, including Billie Jean King, Patti LaBelle, Queen Latifah, and Martha Stewart, to appeal to that age demographic.
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