Liberty Interactive Corporation (“Liberty Interactive”) (Nasdaq: LINTA, LINTB) today reported second quarter results. Highlights include (1):
- Grew consolidated QVC revenue by 4% and adjusted OIBDA (2) by 5%
- Received government approval and finalized our joint venture in China in July
- Raised $500 million in 10-year senior secured notes with a coupon of 5.125%
- QVC.com revenue as a percent of total US revenue increased to 39%
- Operating income increased 7%
- Holding annual stockholder meeting today to vote on creation of new Liberty Ventures tracking stock
- Repurchased $257 million of Liberty Interactive stock from May 1, 2012 through June 29, 2012, after which we mailed our proxy statement
“QVC continues to produce solid results despite a challenging macroeconomic environment. We were pleased we received government approval in China and finalized our joint venture with China National Radio in July,” stated Greg Maffei, Liberty Interactive President and CEO. “We have a stockholder vote later today and expect our new Liberty Ventures tracking stock to begin trading on August 10. We continued our share repurchases reinvesting $257 million.”
Liberty Interactive’s revenue increased 5% to $2.4 billion in the second quarter, adjusted OIBDA increased 1% to $455 million and operating income increased 1% to $290 million. The increase in revenue was due to favorable results at QVC and the eCommerce companies. The increase in adjusted OIBDA and operating income for the quarter was due to favorable results at QVC which were offset by diminished results at the eCommerce companies.
QVCQVC's consolidated revenue increased 4% in the second quarter to $2.0 billion. During the same period, adjusted OIBDA increased 5% to $438 million and operating income increased 7% to $301 million.