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TheStreet Open House

Liberty Interactive Corporation Reports Second Quarter 2013 Financial Results

Stocks in this article: LINTALINTBLVNTALVNTB

Liberty Interactive Corporation (“Liberty”) (Nasdaq: LINTA, LINTB, LVNTA, LVNTB) today reported second quarter 2013 results. Highlights include (1):

Attributed to Liberty Interactive Group

  • Grew QVC US revenue by 3% and adjusted OIBDA by 2%
    • QVC US operating income decreased by 3%
    • QVC.com revenue as a percent of total US revenue increased to 42%, a 3 point increase
    • QVC US mobile penetration was 28% of QVC.com orders
  • eCommerce group grew revenue by 12% and adjusted OIBDA by 13%
    • Operating income decreased by 100%
  • Repurchased $220 million of LINTA shares from May 1 to July 31

Attributed to Liberty Ventures Group

  • TripAdvisor posted strong Q2 results
  • Liberty Ventures stock posted new all-time high of $94.86 on July 25

“QVC posted solid results in the US, while the international markets proved more challenging and were negatively impacted by the currency fluctuations in Japan and the UK. Our eCommerce companies built on their strong Q1 performance with continued revenue and adjusted OIBDA growth in Q2,” stated Greg Maffei, Liberty President and CEO. “We repurchased $220 million of Liberty Interactive stock from May 1 to July 31, and $551 million year to date. Attributable to Liberty Ventures, TripAdvisor posted strong results as they successfully rolled out their hotel metasearch display.”

LIBERTY INTERACTIVE GROUP - Liberty Interactive Group's revenue increased 1% to $2.4 billion in the second quarter, adjusted OIBDA was relatively flat at $455 million and operating income decreased 8% to $268 million. The increase in revenue was due to favorable results at the eCommerce companies driven by increased marketing efforts driving additional traffic, greater conversion resulting from investments in site optimization, increased shipping charges, and broader inventory offerings.

QVC

QVC's consolidated net revenue decreased 1% in the second quarter to $2.0 billion. During the same period, adjusted OIBDA decreased 1% to $434 million and operating income decreased 5% to $285 million. On a constant currency basis, consolidated net revenue increased 2% and adjusted OIBDA grew 2% in the second quarter as US denominated results were negatively impacted by exchange rate fluctuations, primarily the strengthening of the US Dollar against the Japanese Yen which decreased 19%.

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