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Liberty Interactive Corporation Reports Third Quarter 2013 Financial Results

Stocks in this article: LINTALINTBLVNTALVNTB

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

Attributed to Liberty Interactive Group

  • Grew QVC US revenue by 5% and adjusted OIBDA (2) by 9%
    • QVC US operating income increased by 10%
    • QVC.com revenue as a percent of total US revenue increased to 41%, a 2 point increase
    • QVC US mobile penetration was 32% of QVC.com orders
  • Repurchased $303 million LINTA shares from August 1 to October 31, 2013
  • Announced plan to create QVC Group and Liberty Digital Commerce Group tracking stocks out of Liberty Interactive Group

Attributed to Liberty Ventures Group

  • Announced plan to spin-off Liberty TripAdvisor Holdings
  • Invested $300 million in Abengoa solar project

“QVC again posted solid results in the US, while the international markets proved more challenging and were negatively impacted by currency fluctuations in Japan and the UK. We announced our plan to create the new QVC Group and Liberty Digital Commerce Group tracking stocks,” stated Greg Maffei, Liberty President and CEO. “We repurchased $303 million of Liberty Interactive stock from August 1 to October 31, and $854 million year to date. We announced our plan to spin-off Liberty TripAdvisor Holdings (which is attributable to Liberty Ventures) and we expect the spin-off to occur in the first half of 2014.”

LIBERTY INTERACTIVE GROUP - Liberty Interactive Group's revenue increased 2% to $2.2 billion in the third quarter, adjusted OIBDA was relatively flat at $396 million and operating income increased 3% to $199 million. The increase in revenue was due to favorable results at QVC and the eCommerce companies.

QVC

QVC's consolidated net revenue increased 2% in the third quarter to $1.9 billion. During the same period, adjusted OIBDA increased 3% to $408 million and operating income remained relatively flat at $259 million. On a constant currency basis, consolidated net revenue increased 4% and adjusted OIBDA grew 5% in the third quarter as the US denominated results were negatively impacted by exchange rate fluctuations, primarily the strengthening of the US Dollar against the Japanese Yen, which decreased 20%.

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