Liberty Interactive Reports First Quarter 2012 Financial Results

Liberty Interactive Corporation (“Liberty Interactive”) (Nasdaq: LINTA, LINTB) today reported first quarter results. Highlights include (1):
  • Grew consolidated QVC revenue by 5% and adjusted OIBDA (2) by 7%
    • Operating income increased 15%
    • QVC.com revenue as a percent of total US revenue increased to 39%
  • eCommerce group grew revenue and adjusted OIBDA 18% and 17%
    • Operating income increased 88%
  • Filed S-4 with the SEC to create new Liberty Ventures tracking stock
  • Repurchased $325 million of Liberty Interactive stock from February 1 through April 30, 2012

“QVC continues to produce impressive results despite a challenging macroeconomic environment and our eCommerce group’s growth was very strong,” stated Greg Maffei, Liberty Interactive President and CEO. “We made progress in the creation of our new Liberty Ventures tracking stock and expect to have a shareholder vote in the third quarter. We increased the rate of our share repurchases and spent $325 million from February 1 to April 30.”

Liberty Interactive’s revenue increased 7% to $2.3 billion in the first quarter, adjusted OIBDA increased 11% to $418 million and operating income increased 21% to $258 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 and the eCommerce companies and a decrease in corporate overhead.

QVC

QVC's consolidated revenue increased 5% in the first quarter to $1.9 billion. During the same period, adjusted OIBDA increased 7% to $390 million and operating income increased 15% to $258 million.

“QVC demonstrated significant growth in revenue and adjusted OIBDA in the first quarter,” said Mike George, QVC President and CEO. “Our customers are increasingly embracing QVC as a trusted shopping destination that offers engaging and interactive content, along with great value. Our early investment in mobile platforms is proving successful, and we are seeing rapid adoption as our customers around the world choose to engage with QVC on tablet and mobile devices.”

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