On this page of StockholderLetter.com we present the latest annual shareholder letter from Qurate Retail, Inc. — ticker symbol QRTEA. Reading current and past QRTEA letters to shareholders can bring important insights into the investment thesis.

 •  3/28/2025 Letter Continued (Full PDF)
 •  4/21/2023 QRTEA Stockholder Letter
 •  4/25/2024 QRTEA Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters

QRTEA Shareholder/Stockholder Letter Transcript:

2 0 24 A N N U A L R E P O R T
2 0 2 5 P R O X Y S TAT E M E N T

TABLE OF CONTENTS
LETTER TO SHAREHOLDERS
STOCK PERFORMANCE
INVESTMENT SUMMARY
PROXY STATEMENT
FINANCIAL INFORMATION
CORPORATE DATA
ENVIRONMENTAL STATEMENT

FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Report constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements regarding business, finance, product and marketing strategies, including
QVC   s WIN strategy; revenue growth at QVC; synergies; economic and macroeconomic trends; statements regarding the carrying
value of intangible assets; projected sources and uses of cash; repayment of debt; fluctuations in interest rates and foreign
currency exchange rates; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and
other matters arising in the ordinary course of business. You can identify some of the forward-looking statements by the use of
forward-looking words such as    anticipate,       believe,       plan,       estimate,       expect,       intend,       should,       may    and other similar
expressions, although not all forward-looking statements contain these identifying words. In particular, statements in our    Letter
to Shareholders    and under    Management   s Discussion and Analysis of Financial Condition and Results of Operations    and
   Quantitative and Qualitative Disclosures About Market Risk    contain forward-looking statements. Where, in any forwardlooking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in
good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be
achieved or accomplished. You should not place undue reliance on these forward-looking statements made in this Annual
Report. The following include some but not all of the factors that could cause actual results or events to differ materially from
those anticipated:
    customer demand for our products and services and our ability to attract new customers and retain existing customers
by anticipating customer demand and adapting to changes in demand;
    competitor responses to our products and services;
    increased digital TV penetration and the impact on channel positioning of our programs;
    the levels of online traffic to our businesses    websites and our ability to convert visitors into customers or contributors;
    uncertainties inherent in the development and integration of new business lines and business strategies;
    our future financial performance, including availability, terms, deployment of capital and our level of indebtedness;
    our ability to effectively manage our installment sales plans and revolving credit card programs;
    the cost and ability of shipping companies, manufacturers, suppliers, digital marketing channels, and vendors to deliver
products, equipment, software and services;
    the outcome of any pending or threatened litigation;
    availability of qualified personnel;
    the impact of the seasonality of our businesses;
    changes in, or failure or inability to comply with, government regulations, including, without limitation, regulations of the
Federal Communications Commission (FCC) and Environmental, Social and Governance (ESG) commitments and
adverse outcomes from regulatory proceedings;
    changes in the nature of key strategic relationships with partners, distributors, suppliers and vendors, including our
increased reliance on social media platforms as a marketing tool;
    domestic and international economic and business conditions and industry trends, including the impact of Brexit (as
defined below) and the impact of inflation and increased labor costs;
    increases in market interest rates;
    changes in tariffs, trade policy and trade relations with the United Kingdom (U.K.) and China;
    consumer spending levels, including the availability and amount of individual consumer debt and customer credit
losses;
    system interruption and the lack of integration and redundancy in the systems and infrastructures of our businesses;
    advertising spending levels;
    changes in distribution and viewing of television programming, including the expanded deployment of video on demand
technologies and Internet protocol television and their impact on home shopping programming;
    rapid technological changes;
    failure to protect the security of personal information, including as a result of cybersecurity threats and cybersecurity
incidents, subjecting us to potentially costly government enforcement actions and/or private litigation and reputational
damage;
    the regulatory and competitive environment of the industries in which we operate;
    natural disasters, public health crises (such as COVID-19 and its variants or future pandemics or epidemics), political
crises, and other catastrophic events or other events outside of our control, including climate change;
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ANNUAL REPORT 2024

FORWARD-LOOKING STATEMENTS (CONTINUED)
    threatened terrorist attacks, political and economic unrest in international markets and ongoing military action around
the world;
    failure to successfully implement business improvement initiatives and growth strategies; and
    fluctuations in foreign currency exchange rates.
These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Annual
Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forwardlooking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events,
conditions or circumstances on which any such statement is based. When considering such forward-looking statements, you
should keep in mind any risk factors identified and other cautionary statements contained in this Annual Report and in our publicly
filed documents, including our most recent Forms 10-K and 10-Q. Such risk factors and statements describe circumstances
which could cause actual results to differ materially from those contained in any forward-looking statement.
ANNUAL REPORT 2024
5

LETTER TO SHAREHOLDERS
March 2025
2024 marked an important year for our business. We successfully concluded Project Athens and announced a
new strategy to grow revenue while maintaining our improved adjusted OIBDA margin.1
Through Project Athens, we improved our cost structure and enhanced operating discipline, and ultimately
delivered significant adjusted OIBDA margin and free cash flow2 improvement. Linear TV is a highly engaging,
highly profitable platform and it remains our cornerstone. However, as traditional TV declines and a mix of video
platforms takes a greater share of customer attention, we must hurry our expansion beyond TV to find growth.
Our strategy is to transform QVC Group into a live social shopping company. We plan to intensify our already
successful efforts in social and streaming to deliver $1.5 billion in run-rate revenue from these platforms within
three years. We will WIN in live social shopping by pursuing three priorities:
    Wherever She Shops:
Drive live shopping content to everywhere she spends her time
    Inspiring People and Products: Create the world   s leading live social shopping content engine, inspiring
human connection with incredible finds
    New Ways of Working: Lean into technology and continuous improvement to fund expansion onto new
platforms and into new audiences
We are moving quickly on organizational changes to support our new strategy:
    We have rebranded our company as QVC Group (leveraging the name recognition of our largest brand).
    We are combining capabilities across U.S. live shopping and consolidating QVC U.S. and HSN operations
in West Chester, Pennsylvania.
    We named Mike Fitzharris as President, QVC U.S. Brand & Chief Operating Officer, QVC Group (leading
Content Production and Broadcast for QVC U.S. and HSN, and QVC Group Operations, People, and
Technology) and Stacy Bowe as President, HSN Brand & U.S. Merchandising (leading Buying, Planning,
Programming and Brand Marketing for QVC U.S. and HSN).
    We have hired a Chief Growth Officer to lead U.S. Social, Streaming, Digital (qvc.com and hsn.com), New
Business Development, and Platform Distribution.
We are fundamentally redefining who we are as a company and the role we play for our customers and in retail.
We enter this next phase of our turnaround with rigor and excitement.
Our Future in Live Social Shopping
Live social shopping is a new, fast-growing retail segment, where customers discover and purchase products by
browsing through livestream video on their smartphones, tablets, laptops and TVs. Social commerce revenue in the
U.S. is projected to nearly double from $76 billion in 2023 to more than $140 billion in 2028.3 Among U.S. adults,
minutes viewed on social media, OTT platforms (such as Netflix or Prime Video), and non-premium digital video
platforms are rising 8% or more per year.4
While there are many players in live social shopping, no one has emerged as a leader. QVC Group is uniquely
positioned to capture a meaningful portion of this market:
    We are the original innovators in live shopping, with unmatched capabilities at the intersection of live
content production, retailing, customer relationship building, and holistic content distribution.
    We inspire deep levels of trust through our exceptional storytelling, personalities, products and customer
service.
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2
3
4
6
For a definition of adjusted OIBDA as defined by our company, as well as a reconciliation of adjusted OIBDA to operating income
(loss), see    Financial Information   Management   s Discussion and Analysis of Financial Condition and Results of Operations   
below.
For definition and reconciliation of free cash flow, see Appendix A in QVC Group   s Definitive Proxy Statement on Schedule 14A
with respect to its annual meeting of stockholders.
Source: Statista
Source: eMarketer
ANNUAL REPORT 2024



 3/28/2025 Letter Continued (Full PDF)