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QVC profit misses consensus by 57.3% in Q3

QVC Group said its third-quarter normalized net income was 13 cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

EPS declined 60.5% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $60.4 million, a decline of 59.4% from $148.9 million in the prior-year period.

The normalized profit margin fell to 2.4% from 7.4% in the year-earlier period.

Total revenue rose 14.7% on an annual basis to $2.30 billion from $2.01 billion, and total operating expenses grew 22.0% from the prior-year period to $2.13 billion from $1.74 billion.

Reported net income fell 59.6% on an annual basis to $62.1 million, or 13 cents per share, from $153.8 million, or 33 cents per share.