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QVC profit misses consensus by 39.5% in Q1

Qurate Retail Group Inc. said its first-quarter normalized net income amounted to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS rose 8.4% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $89.3 million, compared with $88.9 million in the year-earlier period.

The normalized profit margin increased to 3.8% from 3.8% in the year-earlier period.

Total revenue declined year over year to $2.32 billion from $2.37 billion, and total operating expenses fell on an annual basis to $2.10 billion from $2.16 billion.

Reported net income fell on an annual basis to $91.0 million, or 20 cents per share, from $93.3 million, or 19 cents per share.