QVC Group Inc (QVCGA) 2025 Q2 法說會逐字稿

Greetings. Welcome to QVC Group's second-quarter 2025 earnings call. It is now my pleasure to hand the call over to Jessica Donati.

問候。歡迎參加 QVC 集團 2025 年第二季財報電話會議。現在我很高興將電話交給傑西卡·多納蒂。

Thank you, and good morning. Before we begin, we'd like to remind you that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by QVC Group and QVC with the SEC.

謝謝，早安。在我們開始之前，我們想提醒您，本次電話會議包含 1995 年《私人證券訴訟改革法案》所定義的某些前瞻性陳述。由於存在多種風險和不確定因素，實際事件或結果可能存在重大差異，包括 QVC 集團和 QVC 向美國證券交易委員會提交的最新 10-K 和 10-Q 表中提到的風險和不確定因素。

These forward-looking statements speak only as of the date of this call, and QVC expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in QVC Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please note that we have published slides to accompany the earnings release.

這些前瞻性陳述僅代表本次電話會議之日的觀點，QVC 明確表示不承擔任何義務或承諾傳播本文所含任何前瞻性陳述的任何更新或修訂，以反映 QVC 集團對此的預期發生的任何變化或此類陳述所依據的事件、條件或情況發生的任何變化。請注意，我們已經發布了伴隨收益報告的幻燈片。

On today's call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA, adjusted OIBDA margin, free cash flow and constant currency. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary note and schedules 1 and 2, can be found in the earnings press release issued today or our earnings presentation, which are available on our website.

在今天的電話會議上，我們將討論某些非 GAAP 財務指標，包括調整後的 OIBDA、調整後的 OIBDA 利潤率、自由現金流量和固定匯率。有關可比較 GAAP 指標的資訊以及所需的定義和對帳（包括初步說明和附表 1 和 2）可在今天發布的收益新聞稿或我們的收益報告中找到，這些都可以在我們的網站上找到。

Today speaking on the earnings call, we have QVC Group President and CEO, David Rawlinson; QVC Group CFO and CAO, Bill Wafford; and QVC Group Executive Chairman, Greg Maffei. Following today's presentation, we will address questions that were submitted in advance of the call. There will be no live Q&A session.

今天在收益電話會議上發言的有 QVC 集團總裁兼首席執行官 David Rawlinson、QVC 集團首席財務官兼首席行政官 Bill Wafford 以及 QVC 集團執行主席 Greg Maffei。在今天的演講之後，我們將解答會議前提交的問題。不會有現場問答環節。

Now I'll hand the call over to David Rawlinson.

現在我將電話交給 David Rawlinson。

Thank you, and good morning, everyone. We appreciate you joining us and your continued interest in QVC Group. Coming off a challenging Q1, we continue to manage through what has proven to be a difficult macro environment in Q2. Namely, we continue to experience declining linear TV viewership as well as ongoing volatility in consumer confidence. QxH minutes viewed declined 15% in the second quarter.

謝謝大家，早安。感謝您的加入以及您對 QVC 集團的持續關注。在經歷了充滿挑戰的第一季之後，我們繼續應對第二季艱難的宏觀環境。也就是說，我們持續經歷線性電視收視率的下降以及消費者信心的持續波動。第二季 QxH 觀看分鐘數下降了 15%。

Declining consumer confidence in the earlier part of the second quarter was primarily driven by international economic policies and geopolitical events. Our implementation of key initiatives to strengthen our capital structure for the long term remains ongoing. At the same time, we are acutely focused on moving the business forward and implementing our WIN strategy to drive the future of live social shopping.

第二季初消費者信心下降主要是受國際經濟政策和地緣政治事件的影響。我們仍在持續實施旨在長期加強資本結構的關鍵措施。同時，我們高度重視業務發展，實施 WIN 策略，推動即時社交購物的未來。

To this end, we continue to advance the number of cost-cutting efforts and accomplished various milestones this quarter. In late June, we successfully completed the transition of HSN's operations to Studio Park in Westchester, Pennsylvania, bringing our five US TV channels across HSN and QVC under one roof.

為此，我們繼續推進多項成本削減工作，並在本季實現了多項里程碑。6 月底，我們成功完成了 HSN 業務向賓州威斯特徹斯特 Studio Park 的過渡，將 HSN 和 QVC 的五個美國電視頻道整合到同一屋簷下。

In total, we now feature 52 hours of linear content a day. This will not only generate cost reductions but is also a major milestone in our WIN growth strategy and a testament to the dedication of our team. With a single headquarters for QVC and HSN, we believe we are in a much stronger position to efficiently create content for multiple platforms.

總的來說，我們現在每天提供 52 小時的線性內容。這不僅可以降低成本，也是我們 WIN 成長策略的重要里程碑，也是我們團隊奉獻精神的證明。我們相信，由於 QVC 和 HSN 擁有同一個總部，我們能夠更有效地為多個平台創建內容。

To keep our customers engaged through this transition, particularly for our avid and elite customers, HSN launched Hello HSN PA, a month-long marketing campaign across all of our touch points. We brought our customers with us on this exciting journey through moving theme programming and deals, shout-outs in our top-rated shows, behind-the-scene social clips with our host and much, much more.

為了在這一轉變過程中保持客戶的參與度，特別是對於我們的熱心客戶和精英客戶，HSN 推出了 Hello HSN PA，這是一項覆蓋我們所有接觸點的為期一個月的營銷活動。我們透過行動主題節目和交易、在我們最受好評的節目中大聲喊出自己的想法、與我們的主持人一起幕後社交片段等等，帶領我們的客戶踏上這段激動人心的旅程。

Hello HSN PA culminated in a blowout housewarming party in late July. More than 130 customers joined our hosting guests in person at our new Studio H in Westchester, and we broadcast the party live to the entire HSN community. As HSN President, Stacy Bowe told customers in an open letter, HSN may have a new address. But the HSN they know and love isn't going anywhere. The fun is here to stay. We also welcomed 11 of our HSN hosts to Studio Park and three others will commute to Pennsylvania for the remainder of the year.

Hello HSN PA 於 7 月下旬舉行了盛大的喬遷派對。超過 130 位客戶親自與我們在威斯特徹斯特新開的 Studio H 舉辦的招待會一起參加聚會，我們也向整個 HSN 社群現場直播了此次聚會。正如 HSN 總裁 Stacy Bowe 在一封公開信中告訴客戶的那樣，HSN 可能會有一個新地址。但他們所熟知和喜愛的 HSN 不會消失。樂趣就在這裡。我們也歡迎 11 位 HSN 主持人來到 Studio Park，另外 3 位主持人將在今年剩餘時間前往賓州。

In addition, we continue to take strategic steps to diversify our sourcing and reduce our dependence on any single country and related tariff pressures. During our last call, we mentioned monitoring the tariff impact, being prudent about placing new orders and canceling certain orders with high tariff countries, actively sourcing from new countries, negotiating with vendors to share any tariff impact and potentially taking price action when necessary.

此外，我們繼續採取策略措施，實現採購多元化，減少對單一國家的依賴和相關的關稅壓力。在我們上次電話會議中，我們提到監控關稅的影響，謹慎下新訂單並取消高關稅國家的某些訂單，積極從新的國家採購，與供應商協商分擔任何關稅影響，並在必要時採取價格行動。

In June, we launched Christmas in July, a large home decor event with items largely sourced from countries impacted by tariffs. Although the tariff rates vary, we do not see significant impact to demand for items with tariff price adjustments. Our longer-term strategy of sourcing diversification continues. And as we shared last quarter, we are still targeting that no single country will represent more than one-third of our sourced goods in the US by the end of the year.

6 月份，我們推出了「七月聖誕節」大型家居裝飾活動，其中的物品主要來自受關稅影響的國家。儘管關稅稅率有所不同，但我們認為關稅價格調整不會對商品的需求產生重大影響。我們的長期採購多元化策略仍在持續。正如我們上個季度所分享的，我們仍然目標是，到今年年底，沒有一個國家占我們在美國採購商品的三分之一以上。

As a reminder, at the end of 2024, we committed to finding an additional $100 million worth of OIBDA opportunities by examining all areas of spending across the company. In Q2, we saw the favorable impact of our organizational changes in our expenses. We also saw the benefits from our IT outsourcing initiatives, allowing us to reinvest in marketing and technology that drives our growth businesses.

提醒一下，到 2024 年底，我們承諾透過檢視公司所有支出領域，尋找額外價值 1 億美元的 OIBDA 機會。在第二季度，我們看到了組織變革對費用的有利影響。我們也看到了 IT 外包計畫帶來的好處，使我們能夠重新投資於推動業務成長的行銷和技術。

Also, we completed the operational move of HSN, including standing up a new content organization and merchandise function. Returning our company to growth continues to be difficult as certain macroeconomic challenges persist. It will take time to ramp up. However, we believe the current strategy we have in place, our WIN growth strategy, is the right one and is already delivering results.

此外，我們也完成了 HSN 的營運搬遷，包括建立新的內容組織和商品功能。由於某些宏觀經濟挑戰持續存在，我們公司恢復成長仍然很困難。這需要時間來提升。然而，我們相信我們目前實施的策略，即我們的 WIN 成長策略，是正確的，並且已經取得了成果。

I'd like to walk through some of the wins we saw just this quarter and why we're excited for what is to come. Our social and streaming channels continue to grow, and we estimate that the percentage of QxH revenue that was attributable during Q2 through these platforms is approaching double digits. This is an increase from what we saw in Q1. Social and streaming revenue experienced over 30% growth versus Q2 of 2024.

我想介紹一下我們本季取得的一些勝利，以及我們對未來感到興奮的原因。我們的社群和串流媒體管道持續成長，我們估計 QxH 在第二季度透過這些平台實現的收入佔總收入的百分比已接近兩位數。這比我們第一季看到的情況有所增加。與 2024 年第二季相比，社群和串流媒體收入成長了 30% 以上。

As we will discuss more fully below, Q2 experienced substantial growth in new social customers with well over 100,000 new customers finding us through TikTok shop alone. In streaming, we continue to expand content and distribution. QVC and HSN recently joined Philo, a popular live TV streaming service with approximately 1.3 million paid subscribers.

正如我們將在下文更詳細地討論的那樣，第二季度新社交客戶數量大幅增長，僅透過 TikTok 商店就有超過 100,000 名新客戶找到我們。在串流媒體領域，我們繼續擴展內容和分發。QVC 和 HSN 最近加入了 Philo，這是一個受歡迎的直播電視串流服務，擁有約 130 萬付費用戶。

This launch reflects our strategic initiative to drive live shopping content to everywhere customers are spending their time. We also recently launched an ad-supported version of QVC2 on several leading SaaS platforms. Additionally, season 2 of Busy This Week on streaming is off to a strong start.

此次發布體現了我們的策略舉措，即將即時購物內容推送到顧客所到之處。我們最近也在幾個領先的 SaaS 平台上推出了 QVC2 的廣告支援版本。此外，串流媒體播出的《本週忙碌》第二季開局良好。

Season 2 reached over 1 million households, 80% of which were new. In fact, in Q2, streaming monthly active users grew over 80% to nearly 1.5 million users, and streaming minutes watched grew 25% in the quarter. Building off the strategic agreement we discussed last quarter with TikTok, we hosted our first TikTok -- sorry, first, we hosted our first TikTok Shop Super Brand Day, kicking off the second year of The Age of Possibility.

第二季涵蓋了超過 100 萬個家庭，其中 80% 是新家庭。事實上，第二季度，串流媒體月活躍用戶成長超過 80%，達到近 150 萬用戶，串流觀看分鐘數在本季成長了 25%。基於我們上個季度與 TikTok 討論的策略協議，我們舉辦了第一屆 TikTok——抱歉，首先，我們舉辦了第一屆 TikTok Shop 超級品牌日，拉開了「可能性時代」第二年的序幕。

Over 80 of our top affiliate creators joined us for the event, along with 40 of our Q50 ambassadors, including Hoda Kotb, Jennie Garth, Billie Jean King and more. The event was our highest viewed and most engaged QVC-hosted live stream today. We are integrating TikTok creators into customer events like QVC's Foodie Fest and are seeing the success of our push into the ever-crucial streaming and social businesses.

超過 80 名頂級聯盟創建者參加了此次活動，還有 40 名 Q50 大使，包括 Hoda Kotb、Jennie Garth、Billie Jean King 等。該活動是 QVC 今天舉辦的觀看次數最多、參與度最高的直播活動。我們正在將 TikTok 創作者整合到 QVC 美食節等客戶活動中，並看到我們進入至關重要的串流媒體和社交業務的成功。

We now have 8.4 million followers across all of our social media accounts, a 700,000 increase from last quarter. And we've uploaded our full QVC catalog into Meta shop for a seamless shopping experience on Facebook and Instagram. Notwithstanding the successful accomplishments we achieved this past quarter, given QVC Group's unique business model, certain elements of the tougher macro environment continue to apply pressure on our business.

目前，我們所有社群媒體帳號的追蹤者人數為 840 萬，比上一季增加了 70 萬。我們已將完整的 QVC 目錄上傳到 Meta 商店，以便在 Facebook 和 Instagram 上實現無縫購物體驗。儘管我們在上個季度取得了成功，但鑑於 QVC 集團獨特的商業模式，更嚴峻的宏觀環境的某些因素繼續對我們的業務造成壓力。

Total revenue declined in Q2 by 9% in constant currency. QxH's revenue declined 11%. QVC International revenue declined 3% in constant currency, and Cornerstone revenue declined 8%. As a result of top line softness, consolidated adjusted OIBDA declined 19% in constant currency in the second quarter, an improvement from the first quarter, which was down 31% versus last year.

以固定匯率計算，第二季總營收下降了 9%。QxH的收入下降了11%。以固定匯率計算，QVC International 的營收下降了 3%，Cornerstone 的營收下降了 8%。由於營業收入疲軟，第二季合併調整後的 OIBDA 按固定匯率計算下降了 19%，但較第一季有所改善，第一季與去年同期相比下降了 31%。

While these results are not yet where we want them to be, we are working to remain agile as we navigate the current landscape. Drilling down on our capital structure, thanks to the hard work of everyone at QVC Group, over the past few years, we've made meaningful progress in reducing our net debt by over $1.5 billion since the end of 2021. Our goal is to create more flexibility for our transformation and put ourselves on the strongest and most sustainable path forward.

雖然這些結果還沒有達到我們想要的水平，但我們正在努力保持敏捷，以適應當前的情況。深入研究我們的資本結構，感謝 QVC 集團全體員工的辛勤工作，在過去幾年中，自 2021 年底以來，我們在減少淨債務方面取得了有意義的進展，淨債務減少了 15 億美元以上。我們的目標是為我們的轉型創造更多的靈活性，並使我們走上最強大、最永續的前進道路。

Improving gross margins and aggressively managing costs also continue to be top of mind. As you can see on slide 8 in our presentation, on a trailing 12-month basis, customer count declined on a sequential basis with a decrease of approximately 3% versus March 2025. Please note, this does not include any new customers purchasing through our TikTok shop. Existing customers continue to purchase at healthy levels, spending on average $1,622 and purchasing 31 items in the 12 months ended June 30.

提高毛利率和積極管理成本也仍然是首要考慮的問題。正如您在我們簡報的第 8 張幻燈片中看到的，在過去 12 個月中，客戶數量環比下降，與 2025 年 3 月相比下降了約 3%。請注意，這不包括透過我們的 TikTok 商店購買的任何新客戶。現有顧客的購買量持續保持健康，截至 6 月 30 日的 12 個月內平均消費 1,622 美元，購買 31 件商品。

And at QVC, our best customers, who buy 20 or more items annually, also continue to purchase at very attractive levels. In the 12 months ending June 30, they bought 76 items and spent [$3,990] on average, up approximately 1% versus last year. Total QxH customer count declined 12% in the quarter driven by a 10% decrease in existing customers, a 21% decrease in new and a 16% decrease in reactivated customers.

在 QVC，我們最好的客戶每年都會購買 20 件或更多的商品，他們也會繼續以非常優惠的價格購買。在截至 6 月 30 日的 12 個月中，他們購買了 76 件商品，平均花費 [3,990 美元]，比去年增長了約 1%。本季 QxH 客戶總數下降了 12%，其中現有客戶減少 10%，新客戶減少 21%，重新啟動客戶減少 16%。

The decline in linear TV households continues to put pressure on our customer count year-over-year. Our traditional customer reporting does not include any new customers who purchase from our TikTok shop. We estimate that well over 100,000 new customers purchased through our TikTok shop in the second quarter. There are still many unknowns in this relatively immature business.

線性電視家庭數量的下降持續對我們的客戶數量造成逐年壓力。我們的傳統客戶報告不包括從我們的 TikTok 商店購買的任何新客戶。我們估計，第二季透過我們的 TikTok 商店購物的新客戶將超過 10 萬名。這個相對不成熟的行業仍然存在許多未知數。

We continue to grow our catalog and improve our technology, and we expect to have more robust customer level analytics and reporting in the coming quarters. Notably, when we -- when the estimated new TikTok shop customers are now added to traditional customer reporting, we saw the number of new customers grow substantially year-over-year and a halving of the rate of decline in the overall customer file. We believe this is a strong and early sign of success in our social strategy.

我們將繼續擴大我們的目錄並改進我們的技術，我們期望在未來幾季擁有更強大的客戶級分析和報告。值得注意的是，當我們將估計的 TikTok 商店新客戶加入傳統客戶報告時，我們看到新客戶數量比去年同期大幅成長，整體客戶檔案的下降率降低了一半。我們相信這是我們社會策略成功的強烈早期訊號。

When we look within our categories, we saw declines in all categories with the exception of electronics compared to last year. Although apparel was down, we experienced strength from several of our core apparel brands including Kim Gravel, Denim & Co., Diane Gilman and LOGO by Lori Goldstein and also saw success in accessories driven by handbags and luggage.

當我們查看各個類別時，我們發現與去年相比，除電子產品外，所有類別均有所下降。儘管服裝銷售下滑，但我們的幾個核心服裝品牌仍表現強勁，包括 Kim Gravel、Denim & Co.、Diane Gilman 和 LOGO by Lori Goldstein，同時，以手袋和行李箱為代表的配件產品也取得了成功。

The Christmas in July event we kicked off in June through strong sales with customers responding to our food offerings, along with new items from favorite brands like Valerie Parr Hill, Bethlehem Lights and Homeworks by Slatkin. Our home business was down 12%, but we saw success in our private label, [Bette] Bath, home environment and smart home categories. Tariffs were a factor in our inventory mix and impacted deliveries and product availability.

我們在 6 月啟動的「七月聖誕節」活動銷售火爆，顧客對我們的食品以及 Valerie Parr Hill、Bethlehem Lights 和 Homeworks by Slatkin 等熱門品牌的新品反應熱烈。我們的家居業務下降了 12%，但我們的自有品牌 [Bette] Bath、家居環境和智慧家居類別取得了成功。關稅是我們庫存結構的一個因素，影響交貨和產品供應。

Moving to QVC International. We saw revenue decline 3% in constant currency compared to prior quarters of broadly stable revenue performance. We continue to experience top line pressure in Japan, but revenue in our European markets was only down approximately 1%. Total customer count declined 4% in the quarter, driven by a 3% decrease in existing customers, a 5% decrease in new customers and an 8% decrease in reactivated customers.

轉向 QVC International。與前幾季基本穩定的營收表現相比，以固定匯率計算，我們的營收下降了 3%。我們在日本持續面臨營收壓力，但歐洲市場的收入僅下降了約 1%。本季客戶總數下降了 4%，其中現有客戶數量下降了 3%，新客戶數量下降了 5%，重新啟動的客戶數量下降了 8%。

Finally, for our Cornerstone brands, revenue declined 8% in the second quarter, an improvement from our first quarter results driven by our transformation efforts. To wrap up, while some of the uncertainty we experienced last quarter has persisted in Q2, we remain guided by our confidence in our business, strategy and leadership.

最後，對於我們的 Cornerstone 品牌，第二季的營收下降了 8%，但由於我們的轉型努力，與第一季的業績相比有所改善。總而言之，雖然上個季度我們經歷的一些不確定性在第二季度仍然存在，但我們仍然對我們的業務、策略和領導充滿信心。

We continue to do what we do best: Creating an opportunity for shoppers to explore, dream and connect. We've evolved with the changing consumer preferences towards newer channels and platforms like streaming, TikTok and Facebook and are now beginning to see those efforts positively impact our business. We will continue to be a class leader here while also tightly managing costs in the balance sheet.

我們將繼續做我們最擅長的事情：為購物者創造探索、夢想和聯繫的機會。隨著消費者偏好的不斷變化，我們也開始轉向串流媒體、TikTok 和 Facebook 等新管道和平台，現在我們開始看到這些努力對我們的業務產生了積極影響。我們將繼續保持這一領域的領先地位，同時嚴格管理資產負債表中的成本。

Now I'll turn the call to Bill to review Q2 financial results for each of our businesses.

現在我將把電話轉給比爾，讓他回顧我們每個業務的第二季財務表現。

Thank you, David, and good morning, everyone. Unless otherwise noted, my comments compare financial performance for the three months ended June 30, 2025, to the same period in 2024. Starting with QxH. Revenue declined by 11% due to lower unit volume and less shipping and handling revenue, with a partial offset in favorable returns rate and higher average selling price.

謝謝你，大衛，大家早安。除非另有說明，我的評論將截至 2025 年 6 月 30 日的三個月的財務業績與 2024 年同期進行比較。從 QxH 開始。由於單位銷售下降、運輸和處理收入減少，收入下降了 11%，但良好的退貨率和更高的平均售價部分抵消了這一影響。

From a category perspective, home revenue decreased 12%, driven by reduced demand in culinary and pressure in many of our Today's Special Value events. Apparel revenue decreased by 9%, consistent with what we experienced in Q1. Beauty revenue fell by 13% in Q2, although we did see wins in brands like bareMinerals, Elemis, and Tatcha.

從類別角度來看，由於烹飪需求減少以及許多今日特價活動的壓力，家庭收入下降了 12%。服裝收入下降了 9%，與第一季的情況一致。儘管我們看到 bareMinerals、Elemis 和 Tatcha 等品牌取得了成長，但第二季美容產品收入卻下降了 13%。

Accessories experienced another challenging quarter with a 15% decline, driven again by footwear and loungewear. Electronics grew 4%, driven by smart home, computers, audio and gaming. Operating loss was primarily driven by a $2.4 billion noncash impairment charge related to goodwill and trade names.

配件又經歷了一個充滿挑戰的季度，銷售額下降了 15%，這再次受到鞋類和家居服的影響。受智慧家庭、電腦、音訊和遊戲的推動，電子產品成長了 4%。營業虧損主要源自於與商譽和商標相關的 24 億美元非現金減損費用。

Adjusted OIBDA margin contracted 165 basis points. Gross margin declined approximately 15 basis points with higher product margins and favorability in obsolescence, more than offset by fulfillment pressure and sales deleverage. Product margins increased by 50 basis points, driven by better return rates, partially offset by lower shipping and handling revenue and initial margin.

調整後的 OIBDA 利潤率收縮了 165 個基點。毛利率下降了約 15 個基點，但產品利潤率提高和淘汰趨勢有利，這被履行壓力和銷售去槓桿所抵消。由於回報率提高，產品利潤率增加了 50 個基點，但運輸和處理收入以及初始利潤率的下降部分抵消了這一影響。

Obsolescence favorability of 25 basis points is driven by the overlap of abnormally high balance in Q2 2024. Fulfillment expenses were unfavorable 90 basis points due to increased freight rates and sales deleverage. On an aggregate dollar basis, operating expenses decreased 13% and SG&A expenses were flat. Operating expenses decreased $16 million, largely driven by lower commissions.

25 個基點的過時傾向性是由於 2024 年第二季異常高餘額的重疊所致。由於運費上漲和銷售去槓桿，履行費用下降了 90 個基點。以美元總額計算，營運費用下降了 13%，銷售、一般及行政費用持平。營運費用減少了 1600 萬美元，主要原因是佣金減少。

SG&A expenses were flat, driven by lower personnel costs, offset by higher marketing costs. SG&A was unfavorable by approximately 175 basis points due to sales deleverage. Moving to QVC International. My comments will focus on constant currency results. Revenue declined 3%, reflecting a 3% decrease in units shipped and a 2% decrease in average selling price, partially offset by a favorable returns rate.

銷售、一般及行政費用 (SG&A) 持平，原因是人員成本降低，但被行銷成本增加所抵銷。由於銷售去槓桿，銷售、一般及行政費用下降了約 175 個基點。轉向 QVC International。我的評論將集中於恆定貨幣結果。營收下降 3%，反映出出貨量下降 3%，平均售價下降 2%，但被良好的退貨率部分抵銷。

From a category perspective, QVC International experienced sales growth in apparel, while home and accessories categories were flat, and beauty and jewelry and electronics declined. Germany net revenue increased 1%, while Japan revenue declined 7% and the UK declined 1%. Adjusted OIBDA decreased 8% and adjusted OIBDA margin declined 60 basis points.

從類別來看，QVC International 的服裝銷售額有所增長，而家居和配件類別則持平，美容和珠寶以及電子產品則有所下降。德國淨收入成長1%，日本收入下降7%，英國下降1%。調整後的 OIBDA 下降 8%，調整後的 OIBDA 利潤率下降 60 個基點。

Gross margin decreased 40 basis points due to sales deleverage and fulfillment pressure, partially offset by product margin gains. Fulfillment pressure is due to higher variable wage rates in Europe. Product margin strength was due to favorable returns rate, offset by initial margin pressure. Operating expenses were flat, and the margin was unfavorable due to sales deleverage.

由於銷售去槓桿和履行壓力，毛利率下降了 40 個基點，但產品利潤率的提高部分抵消了下降。履行壓力源自於歐洲較高的浮動工資率。產品利潤率的強勁成長得益於良好的退貨率，但卻被初始利潤率的壓力所抵銷。營業費用持平，由於銷售去槓桿，利潤率不利。

SG&A expenses decreased 2% due to lower personnel expenses. SG&A margin was unfavorable by approximately 10 basis points due to sales deleverage. Moving to Cornerstone. Revenue declined 8% in the quarter as we continue to experience soft demand for furniture and decor and from continued challenges in the home sector.

由於人員費用減少，銷售、一般及行政費用下降了 2%。由於銷售去槓桿，銷售、一般及行政費用利潤率下降了約 10 個基點。移至 Cornerstone。由於家具和裝飾需求持續疲軟以及家居行業持續面臨的挑戰，本季營收下降了 8%。

Adjusted OIBDA margin decreased approximately 30 basis points driven by cost for outside services related to Cornerstone's transformation plan and sales deleverage, partially offset by product margin and fulfillment. Turning to cash flow and the balance sheet for the quarter. In the first half of 2025, free cash flow was a use of $156 million compared to a source of $164 million last year.

調整後的 OIBDA 利潤率下降了約 30 個基點，因為與 Cornerstone 轉型計劃和銷售去槓桿相關的外部服務成本下降，但產品利潤率和履行部分抵消了這一影響。轉向本季的現金流和資產負債表。2025 年上半年，自由現金流使用量為 1.56 億美元，去年的自由現金流來源為 1.64 億美元。

The decrease in cash flow was primarily due to a reduction in cash provided by operations and higher payments for TV distribution rights. As a reminder, our TV distribution payments fluctuate year-over-year depending on renewal cycles. Looking at the QVC Group, Inc. debt profile.

現金流減少主要是因為經營活動提供的現金減少以及電視發行權支付的增加。提醒一下，我們的電視發行費用會根據續約週期逐年波動。查看 QVC Group, Inc. 的債務狀況。

As of June 30, 2025, net debt was $4.7 billion, and the QVC Group revolver had $1.925 billion drawn. QVC Group had total cash of $897 million, of which $330 million was at QVC Inc., $200 million was at Liberty Interactive LLC and $262 million was at QVC Group. Our leverage ratio as of June 30, 2025, as defined by the QVC revolving credit facility, was 3.9 times, excluding Cornerstone, compared to our maximum covenant threshold of 4.5 times.

截至 2025 年 6 月 30 日，淨債務為 47 億美元，QVC 集團循環信貸已提取 19.25 億美元。QVC 集團的總現金為 8.97 億美元，其中 QVC Inc. 為 3.3 億美元，Liberty Interactive LLC 為 2 億美元，QVC 集團為 2.62 億美元。截至 2025 年 6 月 30 日，我們的槓桿率（根據 QVC 循環信貸額度定義）為 3.9 倍（不包括 Cornerstone），而我們的最高契約門檻為 4.5 倍。

Please note that covenant OIBDA includes the adjusted OIBDA of QVC Inc. as Cornerstone was removed as a borrower under QVC's credit agreement as of April 1. In light of the numerous macroeconomic factors and current leverage levels, as we previously announced on May 23, 2025, the Board of Directors unanimously decided to suspend payment of our quarterly dividend for preferred stockholders.

請注意，契約 OIBDA 包括 QVC Inc. 的調整後 OIBDA，因為自 4 月 1 日起，Cornerstone 已不再是 QVC 信貸協議下的借款人。鑑於眾多宏觀經濟因素和當前的槓桿水平，正如我們之前在 2025 年 5 月 23 日宣布的那樣，董事會一致決定暫停向優先股股東支付季度股息。

Additionally, to further increase our financial flexibility, we made the decision to borrow $975 million of the funds available on our revolving credit facility in July 2025. These decisions reflect the Board's focus on and commitment to taking the necessary steps to preserve cash and enhance long-term value for our business, customers, partners and investors.

此外，為了進一步提高我們的財務彈性，我們決定在 2025 年 7 月借入 9.75 億美元的循環信貸額度資金。這些決定反映了董事會對採取必要措施保存現金並提高我們的業務、客戶、合作夥伴和投資者的長期價值的關注和承諾。

As you heard from David, we are focused on taking the necessary steps to strengthen our capital structure. We are in the process of evaluating a range of proactive financial and strategic alternatives. This review is ongoing, and no decisions have been made at this stage. We will provide updates if and when there are material developments that warrant further communication.

正如您從大衛那裡聽到的，我們正致力於採取必要措施來加強我們的資本結構。我們正在評估一系列積極的財務和策略替代方案。此項審查仍在進行中，目前尚未做出任何決定。如果有重大進展需要進一步溝通，我們將提供更新資訊。

Finally, as we previously announced on May 16, 2025, our Board approved a 1-for-50 reverse stock split of the company's Series A common stock and Series B common stock. The reverse stock split was approved by stockholders at our Annual Meeting on May 12, 2025, and took effect after market closed on May 22, 2025.

最後，正如我們之前在 2025 年 5 月 16 日宣布的那樣，我們的董事會批准對公司 A 系列普通股和 B 系列普通股進行 1 比 50 的反向股票分割。此反向股票分割已於 2025 年 5 月 12 日的年度會議上獲得股東批准，並於 2025 年 5 月 22 日市場收盤後生效。

On May 27, the company elected to have QVCGB suspended from trading on the NASDAQ Capital Market, and QVCGB began quotation on the over-the-counter market on May 28. Finally, on June 9, 2025, we received notice that our Series A common stock had regained compliance with NASDAQ. And as a result, QVCGA and QVCGP stocks continue to trade on NASDAQ.

5月27日，該公司選擇暫停QVCGB在納斯達克資本市場的交易，並於5月28日開始在場外交易市場報價。最後，在2025年6月9日，我們收到通知，我們的A系列普通股已重新符合納斯達克的規定。因此，QVCGA 和 QVCGP 股票繼續在納斯達克交易。

Now I'll turn the call over to Greg.

現在我將把電話轉給格雷格。

Thank you, Bill. This was another challenging quarter for QVC Group, and we aren't where we want to be. We remain unable to offset the declines in linear in a challenging environment, but we were pleased to see the growth in social and streaming. As I said, and you heard it from the above, we are making good progress in social and streaming, and we continue to lean in here.

謝謝你，比爾。對於 QVC 集團來說，這又是一個充滿挑戰的季度，我們還沒有達到我們想要的水平。在充滿挑戰的環境中，我們仍然無法抵消線性下滑，但我們很高興看到社交和串流媒體的成長。正如我所說的，您也從上面聽到了，我們在社交和串流媒體領域取得了良好的進展，並且我們將繼續在這方面努力。

We are balancing execution and a cost focus with investing in this growth businesses. We are also working on our capital structure and our balance sheet, and we are proactively evaluating financial and strategic alternatives. We were pleased to regain compliance in that with the NASDAQ.

我們正在平衡執行和成本重點與投資這些成長型業務。我們也正在研究我們的資本結構和資產負債表，並積極評估財務和策略替代方案。我們很高興能夠重新遵守納斯達克的規定。

And with that, we'll address the questions we received prior to the call. Thank you, operator.

在此基礎上，我們將解答通話前收到的問題。謝謝您，接線生。

Thank you, Greg. As I mentioned before, we've received a number of questions submitted prior to the call. Our first question is for David and comes from Carla Casella at JPMorgan. David, can you share some trends in new customers versus reactivated customers versus core customers?

謝謝你，格雷格。正如我之前提到的，我們收到了通話前提交的許多問題。我們的第一個問題是針對大衛的，來自摩根大通的卡拉·卡塞拉 (Carla Casella)。大衛，您能分享一下新客戶、重新啟動客戶和核心客戶的一些趨勢嗎？

Yes. Thank you for the question. As I mentioned during the call, our traditional customer count does not include any new customers we have purchasing through TikTok shop. Our trailing 12-month customer count declined 3% versus Q1 and versus -- last year, our total customer count was down about 12%.

是的。謝謝你的提問。正如我在通話中提到的，我們的傳統客戶數量不包括透過 TikTok 商店購買的任何新客戶。我們過去 12 個月的客戶數量與第一季相比下降了 3%，與去年相比，我們的客戶總數下降了約 12%。

But as I mentioned before, we know that over 100,000 new customers brought -- bought from us through our TikTok shop, and comparing that to Q2 2024, that would improve our new customer count to plus 7% versus the reported negative 21%.

但正如我之前提到的，我們知道有超過 100,000 名新客戶透過我們的 TikTok 商店向我們購買了商品，與 2024 年第二季度相比，這將使我們的新客戶數量增加 7%，而報告的數字是減少 21%。

We expect that social will continue to help drive new and reactivated customers like we saw in Q2. A few other things I'd call out. We are seeing some stability and average customer spend. That customer spend is up 1% this quarter and existing customer retention is also up, improving about 100 basis points versus last year.

我們預計，社交將繼續幫助吸引新客戶和重新啟動的客戶，就像我們在第二季度看到的那樣。我還想提一下其他幾件事。我們看到了一些穩定性和平均客戶支出。本季客戶支出成長了 1%，現有客戶留任率也有所上升，比去年提高了約 100 個基點。

Thank you. Next question, also for you, David. Can you share the percentage of sales coming from the core business? And has that changed?

謝謝。下一個問題也是問你的，大衛。能分享一下核心業務的銷售額百分比嗎？情況有改變嗎？

Sure. We estimate that social and streaming revenue is approaching low double digits as a percentage of QxH revenue. That obviously still leaves 90% of revenue in QxH driven by core linear and digital. However, our social and streaming businesses grew over 30% in Q2 versus last year and is now a larger percentage of QxH revenue than they were in the first quarter.

當然。我們估計社交和串流媒體收入佔 QxH 收入的比例接近兩位數。顯然，QxH 的 90% 收入仍然來自核心線性和數位業務。然而，我們的社群和串流媒體業務在第二季度比去年同期成長了 30% 以上，目前在 QxH 收入中所佔的比例比第一季更高。

We've -- and so I would say less is coming out of our core, given just some of the trends that we are seeing there. And then with the significant growth in social and streaming, we would continue to expect to see a shift with increasingly more social and streaming revenue as a percentage of total revenue over time.

我們已經——所以，從我們看到的一些趨勢來看，我想說，來自我們核心業務的支出越來越少。隨著社交和串流媒體的顯著增長，我們預計社交和串流媒體收入佔總收入的比例將隨著時間的推移而不斷增加。

Great, thank you. And our final question is a two-part question around tariffs. First, did you see -- can you share the tariff impact expected for fiscal '25? And what are your top ways to mitigate tariffs? And then second follow-on, did you see any tariff impact in the second quarter? And are your vendors passing on increased tariff costs?

太好了，謝謝。我們的最後一個問題是關於關稅的兩部分問題。首先，您看到了嗎—可以分享一下預計 25 財年的關稅影響嗎？您認為降低關稅的主要方法是什麼？然後第二個後續問題，您是否看到第二季有任何關稅影響？您的供應商是否轉嫁了增加的關稅成本？

Great. A lot there. We're monitoring tariff impact. We're taking a lot of the steps that we've discussed. We're being prudent about placing new orders and canceling certain existing orders from high tariff countries. We're managing sourcing. We're actively negotiating with vendors. And in some circumstances, we've implemented price changes.

偉大的。那裡有很多。我們正在監測關稅的影響。我們正在採取許多我們已經討論過的措施。我們對向高關稅國家下新訂單和取消某些現有訂單持謹慎態度。我們正在管理採購。我們正在積極與供應商談判。在某些情況下，我們會實施價格調整。

We're still working towards our target that no single country will represent more than a third of our sourced goods in the US by the end of the year. That is a big change from where we were, which is more than half of our goods coming from a single country, and so that's a major effort.

我們仍在努力實現我們的目標，今年年底，沒有一個國家占我們在美國採購商品的三分之一以上。這與以前的情況相比是一個巨大的變化，以前我們一半以上的貨物都來自一個國家，所以這是一項重大的努力。

And we think that's one of the major -- that diversification will be a major source of stability going forward. But we continue to see volatility. You've seen lots of changes even in the last few days. We saw the first real impact of tariffs in our Christmas in July event, which kicked off in June.

我們認為這是主要因素之一——多樣化將成為未來穩定的主要來源。但我們仍然看到波動。即使在過去的幾天裡，您也看到了許多變化。我們在 6 月啟動的「七月聖誕節」活動中首次感受到了關稅的真正影響。

We completed an inventory assessment for that. We limited some orders and buys, and then we also took some price actions on the things we were selling during the Christmas in July event. As I said, tariffs will continue to be fluid, and we continue to adjust in changes in rates, including to the most recent ones.

我們對此完成了庫存評估。我們限制了一些訂單和購買量，然後我們也對七月聖誕節活動期間銷售的商品採取了一些價格行動。正如我所說，關稅將繼續保持浮動，我們也將繼續調整稅率的變化，包括最近的變化。

But what was encouraging about the Christmas in July event is we did not see big drop-off in demand in response to the price changes that we made in that event. And so it gives us some confidence about our ability to navigate -- continue to navigate our way through some of the current tariff challenges.

但七月聖誕節活動令人鼓舞的是，我們沒有看到需求因我們在該活動中所做的價格調整而大幅下降。因此，這讓我們對自己的應對能力有了一定的信心——繼續應對當前的一些關稅挑戰。

And the last comment I have is that we should also remember that our international business had minimal tariff impact. And I would just remind everybody not to forget about that business. Our international business makes up over 25% of our revenue and is more insulated from some of the impacts of the tariffs.

我最後要說的是，我們也應該記住，我們的國際業務受到的關稅影響微乎其微。我只是想提醒大家不要忘記那件事。我們的國際業務占我們收入的25％以上，並且受關稅的影響較小。

With that, I think that is all the questions. I want to thank you, again, for your interest in the QVC Group. And I want to thank you for your interest in our results and look forward to continuing to share our story and continue to visit as we make more progress on this transformation. Thank you.

我想這就是所有的問題了。我想再次感謝您對 QVC 集團的關注。我要感謝您對我們成果的關注，並期待繼續分享我們的故事，並在我們在這轉型過程中取得更多進展時繼續訪問。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。