Qurate Retail Plunges Following Q4 Preliminary Results

(RTTNews) - Shares of Qurate Retail, Inc. (QRTEA) are falling more than 23% Friday morning after the company in its preliminary fourth-quarter results reported lower revenue and earnings. The company cited lower-than-anticipated demand in the quarter.

Qurate Retail revenue is down 8% - 9% and adjusted Operating income before depreciation and amortization (OIBDA), excluding unallocated corporate costs, down 17% - 20%. QxH revenue is down 6.5% - 7.5% and adjusted OIBDA down 22% - 25%

The company also added that as it previously disclosed, there was a tragic fire at the Company's QVC Rocky Mount fulfillment center North Carolina in December. The adjusted OIBDA growth rate above has not been adjusted for the impact of direct costs associated with the Rocky Mount fire, which will be reflected outside of adjusted OIBDA.

QRTEA touched a new low of $5.86 this morning.