Tear Sheet: QVC Group Inc.

S&P Global Ratings forecasts revenues to continue to decline in the low-single digit area in 2025, after revenue declined 8% in fiscal 2024 on a reported basis, year over year. The company faces secular declines in TV viewership as consumers switch to streaming services and social media applications. Specifically, customer count has been on a steady decline, ending 2024 with 7.6 million compared to 8.1 million in the prior quarter. QVC intends to remedy its positioning by creating its own livestreaming shopping experience and targets a revenue run rate increase of $1.5 billion from social and streaming initiatives within the next three years. However, it will take several years and investments to scale and affect operating performance. Execution on the

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