Liberty Media say quarterly QVC cash flow slips
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NEW YORK (Reuters) - Liberty Media Corp said on Friday that third-quarter operating cash flow fell at its Interactive unit, home to the QVC shopping channel, on sluggishness in the retail market.Liberty also said that third-quarter revenue and cash flow rose at its Starz units.The company, run by media mogul John Malone, currently trades as two tracking stocks designed to simplify its structure. Liberty Interactive Group is home to the QVC shopping channel, while Liberty Capital includes the Starz Entertainment cable networks.QVC quarterly revenue rose 2 percent to $1.69 billion as strength in U.S. apparel sales offset lower demand for gold jewelry and home products. However, operating cash flow decreased 1 percent to $364 million."We are disappointed with the soft sales results in the U.S., driven in part by a sluggish retail environment and difficult year-over-year comparisons," said QVC chief executive Mike George. "However, we chose not to adopt a heavily promotional focus in the quarter and were able to maintain stable margin rates despite the slower sales growth."Revenue at Starz Entertainment, a network of paid movie cable channels, rose 11 percent to $253 million, and operating cash flow nearly doubled to $88 million.Liberty said Starz had experienced continued subscriber growth and reduced programming costs.But the company noted that it saw Starz's full-year 2007 sales and marketing expenses exceeding those of 2006 because of expected increases in affiliate and consumer marketing costs.Shares of Liberty Interactive fell 2.5 percent to $20 in morning Nasdaq trade, while Liberty Capital shares dipped less than 1 percent to $121.86.(Reporting by Franklin Paul; Editing by Lisa Von Ahn)
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