Salon jardin : comparateur – guide achat – conseil Edited Transcript of QRTEA earnings conference call or presentation 7-May-20 12:30pm GMT

  • Salon de jardin 4 places en aluminium
    1 canapé de jardin 2 places 1 canapé de jardin 2 places : Longueur 130 cm x Profondeur 72 cm x Hauteur 74 cm. 2 fauteuils de jardin 1 place Longueur 71 cm x Profondeur 72 cm x Hauteur 74 cm. Coussins de jardin Déhoussables - Épaisseur 8 cm Coussins 100% polyester 180g/m2 tissés et teintés dans la masse Garnissage en mousse de coton 1500g/m2 Les coussins sont traités avec un spray anti-humidité. 1 table basse 1 table basse de jardin : Longueur 95 cm x Profondeur 50 cm x Hauteur 40 cm. Matières Structure du salon de jardin en aluminium de section rectangulaire. Livraison Nombre de carton: 1 Dimensions du carton: longueur 127 cm x largeur 63 cm x épaisseur 53,5 cm. Salon complet: 34 kg Montage Montage très simple, à monter soi-même. La notice et les outils sont fournis.
  • Salon de jardin 8 places fibre de ciment aspect béton pieds acacia
    Meuble style : Mobilier d'extérieur Structure : Acacia et fibre de ciment. Finition : Brute. Descriptif : Salon de jardin 6 places en fibre de ciment aspect béton. Composé d'une table rectangulaire L200 avec pieds croisés en acacia et 2 bancs. Grande résistance aux intempéries et aux coups. Dimensions table : 200*100*75 (L*H*P) Dimensions fauteuil : 200*40*45 (L*H*P)
  • Salon de jardin en angle 'VERONA L SHAPE' en tissu et aluminium gris foncé
    Aménagez parfaitement votre coin extérieur Le salon de jardin en angle 'VERONA L SHAPE' en tissu et aluminium gris foncé est idéal pour profiter dun moment de détente en famille ou entre amis. Il saura tout de suite vous séduire avec son beau design à la fois moderne et élégant. Ce magnifique salon de jardin permet davoir un espace détente suscitant l'échange et les discussions. Si avec les beaux jours qui arrivent vous envisagez de créer une ambiance tendance sur votre terrasse ou votre jardin, sachez que ce salon de jardin sera idéal pour vous. En effet, son grand canapé confortable vous permettra daccueillir vos amis et vos proches pour des moments de détente et de convivialité. Il est parfaitement fabriqué afin de vous permettre de vous installer confortablement et savourer un verre en extérieur. Nous pouvons dire que ce salon de jardin est une véritable invitation à la détente et prendre une pause pour passer dagréables moments à se prélasser au soleil sans rien faire. Quil soit installé sous une tonnelle de jardin ou un abri, il saura sadapter facilement à votre espace vert, grand ou petit. Notons que ce salon de jardin se caractérise par une structure en aluminium garantissant ainsi une longue durée de vie sans corrosion. En effet, laluminium se présente comme lun des meilleurs matériaux à utiliser pour concevoir des meubles à la fois légers et robustes. De plus, conçu en tissu, ce dernier apporte au salon de jardin une belle touche de design contemporain à votre extérieur.
  • TECKAttitude Salon de jardin 6 chaises en teck massif
    Salon de jardin en Teck massif de qualité Ecograde Vera Cruz - Table rectangulaire Milan extensible de 180 / 240 x 100 cm + 6 chaises KarimunRéalisation soignée et design intemporel pour le salon de jardin en teck massif Vera Cruz pour aménager un coin repas plein de charme au jardin.Le grand plateau modulable de la table Milan, grce ses 2 rallonges papillon, permet facilement d'obtenir une table de 1.80 m, 2.10 m ou 2.40 m pour accueillir jusqu' 10 convives.Les 6 chaises de jardin Karimun allient élégance et confort avec un haut dossier ergonomique et une belle ligne épurée.Pratiques, les assises se plient pour un gain de place lors du rangement en fin de saison.Comme tout notre mobilier de jardin Teck'Attitude, le salon de jardin Vera Cruz est réalisé dans un Teck massif de qualité supérieure sous appellation Ecograde ce qui lui garanti une longévité au fil des saisons.Il a bénéficié d'un assemblage dans les rgles de l'ébénisterie avec tenons et mortaises suivi d'un ponage méticuleux qui préserve sa belle couleur naturelle. Aucun traitement de finition n'a été appliqué, ni huile ni vernis.Dimension de la table sans rallonge : L 180 x l 100 x h 75 cm Dimensions avec 1 rallonge : L 210 x l 100 x h 75 cm Dimensions avec 2 rallonges : L 240 x l 100 x h 75 cm Dimension de la chaise: l 48 x P 61 x H 93 cm - Chaise pliée : l 48 x P 15 x H 113 cmLe teck est un matériau noble, particulirement intéressant pour la fabrication du mobilier de jardin en raison de ses propriétés exceptionnelles. Il résiste aux agressions climatiques (pluie, soleil, air marin...) et il est imputrescible. Il prend au fil des saisons une jolie patine qui lui donne tout son charme.
  • Ozalide Salon de jardin Porto Ricco - 4 places - acier & polyester - aubergine
    L’élégance, C’est Quand L’intérieur Est Aussi Beau Que L’extérieur - “coco Chanel” Marque Française Créée En 1999, En Haute-loire, Ozalide Est Née De L’initiative D’une Famille Passionnée Par L’univers De L’ameublement Extérieur Pour Répondre Aux Nouveaux Mode De Vie Des Consommateurs. Elle A Décidé De Proposer Des Produits "tendance" Et De Qualité. Aujourd'hui, Dès L'arrivée Du Printemps, Aménager Son Extérieur Devient La Préoccupation Principale. Aussi Important Que L'intérieur De Votre Maison, Votre Espace Extérieur Devient Un Véritable Havre De Paix, De Plaisir Et De Partage. Chaque Habitation Est Unique, Votre Extérieur L’est Aussi Et C'est Pourquoi L’équipe Ozalide, Spécialisée Dans Le Domaine De La Décoration Et De L’aménagement S’engage À Vous Proposer Un Large Choix De Produits. Avec Ozalide, Libre À Vous De Créer L'univers Qui Vous Ressemble ! - Ozalide - Salon De Jardin Porto Ricco - 4 Places - Acier & Polyester - Aubergine
  • Hespéride Salon de jardin Lambada Sésame avec table basse rectangulaire 4 places - Acier traité époxy, Résine tressée, Verre trempé et polyester
    Partez en voyage sur votre terrasse grâce au salon de jardin "Lambada" Hespéride et son design invitant au voyage. Un ensemble convivial Le salon de jardin "Lambada" se...
  • Delorm Salon de jardin en résine tressée ronde grise MALAGA - Delorm 
    Salon de jardin inclut : 1 table basse + 2 fauteuils + 1 canapé 3plMatière : Résine tressée ronde, griseStructure : Aluminium Capacité : 5 personnesPlateau table : verre securit Coussins déhoussables3 coussins de dossier inclusMontage en usine Garantie : 2 ans
  • Delorm Salon de jardin Bora Bora en résine tressée noire
    Ensemble de jardin SD8201 Delorm en résine tressée noireUne qualité de finition pour un salon de jardin haut de gammeLe salon de jardin Bora Bora se compose de 6 pièces, il sera ainsi modulable et vous l'installerez vous le souhaiterez. Sa qualité de finition avec notamment ses pieds en aluminium, ses larges accoudoirs et son assise très confortable nous confirment qu'il s'agit d'un salon de jardin en résine tressée haut de gamme.La résine plate de 7mm en fibre synthétique est teintée dans la masse et traitée anti UV afin d'éviter toute dépertion de couleur dans le temps. Compostion et dimensions du salon de jardin Delorm 203 x 72 x 63 cm1 fauteuil: 82 x 72 x 63 cm2 angles: 72 x 72 x 63 cm1 chauffeuse: 59 x 72 x 63 cm1 pouf: 82 x 72 x 30 cm1 table basse: 60 x 60 x 28 cm1 plateau de verre: 59 x 59 x 0.5 cmSi vous commandez les couleurs bleu, vert ou orange, vous recevrez les coussins en couleur écru avec des housses supplémentaires dans la couleur choisie, soit 2 couleurs possibles à changer à votre guise. Points forts de ce produit de ce salon en résine tresséeSalon de jardin modulable à souhaits Dossiers en
  • Tousmesmeubles Salon de jardin d'extérieur Rotin Marron - SKYROS
    Salon complet d'angle d'extérieur composé d'un canapé 3 places+ 1 grand pouf + 1 table basse pateau verre. Mobilier de jardin en rotin synthétique adapté à une utilisation en extérieur, résistant aux intempéries et aux UV. Meuble de jardin confortable et gain de place. Résine tressée teinte marron et coussins couleur crème. Salon de jardin complet idéal pour une terrasse ou une véranda de petite dimension. Dimensions : L 185 x l 74 x H 75 cm
  • TECKAttitude Salon de jardin 8 fauteuils en teck massif
    Salon de jardin en Teck massif de qualité Ecograde Kingston - Table rectangulaire Milan extensible 180/240 cm x 100 cm + 8 fauteuils SamoaCe trs bel ensemble outdoor comprend la table de jardin Milan en teck rectangulaire modulable qui offre 3 longueurs possible (1,80 m, 2,10 m et 2,40 m) pour accueillir jusqu' 10 convives pour vos repas estivaux.La table est équipée de 2 rallonges papillon qui se plient et se déplient trs facilement, de 2 plateaux coulissants et d'un accessoire pour trou de parasol avec bouchon en laiton. 8 Fauteuils Samoa empilables en teck massif, confortables et élégants, compltent cette table de jardin. Les fauteuils Samoa et la table Milan sont réalisés dans un Teck massif de qualité supérieure sous appellation Ecograde pour vous garantir une belle longévité au fil des saisons.Aprs un assemblage dans les rgles de l'ébénisterie avec tenons et mortaises, le salon de jardin a été soigneusement poncé afin qu'il préserve la belle couleur naturelle du teck. Aucun traitement de finition n'a été appliqué, ni huile ni vernis.Dimension de la table sans rallonge : L 180 x l 100 x h 75 cm Dimensions avec 1 rallonge : L 210 x l 100 x h 75 cm Dimensions avec 2 rallonges : L 240 x l 100 x h 75 cm Dimension des fauteuils : l 50 x P 62 x H 93 cm Complétez vos fauteuils de jardin en teck Samoa avec des coussins pour une assise plus confortable.Le teck est un matériau noble, particulirement intéressant pour la fabrication du mobilier de jardin en raison de ses propriétés exceptionnelles. Il résiste aux agressions climatiques (pluie, soleil, air marin...) et il est imputrescible. Il prend au fil des saisons une jolie patine qui lui donne tout son charme.
  • Miliboo Salon de jardin en aluminium et cordes grises LAGOS
    Profitez pleinement des beaux jours avec le salon de jardin LAGOS ! LAGOS est un salon de jardin plein de légèreté, pour vivre l'été dehors comme dedans. Il se compose d'un canapé 3 places, de deux fauteuils et d'une table basse assortie que vous pouvez déplacer facilement au gré de vos envies. Cet ensemble associe une structure en aluminium et cordes synthétiques à d'épais coussins recouverts d'un tissu d'extérieur gris. La structure présente une grande robustesse aux chocs et aux conditions climatiques extérieures et le tissu en polyester est à la fois doux au toucher et déperlant. Avec sa ligne essentielle, cet ensemble de jardin ultra contemporain brouille les frontières entre intérieur et extérieur. LAGOS fera de votre terrasse un lieu de vie convivial et confortable dès l'arrivée des beaux jours. Ajoutez simplement un tapis extérieur et quelques accessoires ensoleillés et le tour est joué. Ensemble de jardin livré prêt à monter. 
  • Alterego Salon de jardin en angle 'VERONA L SHAPE' en tissu et aluminium gris foncé
    Aménagez parfaitement votre coin extérieur Le salon de jardin en angle 'VERONA L SHAPE' en tissu et aluminium gris foncé est idéal pour profiter dun moment de détente en famille ou entre amis. Il saura tout de suite vous séduire avec son beau design à la fois moderne et élégant. Ce magnifique salon de jardin permet davoir un espace détente suscitant l'échange et les discussions. Si avec les beaux jours qui arrivent vous envisagez de créer une ambiance tendance sur votre terrasse ou votre jardin, sachez que ce salon de jardin sera idéal pour vous. En effet, son grand canapé confortable vous permettra daccueillir vos amis et vos proches pour des moments de détente et de convivialité. Il est parfaitement fabriqué afin de vous permettre de vous installer confortablement et savourer un verre en extérieur. Nous pouvons dire que ce salon de jardin est une véritable invitation à la détente et prendre une pause pour passer dagréables moments à se prélasser au soleil sans rien faire. Quil soit installé sous une tonnelle de jardin ou un abri, il saura sadapter facilement à votre espace vert, grand ou petit. Notons que ce salon de jardin se caractérise par une structure en aluminium garantissant ainsi une longue durée de vie sans corrosion. En effet, laluminium se présente comme lun des meilleurs matériaux à utiliser pour concevoir des meubles à la fois légers et robustes. De plus, conçu en tissu, ce dernier apporte au salon de jardin une belle touche de design contemporain à votre extérieur.
  • SIESTA Salon de jardin en polypropylène gris SKY Siesta - 4 fauteuils
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  • SHAF Salon de jardin - 4 places - 1 Canapé et 2 fauteuils - Anthracite SHAF 55101
    Fiche technique Contenu du pack : 2 x Fauteuils 1 x Sofa 2 places 1 x Table Coussins Avantages produit : Facile à nettoyer : un simple chiffon humide suffit Résine fabriquée en majeure partie à base de produits recyclés (Eco-plastique) Résiste parfaitement aux intempéries et au gel et comporte un filtre anti UV Facile à monter grâce à sa notice de montage livrée avec Ne rouille pas, aucun élément métallique pour une durée de vie prolongée Livrés avec coussins pour un meilleur confort Caractéristiques techniques : Matériaux : résine Coloris : anthracite Protection anti UV Dimensions : Fauteuil (H x L x l) : 72 x 66 x 74 cm Sofa 2 places (H x L x l) : 72 x 66 x 132 cm Table (H x L x l) : 34 x 57 x 57 cm Livraison : En raison du poids et des dimensions de cet article, il vous sera livré par un transporteur spécialisé à l'adresse de votre choix (France Continentale) Une fois votre colis pris en charge, vous recevrez un email et un SMS du transporteur vous permettant de choisir une date pour la réception de votre commande La livraison du produit est effectuée après prise de rendez-vous en bas de porte Si la livraison n'est pas conforme nous vous conseillons : de refuser la livraison d’émettre obligatoirement des réserves claires, précises et motivées sur le bon de livraison d’informer notre Service Clients Si vous souhaitez nous retourner votre produit, nous vous invitons à formuler votre demande via la rubrique « Contactez Nous / Retour et remboursement »
  • IDMarket Salon de jardin extensible POLY gris foncé table 135-270 cm et 12 chaises
    Descriptif du salon de jardin POLY extensible et 12 chaisesPrenez vos repas en profitant de votre extérieur grâce à cet ensemble de jardin en polywood. Avec sa table extensible XXL mesurant de 135 à 270 cm et ses chaises, le salon de jardin vous permet d'accueillir jusqu'à 12 convives sur votre terrasse pour partager un bon plat.Conçu avec des matériaux de qualité et résistants, l'ensemble de jardin POLY est composé d'une table extensible avec structure acier et planches en polywood gris anthracite. Les 12 chaises qui accompagnent la table disposent d'une structure métal et d'une toile en textilène gris anthracite. Profitez d'un réel confort d'assise et d'un bon maintien, le tout bien installé autour de cette table très design.Accueillez en grand nombre vos convives grâce à la table extensible qui se déplie et mesure jusqu'à 270 cm de longueur ! Au contraire, si vous souhaitez gagner de la place sur votre terrasse, repliez la table et profitez de ses 135 cm de longueur, peu encombrants. Notre astuce : empilez les chaises dont vous ne vous servez pas les unes sur les autres et gagnez encore plus d'espace !En plus de vous proposer un design ultra moderne, l'ensemble de jardin acier et polywood est facile à entretenir. Ne vous souciez plus de votre salon de jardin et laissez-le sorti tout l'été sur votre terrasse ! Pour des raisons de sécurité, nous vous conseillons de ranger les chaises de jardin en cas de fortes intempéries.Dimensions du salon de jardin POLY extensible et 12 chaises- Dimensions de la table dépliée : Longueur 270 cm x largeur 90 cm x Hauteur 73 cm- Dimensions de la table pliée : Longueur 135 cm x largeur 90 cm x Hauteur 73 cm- Structure de la table acier et planche polywood- Dimensions d'une chaise : Longueur 51.5 cm x largeur 68 cm x Hauteur 84 cm- Nombre de chaises : 12 empilables- Matière du dossier et de l'assise : textilène- Couleur acier et gris anthraciteDécouvrez également notre modèle extensible 90-180 cm disponible sur notre boutique en ligne !
  • Happy Garden Salon de jardin encastrable SANTORIN en résine tressée grise 10 places - coussins gris
    Description : Le salon de jardin en résine tressée SANTORIN permet de passer d'agréables moments en famille ou entre amis. Ses jolis coussins très confortables s'associent à merveille avec la couleur grise de la résine. Composé de 6 fauteuils et de 4 tabourets, vous pourrez installer jusqu'à 10 personnes autour de la table. Très tendance avec sa ligne moderne et ses couleurs intemporelles, ce salon en résine tressée s'installera facilement dans tous les extérieurs. Détails : Dimensions : - Table : L 165 × l 107,5 × H 73cm - Plateau de la table : L 101,7 × l 49,6cm (latéraux) / L 101,7 × l 52,7cm (central) - Poufs : L 36 × l 36 × H 35cm - Fauteuils : L 52 × l 52 × H 68cm - Hauteur d'assise : 40cm - Hauteur des accoudoirs : 68cm - Coussins d'assise : L 50 × l 48 × Ép 5cm - Coussins de dossier : L 48 × l 27 × Ép 8 cm - Pieds : Ø 18 × Ép 0,7 mm Matières : - Revêtement : résine tressée en polypropylène - Structure : acier - Plateau : verre securit - Coussins : polyester, rembourrage coton Couleurs : - Revêtement : gris - Coussins : gris - Plateau : noir Informations complémentaires : - Nombre de places maximum : 10 - Poids maximum supportés : 150kg (fauteuils) / 80kg (table) / 100kg (poufs) - Revêtement et structure : résistent à l'eau et aux U.V - Coussins : déperlants, déhoussables et lavables en machine - À monter (notice incluse) - Garantie : 2 ans Livraison : Le salon de jardin encastrable SANTORIN contient : 1 table + 6 fauteuils + 4 poufs Livraison effectuée en pas de porte, en bas d'immeuble - Livraison en 5 colis Colis 1 et 2 : L 111 × l 58 × H 13cm - poids brut : 31kg/poids net : 29kg Colis 3 et 4 : L 70 × l 54 × H 41cm - poids brut : 23kg/poids net : 21kg Colis 5 : L 70 × l 54 × H 41cm - poids brut : 16,2kg/poids net : 14,2kg
  • Delorm Design Salon de jardin Escondido 6 places en résine tressée noire
    Table et chaises de jardin Escandido 6 places en résine tresséeTable et chaises en résine tressée noireDimensions de la table: 200 x 100 x 74 cmTable avec plateau en verre transparentLivré avec 6 fauteuils
  • Jardin et Saisons Housse de protection salon de jardin encastrable noire
    Cette housse de protection pour salon de jardin encastrable, haut de gamme en polyester 260 g/m², est idéale pour mettre votre salon de jardin à l'abri de la pluie, du soleil et de la poussière. Résistante , facilement lavable et belles finitions ! Couleur noire. Cette housse de protection carré pour salon de jardin noire est fabriqué en polyester 260 g/m² ce qui vous garantie une qualité optimale et une utilisation années après années. Elle est imperméable et facilement lavable. Il est recommandé de l'entretenir et la nettoyer avec u n essuyage humide. Les coins sont renforcés et elle est très résistante aux déchirures. La fermeture de la housse de protection à la base s'effectue avec un cordon de tension. Les "+" Jardin et Saisons : + Très haute qualité + Belle finition D'autres modèles de housses de protection sont disponibles dans la rubrique suivante : Housse de protection pour mobilier de jardin .
  • Vondom JUT - Salon de jardin Vondom avec coussins
    Salon de jardin Jut de la marque Vondom. Cet ensemble de terrasse comprend 1 canapé avec coussin, 2 fauteuils avec coussins et une table basse. C'est le mobilier d'extérieur idéal à disposer dans votre jardin ou sur votre terrasse. Matériau: polyéthylène rotomoulé. Résiste à des variations de températures de -60°C à +80°C Résistance aux chocs, facile à nettoyer et 100% recyclable Proposé en blanc ou gris (autres couleurs disponibles sur demandeCoussins réalisés dans un tissu SILVERTEX ou NAUTICAL 100 % Polyester. Tous deux prévus pour un usage extérieur et ayant subi un traitement anti-bactérien. Couleurs très résistantes au soleil. Canapé: Dimensions : L 180 cm x l 80cm x (h) 80 cm Poids : 40kg Fauteuils: Dimensions : L82 cm x l 80cm x (h) 80 cm Poids : 20kg Table basse: Dimensions : L 120 cm x l 80 cm x (h) 30 cm Poids : 16kgCoussins inclus. Le choix de la couleur des coussins est à préciser lors de votre commande dans
  • Tousmesmeubles Salon de jardin d'extérieur Rotin Marron - SKYROS
    Salon complet d'angle d'extérieur composé d'un canapé 3 places+ 1 grand pouf + 1 table basse pateau verre. Mobilier de jardin en rotin synthétique adapté à une utilisation en extérieur, résistant aux intempéries et aux UV. Meuble de jardin confortable et gain de place. Résine tressée teinte marron
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  • Salon de jardin bistrot inclinable avec 4 chaises en aluminium et résine
    1 table de jardin : Longueur 70 cm x Profondeur 70cm Hauteur 70 cm Le pied est à fixer sur le plateau, la notice et la visserie sont fournies Structure et visserie en aluminium anodisé(tube de diamètre 58 mm x épaisseur 1,1mm) 7,4 kg 4 fauteuils de jardin : Longueur 60 cm x Profondeur 51 cm x Hauteur 72/44,5 cm Structure et visserie en aluminium anodisé (tube de section 25mm x épaisseur 1,2mm) Assise en résine tressée de diamètre 3,8mm Patins en PEHD 2,6 kg Montage Les fauteuils sont livrés montés. Pour la table il ne reste que le pied à fixer, la notice et la visserie sont fournies. 1 seule personne est nécessaire pour le montage.
  • Salon de jardin teck CABRERA
    Meuble style : ModerneStructure : Teck et tissu polypropylène taupe.Finition : Lasure à l'eau.Coussin : Densité 40kg/m3Descriptif : Salon de jardin en teck, comprenant : 1 canapé 2 places avec coussin taupe waterproof déhoussables, 2 fauteuils avec coussin taupe déhoussables waterproof et 1 table basse. Coussins , résistants è la pluie : nous vous recommandons de rentrer les coussins et protéger l'ensemble de la pluie pendant la période d'hiver. Provenance Indonésie.Hauteur d'accoudoir : 66cm Dimensions canapé : 190*73*63 (L*H*P)Dimensions fauteuil : 74*73*63 (L*H*P)Dimensions table basse: 110*36*60 (L*H*P)
  • Salon de jardin en angle 'VERONA L SHAPE' en tissu et aluminium gris foncé
    Aménagez parfaitement votre coin extérieur Le salon de jardin en angle 'VERONA L SHAPE' en tissu et aluminium gris foncé est idéal pour profiter dun moment de détente en famille ou entre amis. Il saura tout de suite vous séduire avec son beau design à la fois moderne et élégant. Ce magnifique salon de jardin permet davoir un espace détente suscitant l'échange et les discussions. Si avec les beaux jours qui arrivent vous envisagez de créer une ambiance tendance sur votre terrasse ou votre jardin, sachez que ce salon de jardin sera idéal pour vous. En effet, son grand canapé confortable vous permettra daccueillir vos amis et vos proches pour des moments de détente et de convivialité. Il est parfaitement fabriqué afin de vous permettre de vous installer confortablement et savourer un verre en extérieur. Nous pouvons dire que ce salon de jardin est une véritable invitation à la détente et prendre une pause pour passer dagréables moments à se prélasser au soleil sans rien faire. Quil soit installé sous une tonnelle de jardin ou un abri, il saura sadapter facilement à votre espace vert, grand ou petit. Notons que ce salon de jardin se caractérise par une structure en aluminium garantissant ainsi une longue durée de vie sans corrosion. En effet, laluminium se présente comme lun des meilleurs matériaux à utiliser pour concevoir des meubles à la fois légers et robustes. De plus, conçu en tissu, ce dernier apporte au salon de jardin une belle touche de design contemporain à votre extérieur.
  • Oviala Salon de jardin 4 places en aluminium gris
    Salon de jardin aluminium 4 places comprenant une table basse, un canapé et deux fauteuils. Robuste et conu pour durer en extérieur, le salon de jardin 4 places offre un espace détente ultra confortable avec ses fauteuils et son canapé aux coussins épais et aux dossiers légrement inclinés.Caractéristiques de la table basse en aluminium :Longueur : 95 cm Largeur : 50cm Hauteur : 40cm Structure noire en aluminium (anodisé donc meilleur résistance l'usure, la corrosion et la chaleur)Caractéristiques du canapé 2 places :Longueur : 130cm Profondeur : 72 cm Hauteur : 74 cm Structure noire en aluminium Coussins gris 100% polyester 180g/m2 tissés et teintés dans la masse déhoussables. Garnissage en mousse de coton 1500g/m2d'uneépaisseur de 8cm.Caractéristiques des 2 fauteuilsdu salon de jardin :Largeur: 71 cm Profondeur : 72 cm Hauteur : 74 cm Structure noire en aluminium Coussins gris 100% polyester 180g/m2 tissés et teintés dans la masse déhoussables. Garnissage en mousse de coton 1500g/m2d'uneépaisseur de 8cm.Colis :1 carton Poids : 34 kg
  • vidaXL Salon de jardin 5 pcs Rotin PVC Noir
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ENGLEWOOD Jun 5, 2020 (Thomson StreetEvents) — Edited Transcript of Qurate Retail Inc earnings conference call or presentation Thursday, May 7, 2020 at 12:30:00pm GMT

Qurate Retail, Inc. – Chief Portfolio Officer & Senior VP of IR

* Gregory B. Maffei

Qurate Retail, Inc. – Executive Chairman

* Jeffrey A. Davis

Qurate Retail Group, Inc. – CFO

* Michael A. George

Qurate Retail, Inc. – President, CEO & Director

Evercore ISI Institutional Equities, Research Division – MD & Fundamental Research Analyst

D.A. Davidson & Co., Research Division – MD & Senior Research Analyst

Ladies and gentlemen, thank you for standing by. Welcome to the Qurate Retail 2020 Q1 Earnings call. (Operator Instructions) As a reminder, this conference is being recorded, May 7.

I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer and Senior Vice President of Investor Relations. Please go ahead.

Courtnee Alice Chun, Qurate Retail, Inc. – Chief Portfolio Officer & Senior VP of IR [2]

Thank you. Before we begin, we’d like to remind everyone 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 our company and QVC with the SEC. These forward-looking statements speak only as of the date of this call, and Qurate Retail expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Qurate Retail’s expectation with regard thereto or any change in events, conditions or circumstances, on which any such statement is based.

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 notes and Schedules 1 through 3 can be found in the earnings press release issued yesterday or our earnings presentation, which are available on our website.

Today speaking on the call, we have Qurate Retail President and CEO, Mike George; Qurate Retail Group CFO, Jeff Davis; Executive Chairman, Greg Maffei.

Please note, we published slides to accompany the earnings release. These slides are available on our website.

Now I’ll hand the call over to Mike George.

Michael A. George, Qurate Retail, Inc. – President, CEO & Director [3]

Thank you, Courtnee, and good morning, everyone. I want to thank all of you for joining us today, and I extend our best wishes for everyone’s continued health and safety.

I’m going to focus my comments today on how we are responding to the COVID-19 pandemic, the impacts we’re currently seeing in the business, including early trends in the first weeks of Q2 and the challenges and opportunities we anticipate as we move through the year. While we don’t normally discuss end quarter results, we feel it’s appropriate to make an exception today due to the significant change in business outlook driven by COVID.

Our twin goals throughout this crisis have been to protect the safety and well-being of our team members and to be of service to our customers during this extraordinarily challenging time. We are gratified by the customer response to date and for the commitment and the resolve of our team and our partners.

The evolution of the pandemic drove significant changes in our financial results, and it’s best to consider our year-to-date performance over 3 distinct time periods. Through late February, we experienced limited impact due to COVID, except at Zulily. As we previewed on our Q4 call, Zulily sales fell sharply when it couldn’t source product after China’s lockdown in early February. Remember that the Zulily model holds limited inventory and has a significant China direct ship component.

In March, when COVID hit Europe and the U.S., we saw a major disruption across our businesses. In most markets, we experienced a significant decline in sales in the weeks immediately following stepped-up government response. We saw a sharp falloff in the second and third weeks of March across our U.S. businesses, QxH, Zulily and Cornerstone. We experienced similar impacts in our international markets, but the timing varied from late February in Italy to the first half of March in the U.K. and Germany and mid-April in Japan, following the declaration of a national emergency.

We also experienced significant product margin pressure as our business mix shifted from higher-margin fashion products to lower-margin home categories. Additionally, we incurred incremental costs as we adjusted our practices to ensure team member safety and well-being. Since late March, after the initial disruption, we saw a rebound in sales as consumers adapted to the new stay-at-home mandates, and we adjusted our merchandising, programming and marketing to better meet her needs. However, the product margin pressure due to category mix shifts continued and we incurred further COVID-related costs, including additional pay for our team; reduced productivity standards in our fulfillment centers, which is also leading to increased fulfillment times; and additional bad debt reserves, partly in anticipation of the deteriorating economic situation.

We have been focused since the onset of the COVID crisis on 4 key priorities: keeping our teams safe, adjusting our consumer-facing actions to be relevant in this environment, managing our costs and balance sheet and supporting our communities. To ensure the safety and financial well-being of our team members, we pursued a 3-prong approach.

First, we enabled and required all team members who could work from home to do so, shifting over 10,000 office-based team members and customer service representatives worldwide to work from home.

Second, for all essential team members whose work is required to be done on-site, which is primarily our fulfillment center and live studio teams, we created as safe an environment as possible, with significantly scaled back live studio operations, strict social distancing, relaxation of productivity requirements in our fulfillment centers, increased sanitation and many other actions. We also provided additional compensation for all on-site team members as a form of appreciation for their efforts and their dedication.

And third, we gave all essential on-site team members the choice to stay at home indefinitely with no penalty, and we provided partial pay options to cushion the financial impact.

We rapidly adjusted our consumer-facing activities, changing virtually everything we were doing on-air and online to be relevant and meaningful to her. The scope and pace of these changes are a wonderful testament to the agility of our model, the value of real-time customer feedback and most especially, the dedication of our team. In a moment, I’ll share more detail on these actions.

We prudently manage — we are prudently managing our cost structure, reducing capital spend and ensuring a healthy balance sheet so that we’re prepared for whatever may come our way. And finally, we’re committed to supporting our communities around the world with the $29 million commitment to COVID relief, including $19 million in emergency pay and benefits for our team members and $10 million for initiatives to support small and micro businesses, a team member relief fund and support for a variety of community programs across our global markets, including a major fundraising initiative in the U.S. for Meals on Wheels and No Kid Hungry. You can review the details of these initiatives in our April 23 release.

Now elaborating further on our efforts to adjust consumer-facing activities. Our focus throughout this crisis has been to engage the consumer in ways that would be meaningful to her. We knew she was looking to stay socially connected to the world around her, even while being physically separated. We sought to speak to her in an authentic way, to put her into our homes and our lives in ways that created more intimate connections and shared experiences and to shift our programming, merchandising and events for the products and the stories she cares most about. We did not know whether she would be interested in buying, but we knew we could offer her a respite in the gloomy 24-hour news cycle. We want it to be her place, her place for advice, entertainment and community and a source of joy, hope and inspiration. We moved quickly to tailor content across our on-air, online and social channels.

Across HSN and our worldwide QVC businesses, we quickly shifted the products we featured on-air to reflect the dramatic swings in the customers’ interest and buying behavior. We tore up most of our on-air programming calendar and invested in new programs that would speak to the moment, such as Love Your Home with Rick! at QVC U.S., an afternoon on-air mini-series that leverages insights into trending categories of new viewing patterns, which is a notable increase in afternoon TV viewing.

We made significant changes in our online merchandising as well. QVC, HSN and Zulily all quickly curated home essentials checklist, for example, focusing on newly trending categories, including home, sanitation, food and storage, business tools, tech resources for distance learning and beautification. And we leaned into our social platform with a variety of creative programs. QVC’s #PostAtHome social media campaign feature our host live streaming from their homes, engaging in real conversations with viewers and guests, offerings tutorials, recipes, and most importantly, moments of connection, moments of inspiration. We conducted similar social initiatives across our international markets such as in the U.K. #QVCAlwaysWithYou campaign and at Cornerstone, Grandin Road #MakeYourDoorHappy campaign, inspired households to spread joy by sharing their beautifully decorated front doors on social media.

We are highly encouraged by the consumer response to these actions, which we believe speaks to the relevancy of our brands, the diversity of our product mix, the efficiency of our platforms to reach consumers and especially, especially the power of our community. I’ll share some details on what we’ve been seeing, however, I would caution that these trends should not be viewed as indicative of what we’ll see through the second quarter or remainder of the year. None of us, none of us can predict how consumer behavior will evolve in the coming weeks and months as the economy begins to reopen.

Now these metrics refer to the period from late March when we first saw our sales rebound through the end of April. I’ll start with audience engagement because we always start with engagement up across all our platforms and brands, reflecting a stay-at-home consumer who is spending more time viewing TV and more time online. At QxH, we’ve seen impressive growth in the number of homes viewing QVC or HSN TV networks each day, up over 10%.

We’re also seeing significant growth in live stream viewing. In fact, the viewing of our live and original content is up over 100% across social platforms with programs like Coffee Talks with David Venable drawing large audiences. And traffic to our website is especially strong, up over 30% with even higher growth rates from noncustomers. And QVC U.S. social reach was up over 75% in April, engagement over — up over 50%.

Zulily is seeing similar increases with web traffic up nearly 30%. And engagement trends across our Cornerstone brands and our international markets are equally encouraging. This higher engagement is in turn translating into healthy growth in our customer base. We’re seeing increases in total active customer count at QxH, at Zulily, at all of our Cornerstone brands and in all of our international markets. Growth in both new and reactivated customers is especially encouraging, with gains across every business unit and every market.

Looking at the surge in new customers at QxH, for example, nearly 2/3 of these new customers are coming to us organically, a reflection of the power of our brands and reach, and the remaining 1/3 are the discovering us through paid marketing. And the percent of these new customers who are making a second purchase within a 14-day or a 28-day window is comparable to classes from prior years, an early but strong indicator that these new classes may have a similar lifetime value.

Given the success we’re seeing adding new customers, coupled with declining marketing costs, we’re increasing our marketing spend to both attract more new customers and to increase the retention of those new customers. We’ve seen improved efficiency across all marketing channels, including paid social, which gives us a powerful platform to highlight our unique shopping experience and are moving quickly to convert new customers into lifetime customers with campaigns that build relationships by focusing on what makes us unique and targeted e-mails, digital nurturing through retargeting and the piloting of additional social channels and ad formats.

These high levels of engagement and high levels of customer growth are translating into consistent sales growth at QxH, at every international market, at Zulily and at every Cornerstone brand. At QxH and QVC International, the biggest driver of growth is our off-air sales, reflecting a digitally oriented consumer who is highly engaged with our online properties. This is especially true for new customers. For example, at QxH, these new customers are twice as likely to buy out their product than our existing customers. And over 80% of the new customers are making their first purchase online.

We are highly encouraged by the sales growth we’re seeing, but we are also experiencing a mix shift to lower margin home categories. This is most pronounced at QxH, especially at QVC, which historically had a relatively high fashion mix. As a result, product margins at QxH in April went down 150 to 250 basis points below prior year.

Now since we serve a broad range of consumers in the U.S. and around the world across multiple businesses from Frontgate with an average selling price of over $120, at Zulily with the selling price under $20, we have a unique approach from which we can observe consumer behaviors through this pandemic. And we wanted to provide some insights on the sales trends we’re seeing in this late March through April time frame. The consumer, of course, is doing a lot more cooking at home. And as a result, QVC U.S. had 8% culinary demand, sales are up nearly 40% year-over-year. And U.K. and Italy are up well over 100%. Zulily Kitchenware is also up strongly. Gourmet food is especially strong across all markets, with QxH up about 90%.

At the same time, she’s trying to stay fit and healthy while stuck at home. In fitness, we saw strong growth across QVC globally and HSN for home fitness equipment, including bikes, treadmills and ellipticals. In wellness, vitamins and supplements took off also on a global scale. She wants to be productive and secure at home, and we’re seeing strong demand for home office and smart home items. Laptops, tablets, printers and monitors are leading demand here with QVC globally, with HSN and Zulily, all seeing strength. QVC and HSN are also seeing rising demand in video calling devices, such as Amazon’s Echo Show and Facebook Portal as she explores new ways to stay connected to family and friends. She also wants to find ways to entertain herself and her family. Families are playing more and crafting more. Zulily’s arts and craft is up nearly 200%, with puzzles performing especially well. And at QVC, globally, and HSN gaming and audio are up strongly.

She’s taking on home decorating projects, as she strives to make the spaces she’s spending more time in more beautiful and comfortable. Bed, bath, dining and kitchen were strong in Ballard Designs, and interior furniture rose at Grandin Road. Bedding, decor and basics saw gains at Garnet Hill, and we’re also seeing it with QVC. Meanwhile home storage and organization were also strong with both QVC and HSN.

Her yard or outdoor space, which are her refuge right now, we’re seeing live plants and garden tools across QVC U.S. and HSN growing 65% in April. The category was also up over 70% in Germany and more than 100% in the U.K. The Frontgate has also seen strong growth in planters and garden accessories. Outdoor furniture, umbrellas and replacement cushions are also performing well at Frontgate.

If she has a pool, she and her family are going to be spending a lot more time in it. Pool toys at Frontgate are up over 100% and pool toys at Zulily are up as well. She also focused on keeping her family safe and her house as sanitary as possible. Zulily has sold well over 1 million nonmedical-grade face coverings since it began sales in early April. At QVC, the RAYCOP disinfecting fabric vacuum, antibacterial moisturizing hand soap and UV phone cleaners all sold out quickly, and we’re working to restock these items. QVC globally and HSN saw surges in floor care and air purifiers. In the U.S., we’ve seen strong sales for Shark, iRobot and Dyson and Hunter air purifiers. In Germany, demand for Dyson floor care doubled in April versus the prior year.

In Beauty, we’re seeing a shift towards self-care, while she’s less interested in color cosmetics right now, she wants to maintain her skincare regimen and is also seeking at-home hair salon products. Bath & Body products are also up strongly. On the flip side, she is much more selective in her jewelry, apparel and accessories purchases, and these businesses are generally down trending across our company.

Nonetheless, we did see a few bright spots within apparel, where she continued interest in athleisure and sleepwear, across QVC globally, HSN, Zulily and Garnet Hills. We’re launching 4 new activewear and casual brands at QVC U.S. and HSN in Q2, and we continue to lead in size inclusivity. And the relaunch of IMAN last month was a big success at HSN. Zulily has also taken advantage of its ability to provide a platform for apparel and accessories vendors who have seen their brick-and-mortar business erode. They continue to introduce a number of new brands, including Motherhood Maternity set to launch this Mother’s Day.

I’ll close with some initial thoughts and what we expect to see as we move through the next several months and the economy gradually reopens. While there are many potential risks and challenges on the horizon, we also anticipate that people’s adoption of a more digitally driven, stay-at-home lifestyle will continue over many months and to some degree, it’s likely to become the new normal. Our focus will be on capitalizing on our current momentum and strong new customer acquisition to lead and win in this new normal.

As a leader in both TV and digital, with a broad and diverse product range and an agile business model, we feel we’re well positioned. We’re exploring what opportunities the current environment creates to lean into the strategic priorities I shared last year, in a way that positions us well for the future. For example, to further our product curation and diversification strategy, we’re engaged with a number of new vendors who are eager to find new platforms for their products, opening up many interesting possibilities for us. And we’re focused on continuing to find new offerings that appeal to this emerging stay-at-home lifestyle. We’ve worked hard to be a good partner to our vendors, while others are slashing orders and we believe this will serve us well in the long term.

To drive video reach and relevance, we’re moving quickly to take advantage of the high levels of TV viewership, for example, by significantly expanding our marketing presence on Amazon Fire and advancing discussions with leading virtual MVPD partners for carriage. We’ve never had as many new visitors to our digital platforms, and so we’re moving quickly on a variety of initiatives to optimize the site experience while continuing with longer-term initiatives to encourage daily digital discovery.

To continue expanding our passionate community, we’re focused on upping our investment in marketing as others pull back and learning from the new customers we’re attracting how we can engage them, and we hope to convert them to the lifetime customers.

It’s clear that COVID will forever change consumer and competitive landscape. We believe we’ll be among the winners. Those retailers who are digitally driven and create immersive and engaging experiences, those retailers who have an intimate relationship with their loyal customers, those retailers who have the product mix and agility to rapidly pivot what she cares about at any given moment, and those retailers who benefit from great financial strength and resources, who can invest to grow while withstanding emerging challenges.

Let me close where I started with profound gratitude to our Qurate Retail team members and our extended family of vendor partners and guests. They have responded to the worst circumstances in the best way, coming together as a team, supporting each other, inspiring our customers, reacting to every new development with agility and resilience, and living our principles throughout. I am so proud to work alongside them every day.

And with that, I’ll turn it over to Jeff.

——————————————————————————–

Jeffrey A. Davis, Qurate Retail Group, Inc. – CFO [4]

——————————————————————————–

Thank you, Mike, and good morning, everyone. As Mike mentioned, COVID had a noticeable impact on each of our business segments. Our net revenue for the quarter declined 5% and was impacted by approximately $55 million due to COVID-related changes in sales trends, supply chain disruption, closure of retail stores and constrained fulfillment capacity, which delayed shipments of customer orders until Q2.

Adjusted OIBDA declined 17%, in part due to actions we took to protect our team members and suppliers and to respond rapidly to changing customer behaviors.

For the quarter, COVID affected adjusted OIBDA by approximately $40 million, principally from reduced sales trends, lower product margins, higher freight costs due to category shifts into home product, reserve adjustments for bad debt and customer returns and lower productivity standards at our fulfillment centers. I’ll elaborate more within each business unit as I go through my discussion.

So let’s move to our business segment results, starting with QxH. For the quarter, net revenue was down 4% on 3% lower unit volume and 1% lower ASP. The estimated impact of COVID on revenue was approximately $20 million. This was due to the combination of delayed shipment of customer orders into Q2, partially offset by new customer orders late in the quarter.

On Slide 8 of our financial presentation, you’ll see that we have more closely aligned our discussion on adjusted OIBDA and its contributing factors to the P&L. Adjusted OIBDA declined 17% and adjusted OBIDA margin declined 260 basis points. Let me provide more detail on these contributing factors.

Gross margin. Gross margin declined 100 basis points. First, product margins were relatively flat, with increased margin in January and February, largely offset by deterioration in March, primarily from the product mix shift from higher-margin fashion categories to lower-margin home categories. Second, fulfillment, which is comprised of warehouse and freight, unfavorably impacted gross margin by 125 basis points, driven by our investments in network optimization and higher freight rates due to general rate increases and increased drop ship penetration. These factors were partially offset by favorable inventory obsolescence of 30 basis points due to reduced inventory levels.

Moving to operating expenses, which were flat on a dollar basis, but increased 20 basis points as a percent of revenue, primarily from headwinds from higher credit card fees and commissions associated with certain TV distribution contracts signed in Q1 of 2019. These carriage commissions were partially offset by lower variable commissions associated with higher off-payer sales.

And finally, SG&A. SG&A expense increased 140 basis points as a percent of revenue from a combination of administrative costs, bad debt and marketing. Administrative costs increased 65 basis points as a percent of revenue, of which half is associated with the incentive compensation accrual and the remainder reflects sales deleverage and outside services partially offset by reduced drop.

Bad debt increased 50 basis points as a percent of revenue, of which 40 basis points is related to increased reserves as we bolstered our reserves this quarter to reflect changes in general economic conditions. We expect to incur elevated levels of bad debt from the shift in our customer base and product mix that Mike had mentioned. We managed future charge-off exposure, we are closely monitoring customer payment performance and utilizing fraud and credit screening filters. Finally, marketing increased 25 basis points as a percent of revenue, reflecting performance to marketing to acquire new customers. However, our current marketing spend is still relatively modest at less than 1.5% net revenue.

In summary, we estimate that COVID impacted Q1 adjusted OIBDA by approximately $25 million, primarily from product mix shifts, changes in sales trends, reserve adjustments for bad debt and customer return. On our last call, we indicated network optimization and other fulfillment center enhancements would continue to increase our synergies and improve our margin profile in the second half of 2020. However, COVID is delaying the installation on the new warehouse management system and the achievement of key milestones associated with our Rocky Mount, North Carolina and Ontario, California facilities. Moreover, while fully functional, our new Bethlehem facility is currently experiencing reduced staff at tenant levels and operating under social spacing constraints to comply with COVID safety protocols.

We expect these situations to continue until restrictions are lifted on team member and third-party contractor travel and social spacing.

Moving to QVC International. On a constant currency basis, revenue for the quarter was down slightly on 4% lower unit volume and a 3% gain in ASP. This performance reflected continued strength in Japan, which was partially offset by declines in Germany, U.K. and Italy. The progression of the quarter’s performance resemble that of QxH, with a spread of COVID starting in February. Declines in apparel, accessories and jewelry were partially offset by increases in home.

COVID impacted net revenue by approximately $13 million, primarily from lower demand. Adjusted OIBDA was down 3% and adjusted OIBDA margin declined 40 basis points, primarily from a 70 basis point increase in cost of sales led by lower product margins and unfavorable inventory obsolescence. This inventory obsolescence reflected favorable reserve adjustment in the prior year. And the combination of these factors was partially offset by reduced freight costs. Conversely, OIBDA margins were supported by 40 basis points in reduced SG&A from lower administrative costs associated with France, which was closed in March of 2019. We estimate COVID impacted Q1 adjusted OIBDA by approximately $8 million, primarily from lower demand, supply side impact, margin and mix shifts and bad debt reserves.

Moving to Zulily. For the full quarter, revenue was down 20% on 21% lower volume and a 1% gain in ASP. Zulily experienced the earliest COVID impact of its China supply chain disruption in early February. While these supply chain challenges are largely resolved — were largely resolved even by the beginning of March, Zulily experienced further sales erosion through March due to declines in consumer demand driven by COVID, in addition to the underlying pressures we’ve discussed in prior calls. This was exacerbated by the closure of many domestic suppliers that further hampered Zulily’s limited inventory model. We estimated these COVID-related events reduced sales by approximately $9 million. Adjusted OIBDA declined $15 million, and adjusted OIBDA margin declined 370 basis points, primarily due to 160 basis point decline in gross margin. First, from increased warehouse costs, recognition of emergency pay practices and reduced productivity and lower attendance; and second, from lower product margins.

OIBDA was additionally pressured by 210 basis point increase in SG&A from the fixed cost deleverage and additional expenses to sanitize fulfillment centers and office buildings, partially offset by reduced marketing spend. There was a modest — only a modest impact of adjusted OIBDA from the disruption in the China supply chain.

And finally, Cornerstone brands. For the full quarter, net revenue declined 5%. Prior to the onset of COVID, all brands were delivering growth except Garnet Hill, which is reflecting a challenging apparel environment. Ballard Designs and Frontgate stores were required to close in early March and have not reopened yet. The estimated revenues were impacted by approximately [$13 million] from COVID-related changes in customer demand and store closures. Adjusted OIBDA for the period was a loss of $2 million, reflecting fixed cost deleverage and greater employee-related costs, higher marketing expenses from the timing of expense recognition of catalog reduction and increased digital spend. This was partially offset by improved product margins. We estimate COVID impacted OIBDA by approximately $6 million.

Moving into capital expenditures, free cash flow and liquidity. Capital expenditures were $45 million for the quarter. As a precaution to preserve free cash flow, we have taken actions to reduce nonessential 2020 capital spend by $30 million to $50 million.

QRI generated $75 million of free cash flow in the quarter. We define free cash flow as net cash provided by operating activities less the sum of the firm’s capital expenditures, expenditures for TV distribution rights, investments in loans and cost and equity investments and dividends paid to noncontrolling interest. Free cash flow increased versus Q1 of last year, primarily from the lower TV distribution rights, improved working capital and reduced CapEx.

As of March 31, we have $555 million of cash and cash equivalents and $2.4 billion of total capacity under QVC’s revolving credit facility, of which $1.6 billion is available pursuant to our covenant threshold. This revolving credit facility matures in 2023. In February, QVC accessed the high-yield market and completed a registered debt offering for $575 million at 4.75% senior secured notes due in 2027. The proceeds were used to partially prepay existing indebtedness under its revolving credit facility. We are in compliance with all debt covenants as defined under QVC’s restated revolving credit agreement and all other senior secured notes. And at March 31 of this year, our leverage ratio was 2.4x.

Our next scheduled maturity of senior secured notes is for $500 million, and it comes due in 2022. We anticipate repaying these notes with available cash on hand, free cash flow, borrowings under the revolving credit facility or refinancing in the public debt market. Finally, while we generally operate the business with a fixed cost structure of approximately 10%, our annual net revenue for QRG and fixed costs of less than 10% of annual net revenue at QxH, we are maintaining a disciplined approach to managing our costs in an uncertain environment and constructive — conservatively hiring, travel and spending practices.

In summary, as we navigate through an uncertain environment, we continue to track COVID effects closely and are mindful that an extended slowdown could create long-term effects. If any emerge, we will continue to address the issues with our agile approach, supported by our healthy balance sheet and liquidity position.

And now I’ll turn it over to Greg.

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Gregory B. Maffei, Qurate Retail, Inc. – Executive Chairman [5]

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Thanks, Jeff. Let me start by also thanking Qurate’s employees and management for their dedication and perseverance. In no small feat, they were able to adapt quickly to this new environment. It’s been amazing to see the response from our customers in maintaining this connection. I’d like to reiterate a few points made by Mike and Jeff.

First, we feel very comfortable with our liquidity. This is a business that generates free cash flow. We have not drawn on our revolver in this quarter or since the COVID crisis began and, in fact, have paid down revolver. As was noted, we currently have a revolver of $2.4 billion of total capacity, of which $1.6 billion is available subject to our current covenant threshold. That covenant threshold is 3.5x, and we’re currently at about 2.4x.

We did use cash to repurchase $49 million of MSI exchangeable bonds in the quarter, but we’ve since ceased repurchases of those bonds through the decrease in the share price of MSI and the change in interest deductibility under the CARES Act that will no longer be a use of capital. We plan to reduce CapEx spending from our budgeted amounts by $30 million to $50 million for the balance of this year, despite our confidence in our liquidity, prudent time to be conservative.

We are encouraged by the trends we’ve seen in the second quarter. As Mike noted, positive growth and engagement in customer accounts are translating into sales growth to date and excellent momentum. We appreciate your continued interest in Qurate Retail, and we hope you are all safe and sound.

And with that, operator, I’d like to open it up for questions.

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Questions and Answers

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Operator [1]

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(Operator Instructions) And we will take our question from Oliver Wintermantel from Evercore.

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Oliver Wintermantel, Evercore ISI Institutional Equities, Research Division – MD & Fundamental Research Analyst [2]

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Regarding the margin pressure that you’ve seen in the first quarter, could you maybe talk a little bit about what you expect in the second quarter from COVID-related margin pressures, how much of that will linger into the second quarter in regards to the margins or safety or precautions that you have taken? And the follow-up question was, glad you just mentioned the sales growth of quarter to date. Is that — does that mean sales are currently trading positive in the second quarter?

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Michael A. George, Qurate Retail, Inc. – President, CEO & Director [3]

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Thanks, Oli, for the question. I’ll make a couple of comments on margins and sales growth, and then turn it over to Jeff. On the margin side, let me just comment on the product margin piece of it, and Jeff can cover the rest. I mentioned — we mentioned the downturn in product margins late in Q1, but a reminder that product margins were flat for the full quarter. And then in April, I mentioned about 150 to 250 basis point product margin erosion at QxH due to mix shift. I would say that range got kind of better from the beginning of April to today. So we were trending towards the higher end of that early in the month and have been trending down since then as we’ve taken actions to try to moderate that margin pressure.

I won’t predict what it will be going forward, other than to say it’s been trending in a better direction towards the lower end of that range. We also have somewhat easier comparisons in May and June because the fashion mix is not as high from a year ago, May, June as it was in April. So a little bit easier comparison, a little bit improving trend. But yes, we still expect aggregate product margin pressure due to this mix shift.

On sales growth, yes, we’re seeing consistent positive sales growth. We’ve seen it every week since late March through to today. We’ve seen it in every business unit, every market, every brand, consistent positive sales growth.

Jeff, do you want to comment on the other aspects of the margin profile?

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Jeffrey A. Davis, Qurate Retail Group, Inc. – CFO [4]

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Absolutely. So in addition to the product margin, if you will, one of the headwinds that we had as a result of that shift from some of fashion categories into the home categories drop ship penetration was much higher on some of those categories. So that was a headwind for us. The other elements, and that will be continued going into Q2 to the extent that we have that same type of mix of our overall categories. The other component that unfortunately we’re experiencing in our warehouses from a fulfillment basis is, as a result of having the social spacing and reduced sort of productivity, as a result of some of our attendance levels, that is also creating some pressures for us with respect to this inefficiency in productivity in the — in those facilities.

But the one thing that you’ll notice in the presentation that we do, we show that fulfillment was about 125 basis points a headwind for us. And about half of that was as a result of fulfillment and about half of that was as a result of — I’m sorry, half of that was freight, and then half of it was from warehouse. The challenges that we will have going forward also as it relates to our execution of our network optimization, we had talked about where in the — we were expecting to continue to hit our milestones to get through some opportunities to help reduce some of the pressure we would have on our product margins, if you will. And it would help us from some freight and pack factor. As a result of having the delays in that network optimization and in installation of the warehouse management, well, we believe that we’re going to be — from a timing perspective, we’re going to be delayed, and we’re not going to have some of that improvement going into the second quarter that we were anticipating.

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Oliver Wintermantel, Evercore ISI Institutional Equities, Research Division – MD & Fundamental Research Analyst [5]

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Got it. So just to summarize, the sales are trending positive, but margins are maybe a little bit better than in the first quarter, but not positive?

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Jeffrey A. Davis, Qurate Retail Group, Inc. – CFO [6]

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Yes. The margins would be trending — I think what Mike was indicating is that in the second — in the latter part of the quarter — first quarter, we saw some significant headwind with our product margins as a result of the mix — product mix. That — well, we still have the product mix impact, we were improving that product mix margin as we’re coming through the early part of the April, and we would continue to work towards that as we move through the quarter.

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Operator [7]

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We will now take our next question from Heather Balsky, Bank of America.

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Heather Nicole Balsky, BofA Merrill Lynch, Research Division – VP [8]

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I was just wondering on the sales front. First, could you put some perspective, especially for QxH, I guess, how positive your overall sales are trending for the business through April? And then also, you talked about investing in marketing to help retain some of these new customers you’re attracting. Can you talk a little bit more about what else you’re doing to ensure that the customers and engagement that you’re seeing right now that you can sustain that and/or sustain part of that?

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Michael A. George, Qurate Retail, Inc. – President, CEO & Director [9]

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Heather, thanks for the question. No, we’re not going to put specific numbers around the sales trends just because it’s a handful of weeks and a long way to go in the quarter. But I would characterize it as very solid positive sales growth. And again, we’re encouraged by the consistency of the growth, meaning we’ve seen it every week since late March. We’ve seen it across new customers, reactivated customers, occasional customers and core customers. We’ve seen it across a range of home categories, electronic categories, beauty categories. The only place we’re not seeing it is in apparel, accessories and jewelry. So I’d characterize it as consistent, broad-based sales growth.

In terms of the customer engagement, I would say we’re highly encouraged to see growth in every tranche of customers with really accelerated growth in the new and reactivated customers. So as I mentioned in my comments, we’re doing a lot to engage all customers, and particularly, those new and reactivated customers through e-marketing programs, through retargeting marketing, through continued investment in social marketing, all the places where we know she is, to continue to speak to her, to continue to demonstrate a range of our product offerings, welcome kits that help sort of introduce her to the story, financial incentives for second purchases.

So I would say a very broad approach based on her behavior to target how we would [defer] to continue that behavior. We are really encouraged given the increase in new customers we’re seeing, we naturally expect it up but on average, the quality of those new customers would kick down, even if the absolute numbers are strong. But at least our early metrics of quality are suggesting that it’s every bit sort of same predicted lifetime value as earlier classes because we get a pretty good window on — customers’ lifetime quality is — like, her repeat rate in the first 14 days she’s with us, and the first 28 days she’s with us are pretty good indicators of lifetime quality. And so for the weeks of new customers where we do measure either a 14-day or a 28-day repeat rate, we’re seeing same or better performance than we’ve historically seen. So we think we’re attracting a good quality customer. We’re actively engaging her to try to secure that and make sure she keeps coming back to us.

And the final point, I guess I would make, what we feel good about is just we know there’s actually a long lag time in a normal environment from kind of experiencing QVC for the first time on TV, let’s say, or through a paid marketing program and then actually making a purchase. So the fact that we are seeing so many new viewers and occasional viewers spending time watching our programming, some of which is obviously translating into immediate sales, just the visibility of all our platforms, the engagement across all those platforms is just at a different level. And we think that is, in and of itself, a value because we know that when we can get people to engage with us, they become lifetime customers. And so I think this is a special moment where our team has done an amazing job telling our story in a thoughtful way, on air, online. We’re seeing that engagement. I think that will help sustain some of the sales momentum we’re currently seeing.

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Operator [10]

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Ladies and gentlemen, we will now take our next question from Edward Yruma from KeyBanc.

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Edward James Yruma, KeyBanc Capital Markets Inc., Research Division – MD & Senior Research Analyst [11]

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I guess just a two-parter. First, on the bad debt, are you starting to see behaviors within Easy Pay that underpin your change in bad debt assumption? Are you seeing kind of delinquency or higher charge-offs? And then two, I know apparel has been a mix shift away. Other retailers have taken inventory impairment, I guess, I know you said that I think your inventory obsolescence, which are actually going down. Just kind of walk us through the quality of inventory that you have on the balance sheet?

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Jeffrey A. Davis, Qurate Retail Group, Inc. – CFO [12]

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Mike, do you want me…

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Michael A. George, Qurate Retail, Inc. – President, CEO & Director [13]

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Jeff, do you want to take that?

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Jeffrey A. Davis, Qurate Retail Group, Inc. – CFO [14]

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Yes. Absolutely. So let me start off with bad debt. From a bad debt perspective, we have not seen a deterioration in the quality of customer payments as of yet. But we do know that the combination of purchases when they are more concentrated in to some of the home categories, over time, they have a higher level of default rate as well as the longevity of the customer. So if you have a customer who is a new customer versus one that’s reactivated or has been with you longer. That newer customer is one, many times, that has the higher charge-off experience. With a combination of new customers and these new customers, especially buying their first purchases in some of those higher categories — some of those categories, in which we had a higher deterioration where we thought it was prudent to start reflecting that — on how we think about our reserves going forward.

As it relates to inventory, our inventory levels are actually down year-over-year. And we’ve been working very diligently to try and adjust receipts where — where we could — as we’re really going through this process. We did increase our obsolescence in reserve a little bit as a result of some of the shifting we’re seeing in categories. But for the most part, the 30 basis point improvement in overall obsolescence where gradually that has reduced the inventory net of that adjustment that we made for the category shift that we’re seeing in some of the heavier inventory that we think we might need to ultimately liquidate — not liquidate but essentially move to higher spot pricing later in the quarter.

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Michael A. George, Qurate Retail, Inc. – President, CEO & Director [15]

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I’d add one other comment on inventory. And so as Jeff said, we’re pleased with the position we’re in, with inventory down over prior year, overall healthy inventory. But we’ve made a strategic calculation to generally reduce the amount of receipt we would have in the fashion categories in the fall given the COVID situation, but not to eliminate them.

And so one of the things that also gives us encouragement about sustaining the sales momentum is that most retailers have canceled most fall orders, and we’ll be trying to take a big backlog to spring/summer merchandise and move it through their system. We’ll be having fresh orders, new items, and a new concept, new products in the fall and holiday time period that I think will be really differentiated from what will be broadly available at retail. So there’s a little bit of a risk in that, I think we don’t get all the sales we think we can get. But we feel good that we struck the right balance of keep the inventories clean and also have fresh receipts, so that we’ll be relevant for the customer in the fall.

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Operator [16]

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We will now take our next question from Thomas Forte from D.A. Davidson.

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Thomas Ferris Forte, D.A. Davidson & Co., Research Division – MD & Senior Research Analyst [17]

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Great. So Mike and team, I’m glad to hear that everyone is well, and it sounds like you’re doing a wonderful job navigating just in a very challenging environment. So the question I had for you, Mike, is I wanted to know if you could tell me the financial mindset of your U.S. and international customer. I know historically, things that have affected it have been home values and stock market levels. Just wondering what your thoughts are today?

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Michael A. George, Qurate Retail, Inc. – President, CEO & Director [18]

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Tom, appreciate your comments. We’ve been — we’ve certainly been encouraged by the spending pattern we’ve seen. I’m not sure how to exactly link that through her financial mindset. Certainly, in the surveys we do, she is concerned about the economy, as you would expect. You’re right that she’s typically most sensitive to housing values and stock market values, both of which have probably held up better in recent days than maybe we would have expected a month or so ago.

What we’re encouraged by in her behavior is that she’s investing in her home right now, and we see really strong performance across every Cornerstone brand and those sort of — our highest-income customers, along with high performance across [Q&H]. But I think she’s still okay. She’s willing to make investments to make her home life more comfortable for herself and her family.

Clearly, she’s not going to be buying apparel right now or buying much less of it. So that’s not a priority to her. But for those things that are priority for her, for making her home life better at this current moment, is clearly investing in product, investing in quality, and there’s no sort of trade down phenomenon that we’re seeing. So I think for now, while we certainly have concerns about this tough environment we’re in, at least in the way she’s engaging with us. I think she’s doing — she’s surprisingly resilient, I guess it’s how I would characterize it.

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Operator [19]

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Ladies and gentlemen, we will now take our last question from Jason Bazinet.

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Jason Boisvert Bazinet, Citigroup Inc, Research Division – MD, Global Head of EMT & Analyst [20]

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Just had a question for Mr. George. If you had to offer up a hypothesis for the main driver of the top line improvement between the quarter and what you’re seeing quarter-to-date, what would that be?

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Michael A. George, Qurate Retail, Inc. – President, CEO & Director [21]

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I think — Jason, thanks for the question. To me, it is a combination of we know we have a consumer who is home and is much more engaged in viewing TV, much more engaged in spending time online. And so the power of our platform is to be present for her. And again, we’re seeing a lot of new viewers and new consumers and move traffic to our website. So it’s not just our existing customers. So I just think the fact that we have very powerful platforms with broad reach, both TV platforms and online platforms, say that at this moment in time when she’s engaged in that universe, we are there, and we’re there in a big way, and we’re there in a really differentiated way. And we’ve always believed that if you get a consumer to spend a little bit of time engaging with us, she’ll start to spend a lot of time engaging with us, and you have a sort of a reinforcing positive effect.

And so I think we’re seeing that. That then coupled with for a much higher level of engagement and taking purchases for her home. And I would say if there’s a story of Qurate sales pressure, especially at [Q&H] over the last couple of years, it’s been that we benefited from a fairly strong fashion cycle and a tougher home cycle. The fashion cycle then moderated over the last year, but we didn’t see the home side pickup. And that was really what caused that kind of couple of percent points decline over the last year. If you had to oversimplify a historic growth with fashion and beauty got softened, home didn’t rebound.

Now we’re in a mode where the customer is thinking much differently about her home and now she wants to invest in that home. And we have a wonderful array of products for her home across all of our business units. And now that she’s much more focused on that aspect, I think we’re benefiting from that. So you then try to fast forward, again, none of us can predict the future of this pandemic, but just the fact that so many people have been exposed to our ecosystem that might not have been exposed to it in a normal time, the fact that some aspects of this digital lifestyle will certainly continue. The fact that some aspects of the stay-at-home lifestyle and appetite for investment in the home will likely continue, I think we can be strong beneficiaries of both of those trends.

And I believe that’s the last call. So thank you, everyone, for your interest and support at this really tough time. We appreciate it. I hope you all stay safe and well. Thanks very much.

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Operator [22]

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Ladies and gentlemen, that will conclude today’s conference call. Thank you for your participation. You may now disconnect.