QVC Group, Inc. Annual report pursuant to Section 13 and 15(d)

Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2011


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
							(a) (b)
	(In thousands, except per share data)
Year Ended December 31, 2011
Net sales	$	723,982	$	746,939	$	751,237	$	954,996
Gross profit		253,954		286,581		272,826		336,693
Operating income		41,290		59,846		47,197		83,666
Net income		20,281		31,967		24,304		46,518
Net income per share:
Basic	$	0.35	$	0.55	$	0.41	$	0.79
Diluted	$	0.34	$	0.53	$	0.40	$	0.76
Dividends declared per common share	$	—	$	—	$	0.125	$	—

Year Ended December 31, 2010
Net sales	$	683,213	$	689,992	$	708,359	$	915,216
Gross profit		236,484		258,661		249,727		316,142
Operating income		37,495		48,350		32,797		77,444
Net income		17,653		24,706		14,878		41,287
Net income per share:
Basic	$	0.31	$	0.43	$	0.26	$	0.71
Diluted	$	0.30	$	0.42	$	0.25	$	0.69
Dividends declared per common share	$	—	$	—	$	—	$	—

(a)	Cornerstone has a 4-4-5 week accounting cycle with the fiscal year ending on the Saturday on or immediately preceding December 31. The fourth quarter of 2011 included an extra week compared to the other quarters in 2011 and 2010.

(b)	The fourth quarter of 2011 includes $3.0 million of asset impairment charges, and a related $1.1 million tax benefit, related to indefinite-lived intangible assets and long-lived assets of one of the Cornerstone brands. These charges decreased diluted earnings per share by $0.03.