QVC, an online and TV retailer, announced that the tracking stock for the QVC Group began trading on Nasdaq yesterday. QVC Group Series A and Series B common stock are trading under the symbols QVCA and QVCB.
The QVCA stock closed Tuesday at $25.41 per share, $0.01 lower than its peak price. QVCB stock closed at $25.35, its high for the day.
QVC’s parent, Liberty Interactive Corp., recently realigned Liberty’s businesses to create a multimedia retail tracking stock that will follow the performance of QVC and Liberty’s approximately 38% interest in HSN Inc., another retailer that sells via TV shopping shows and the web. HSN is No. 26 in the Internet Retailer 2014 Top 500 Guide. The tracking stock group formerly known as the Interactive Group is now the QVC Group.
Tracking stock enables investors to closely follow a particular division of a larger company.
“Our multichannel approach provides an engaging and immersive shopping experience that fosters meaningful relationships and customer loyalty,” says Mike George, president and CEO of QVC Inc. “The QVC tracking stock is a testament to both our progress and future growth potential.”
Liberty Interactive said on Oct. 3 that it was transferring its e-commerce companies and its web and television entity QVC into two separate stocks. Liberty Interactive, No. 6 in the Internet Retailer 2014 Top 500 Guide, had announced the split in October 2013.
QVC will operate under the QVC Group, and the rest of the company’s e-commerce companies will operate as the Liberty Ventures Group. Liberty Ventures will include outdoor gear and apparel retailer Backcountry.com; supplement and fitness retailer Bodybuilding.com; drop-ship and fulfillment vendor CommerceHub; online invite company Evite; Provide Commerce, which owns ProFlowers and other online gift retailers and infant and toddler apparel retailer The Right Start. FTD, No. 105 in the Internet Retailer 2014 Top 500 Guide, announced July 30 plans to acquire the floral and gifting businesses, including the e-commerce sites, of Provide Commerce from Liberty Interactive for $430 million.Favorite