Cornerstone reported record revenue growth at each of its brands for the fourth quarter and full year.
Other divisions in Qurate Retail’s stable had a tougher go of it in the fourth quarter, with supply chain constraints putting a squeeze on product availability.
“In the fourth quarter, we managed through a number of continuing challenges and are not pleased with the performance,” said David Rawlinson, president and CEO of Qurate Retail. “We feel confident in our ability to deliver, although we know it will take time to improve some aspects of the business and innovate.”
Cornerstone benefited from strong growth in its home brands – Frontgate, Ballard Designs and Grandin Road – as well as demand for apparel and home products at Garnet Hill. Revenue for the division rose 8% to $357 million during the quarter and 16% to $1.2 billion for the full fiscal year.
