QVC, the largest retail chain in the United States, has seen a huge jump in sales.
The company said Tuesday that its total sales have surged by 30% to $10.9 billion during the first three months of the year.
In the same time period, its stock has dropped nearly 30%.QVC said its sales have risen by about 8% in the past three months, largely due to a surge in the number of customers who choose to shop online.
For the full year, QVC’s sales have more than doubled to $19.2 billion.
The chain has seen more than 100 million visits to its online store since the holidays, a nearly 30% increase over the same period last year.
The surge in online sales comes as online shopping is becoming more popular.
More and more customers are opting to buy online.
The Wall Street Journal reported Tuesday that online shopping has increased in the last year, and QVC has experienced its fastest growth rate since the mid-2000s.
It’s unclear if the online sales are sustainable.
Last year, online sales accounted for just 7% of the company’s sales.
This year, it’s growing by more than 20% compared with the same quarter last year when the chain saw an average decline of 9%.QLC, the second largest retailer in the U.S., has seen its sales surge by nearly 40% over the last three months.
The chain has more than tripled the number in the same three months than it did in the entire year last year and is on pace to overtake Wal-Mart in the retail sector for the first time.QLC reported Tuesday it expects sales to increase by an average of 16% this year.
Last year, the chain’s sales were only around 5%.QSL, the third largest retail retailer in North America, has posted a 16% increase in sales during the same two months.
Last month, it reported that its sales were up nearly 30%, and the chain is on track to surpass Wal-mart in the total retail category.QSL said it expects to have its sales rise by about 12% this quarter, and it’s on track for its fastest expansion in nearly two decades.