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QVC owner plummets 21% on sudden sales slowdown

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Shares of Liberty Interactive Corp. QVC Group closed down more than 21 percent Friday afternoon to a fresh 52-week low after reporting earnings and a "more cautious" outlook.

The earnings release noted that U.S. sales for QVC began to experience "significant headwinds" in early June and the sales declines "have averaged in the mid to high single digit percentages" as compared to prior periods.

The company also said "there is no guarantee" its efforts to reverse the negative trends will have a positive effect and that "U.S. net revenue and adjusted (operating income before depreciation and amortization) will likely experience negative growth rates for the third quarter."