Walmart Releases Q3 FY21 Earnings

The U.S. Postal Service today released a First-Year Progress Report on Delivering for America (DFA), its 10-year plan to return the organization to financial sustainability and achieve service excellence while maintaining universal six-day mail delivery and expanding seven-day package delivery. “We have made significant progress in the first year of our Delivering for America plan, but our work is far from over,” said Postmaster General and Chief Executive Officer Louis DeJoy. “Our employees are playing an integral role in the advancement of the plan. As we continue to implement components of the plan, we expect to significantly improve on-time delivery performance, operational capacity, precision and efficiency, and to do so in a financially sustainable manner over the coming decade. Delivering for America is helping to drive a new sense of purpose and focus across all levels in the organization.” Key milestones in the first year of DFA include: Reversing decades of losses; Improvements in on-time national service performance; Streamlined organizational functions; Conversion of nearly 63,000 pre-career employees into career positions; New standards to provide service reliability for customers and more

"We have made significant progress executing on these initiatives since we closed on the acquisition just six weeks ago," said Meredith President and CEO Tom Harty. "For example, today we are announcing we have completed our portfolio review and decided to explore the sale of the TIME, Sports Illustrated, Fortune, and Money brands. These are attractive properties with strong consumer reach. However, they have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner. We are pleased with the inbound interest we have received, and we are confident these brands will be positioned for growth with an owner that shares Meredith's respect for editorial integrity and independence." Finally, Meredith announced headcount reductions, part of its plan to realize between $400 to $500 million of cost synergies from the Time Inc. acquisition. Approximately 200 employees have been notified that their positions have been eliminated. Additionally, Meredith said approximately 1,000 more positions will be eliminated over the next 10 months. Previously, Meredith announced the elimination of approximately 600 positions as it transitions subscription fulfillment operations to a lower-cost provider. These headcount reductions do not include the impact of any potential divestitures. Click Read More below for additional information.

FY24 first quarter service performance scores covering October 1 through November 3, included: *First-Class Mail: 88.0 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 3.0 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.6 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 85.7 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.