Bookstore Sales Fell 28.3% in 2020 (publishersweekly.com)

UPS announced second-quarter 2020 consolidated revenue increased to $20.5 billion, a 13.4% increase from the second quarter of 2019. Net income was $1.8 billion for the quarter; adjusted net income was $1.9 billion, 8.8% above the same period in 2019. Operating profit was $2.2 billion, and adjusted operating profit was $2.3 billion, up 7.4% compared to last year’s second quarter. Diluted earnings per share was $2.03 and adjusted diluted earnings per share was $2.13, up 8.7% from the same period last year. GAAP results included a pre-tax transformation charge of $112 million, equivalent to $0.10 per share. In the prior year period, GAAP results included a pre-tax charge for transformation costs of $21 million, equivalent to $0.02 per share.

Third Quarter Highlights: • Total loans grew $6.9 billion (9%) from the prior year to $80.4 billion. • Credit card loans grew $5.5 billion (9%) to $63.5 billion and Discover card sales volume increased 5% from the prior year. • Total net charge-off rate excluding PCI loans increased 61 basis points from the prior year to 2.71% and the total 30+ day delinquency rate excluding PCI loans increased 26 basis points from the prior year to 2.05%. • Consumer deposits grew $3.4 billion (10%) from the prior year to $38.7 billion. Click Read More below for additional information.

*Third quarter sales and earnings exceed company expectations, with significant improvement from the second quarter *Strengthened financial position during the quarter by fully repaying revolver and ending with $1.9 billion in cash *Strong operating cash flow year-to-date of $910 million *Third quarter comparable sales decrease 13.3% *Third quarter loss per share of ($0.08)