Print Editions Of 6 Meredith Brands, Including ‘InStyle,’ Shutting Down (mediapost.com)

Fourth Quarter 2022 Results - Net sales decreased 7.2% year-over-year, to $5.8 billion, with comparable sales down 6.6%. Gross margin as a percentage of net sales was 23.0%, a decrease of 1,016 basis points. Clearance markdowns impacted margin by approximately 750 basis points and product cost inflation impacted margin by approximately 200 bps. Net loss was $273 million, or ($2.49) per diluted share. This compares to net income of $299 million, or $2.20 per diluted share in the prior year. Fiscal Year 2022 Results - Net sales decreased 7.1% year-over-year, to $17.2 billion, with comparable sales down 6.6%. Gross margin as a percentage of net sales was 33.2%, a decrease of 485 basis points. Net loss of $19 million, or ($0.15) per diluted share. This compares to net income of $938 million, or $6.32 per diluted share, and adjusted net income of $1.1 billion, or $7.33 per diluted share, in the prior year.

**Net sales increased 9% to $127.4 billion in the first quarter, compared with $116.4 billion in first quarter 2022. Excluding the $2.4 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with first quarter 2022. *North America segment sales increased 11% year-over-year to $76.9 billion. *International segment sales increased 1% year-over-year to $29.1 billion, or increased 9% excluding changes in foreign exchange rates. *AWS segment sales increased 16% year-over-year to $21.4 billion. **Operating income increased to $4.8 billion in the first quarter, compared with $3.7 billion in first quarter 2022. First quarter 2023 operating income includes approximately $0.5 billion of charges related to estimated severance costs. *North America segment operating income was $0.9 billion, compared with operating loss of $1.6 billion in first quarter 2022. *International segment operating loss was $1.2 billion, compared with operating loss of $1.3 billion in first quarter 2022. *AWS segment operating income was $5.1 billion, compared with operating income of $6.5 billion in first quarter 2022.

David Carey, the president of Hearst Magazines since 2010 and the architect of some of the most successful magazine launches at that company in recent decades, is stepping down at the end of the year, according to the company. Carey will serve next year as a fellow at the Harvard Advanced Leadership Initiative, a program designed to give business, government and other leaders a platform for social-impact initiatives. "Under David, we have become a preeminent global digital publishing company while continuing to launch innovative print editions," CEO Steven Swartz said in a memo to employees this morning. "Over the next few months, while continuing to run the group, David will help select the next leader of our magazine company. This kind of orderly transition is a hallmark of Hearst Magazines." Click Read More below for additional information.