Unit sales of print books rose 11.6% last week over the week ended May 30, 2020, at outlets that report to NPD BookScan and through the first five months of 2021, sales were up 22.4% over the comparable period in 2020. The adult fiction category had another big week, with sales up 25.8% over the week ended May 30, 2020. Legacy by Nora Roberts was the top-selling title in the category, selling nearly 33,000 copies in its first week on sale. Other new books that cracked the top 10 adult fiction bestseller list were Christine Feehan’s Shadow Storm, which sold more than 18,000 copies, and The Saboteurs by Clive Cussler, which sold over 14,000 copies. Through May 29, print unit sales were up 32.4% over the first five months of 2020.

Following a year of extraordinary disruption to the nation’s educational system and the necessary shift to online instruction, parents of students in grades K-12 have reached a clear consensus: When it comes to books, the physical version matters. Parents are acutely focused on what their children learn and are convinced they will learn more via printed materials, according to national study conducted in the United States recently by pollster Frank Luntz. The survey of 1,000 parents with school-aged children across the country found the following: *Virtually every parent wants physical materials as a part of student learning. *76% of parents find physical books “extremely/very” impactful, compared to 68% for online/digital books. *When given the choice of only one or the other, 69% of parents prefer physical materials and only 31% choose online materials. *Physical books matter greatly in school board elections. 71% of parents would be more likely to vote for a school board member who supports students learning with physical materials – over the 29% who would prefer a member who wants online materials. *The frustrations with online learning during COVID are real. More than 80% of parents from all backgrounds (including 74% of those who typically favor online materials) believe physical materials would have made their jobs easier helping their students from home.

Meredith Corporation announced that it has accepted a revised proposal from Gray Television, Inc. to acquire Meredith's Local Media Group for approximately $2.825 billion in cash, and that the two companies have entered into an amendment to their previously announced definitive merger agreement reflecting the revised terms. Under the terms of the revised Gray proposal, Meredith Corporation shareholders would receive $16.99 per share in cash, revised from the previously announced $14.51 per share in cash, and 1-for-1 equity share in post-close Meredith. Meredith received an unsolicited proposal from another party after announcing the definitive agreement with Gray and subsequently received the revised Gray proposal. Meredith's Board of Directors gave due consideration to both proposals and carefully assessed the risks and benefits of each and unanimously approved the revised Gray proposal. The Board of Directors of Meredith unanimously recommends that Meredith shareholders vote in favor of the revised Gray proposal.

The Postal Regulatory Commission (Commission) issued its analysis of the United States Postal Service (Postal Service) Fiscal Year (FY) 2020 Annual Performance Report and FY 2021 Performance Plan. The Commission is statutorily required to review whether the Postal Service met its goals and may provide recommendations to the Postal Service related to the protection or promotion of public policy objectives. 39 U.S.C. § 3653(d). The Commission’s in-depth review of the Postal Service’s four performance goals: 1) High-Quality Service, 2) Excellent Customer Experiences, 3) Safe Workplace and Engaged Workforce, and 4) Financial Health finds that: *The Postal Service did not meet the High-Quality Service performance goal, which measures on-time delivery of mail and packages. *The Postal Service partially met the Excellent Customer Experiences performance goal, which measures customer service satisfaction, because it only met four of the eight targets associated with the goal. *The Postal Service partially met the Safe Workplace and Engaged Workforce performance goal because it met the Total Accident Rate target but missed the Survey Response Rate target. The Postal Service also partially met the Financial Health performance goal—missing one target but meeting another.

If 2020 was anything but business as usual in the world of direct mail, 2021 is most certainly cut from the same cloth. From lockdowns in the beginning of the year to – what appears to be – a sharp economic rebound, the COVID-19 economic roller coaster is ever-present in the acquisitional direct mail markets. At the time of this post, we have seen paper supplies become constricted and schedules move out, all while marketers appear to be clamoring to reach their consumers (flush with cash and new-found freedoms) in reliable and effective ways. Direct mail contractors that understand today’s paper market, forge and maintain strong alliances with their vendors, and understand the importance of a schedule will be far better equipped to fair the tumultuous seas of 2021. For a decade, mills have been shuttering doors one-by-one to try to control the supply-demand equation. Today, however, mill operating rates are well above 95%, have put all its customers on allocation (which prevents hoarding and is typically a function of historic usage), and have little to no flexibility in scheduling. It’s widely expected that mills will have another increase this summer (some are announcing at the release of this memo) and that schedules will stay tight through the end of the year.

Bloomsbury Publishing Plc announces that it has completed the acquisition of the issued share capital of Head of Zeus Limited. The total valuation is £8.45 million, including payments of pre-existing loans. The consideration, net of pre-existing loans, is £7.35 million, of which £5.5 million will be satisfied in cash at completion, with £1.1 million payable in cash post completion, subject to working capital and other considerations, and £0.75 million of deferred consideration payable in cash subject to achievement of revenue, profit and Netflix release targets. Head of Zeus is an independent publisher of genre fiction and narrative non-fiction and children’s books, based in London. It has published many bestsellers, won literary prizes and industry awards. Its best-selling authors include Dan Jones, Cixin Liu, Victoria Hislop, and Lesley Thomson, and Elodie Harper, whose The Wolf Den went last week to number 5 in The Times bestseller list. Cixin Liu’s bestselling science fiction trilogy, The Three-Body Problem, is being adapted for Netflix by David Benioff and D.B. Weiss, creators of HBO’s Game of Thrones.

Financial Highlights: *Revenues increased by 14% to £185.1 million (2019/20: £162.8 million) *Profit before taxation and highlighted items4 grew by 22% to £19.2 million, up from £15.7 million in 2019/20 *Profit before taxation grew by 31% to £17.3 million (2019/20: £13.2 million) *Net cash of £54.5 million at 28 February 2021, up 74% (2020: £31.3 million) *Cash conversion of 142% (2019/20: 111%)

Through its global print partner network, HP offers publishers a more economic, sustainable, and resilient way to do business. Print-on-demand is not a new capability. In fact, publishers have been benefiting from POD for decades. “However, it’s typically been used for managing lower print volume requirements,” says Paul Randall, product marketing manager at HP Publishing Solutions. “But now the industry needs to address other challenges around the sustainability of its supply chains, as well as its ability to react quickly and with agility to changing market dynamics.” As the publishing industry continues to cope with the challenges of the Covid-19 pandemic, many publishers are finding that their supply chains are no longer sustainable. That’s where HP Publishing Solutions can help, with its global print partner network that offers publishers a better way to do business.

On 23 April 2021, Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, announced that it has signed a sale and purchase agreement for the acquisition of certain assets of Red Globe Press (“RGP”), the academic imprint, from Macmillan Education Limited, a part of Springer Nature Group. Bloomsbury announces that pursuant to the terms of the sale and purchase agreement with Macmillan Education Limited, completion has taken place. The consideration was £3.7 million, of which £1.8 million has been satisfied in cash at completion and up to £1.9 million will be paid post-completion, subject to assignment of certain contracts.

As part of “Delivering for America,” its 10-year plan to achieve financial sustainability and service excellence, the United States Postal Service filed notice today with the Postal Regulatory Commission (PRC) requesting price changes to take effect Aug. 29, 2021 that are in accordance with approvals provided by the PRC last year. The proposed price changes would raise overall Market Dominant product and service prices by approximately 6.9 percent. First-Class Mail prices would increase by 6.8 percent to offset declining revenue due to First-Class Mail volume declines. In the past 10 years, mail volume has declined by 46 billion pieces, or 28 percent, and is continuing to decline. Over the same period, First-Class Mail volume has dropped 32 percent, and single piece First-Class Mail volume — including letters bearing postage stamps — has declined 47 percent.

Unit sales of print books rose 2.3% in the week ended May 22, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. The relatively small increase is due in part to last year’s release at this time of The Ballad of Songbirds and Snakes by Suzanne Collins, which sold more than 271,000 copies in its first week. As a result of Ballad’s blockbuster performance last year, units in the week dropped 24.4% in the young adult fiction category. The juvenile nonfiction category had its worst week so far this year, with units falling 21.3% compared to the week ended May 23, 2020, when parents were still heavily buying books to teach their children at home. My First Learn-to-Write Workbook by Crystal Radke was #1 in the category last year at this time, selling more than 20,000 copies, and it was tops again in the most recent week, selling just over 7,000 copies.

Print firms involved with the production of time-sensitive products are warning customers that nationwide haulage issues are resulting in delayed deliveries and the potential for additional costs to meet tight deadlines. Earlier this month the Road Haulage Association (RHA) sounded the alarm over a growing shortage of HGV drivers, and urged the government to help the industry recruit new talent. It said the current driver shortage “exceeds 60,000”. The RHA wants HGV drivers to be added to the Home Office UK Shortage Occupation List. Logistics UK, formerly the Freight Transport Association, also flagged that long-standing issues around driver shortages had been exacerbated by Brexit, which has resulted in an exodus of EU drivers.

*Net sales increased 65.2% to $1.9 billion compared to $1.2 billion in the first quarter of fiscal 2020. The net sales increase during the first quarter of fiscal 2021 was primarily due to the favorable impact in the U.S. from improving consumer confidence, government stimulus payments and the easing of COVID-19 restrictions. *Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) increased 65.9% compared to a decrease of 35.3% in the first quarter of fiscal 2020, driven by a 52.5% increase in transactions and an 8.8% increase in average ticket. Compared to the first quarter of fiscal 2019, comparable sales increased 7.0%. *Gross profit increased to $753.8 million compared to $303.6 million in the first quarter of fiscal 2020. As a percentage of net sales, gross profit increased to 38.9% compared to 25.9% in the first quarter of fiscal 2020, primarily due to leverage in fixed costs due to higher sales; improvement in merchandise margins; lower salon expenses; and favorable channel mix shifts. *Operating income was $305.3 million, or 15.8% of net sales, compared to operating loss of $101.5 million, or (8.7)% of net sales, in the first quarter of fiscal 2020. Adjusted operating loss for the first quarter of fiscal 2020 was $81.9 million, or (7.0)% of net sales. *Net income was $230.3 million compared to net loss of $78.5 million in the first quarter of fiscal 2020. Adjusted net loss for the first quarter of fiscal 2020 was $63.6 million.

*First quarter comparable sales increased 28% year-over year, and 13% versus 2019 *Net sales of $4 billion were up 89% versus 2020 and up 8% compared to 2019 pre-COVID levels *Reported earnings per share for the quarter were $0.43, and $0.48 on an adjusted basis *Reported Operating Margin of 6.0% with Adjusted Operating Margin of 7.4% *Company raising full year outlook for sales, operating margin, and earnings per share *Sales growth up low-to mid-twenty percent range versus 2020

Net sales for the quarter increased 21.7 percent, to $44.38 billion, from $36.45 billion last year. Net sales for the first 36 weeks increased 17.7 percent, to $130.61 billion, from $110.94 billion last year. Net income for the quarter was $1,220 million, or $2.75 per diluted share, which included $57 million pretax, or $0.09 per diluted share, in COVID-19 related costs, primarily from $2 per hour premium pay. Last year’s third quarter net income was $838 million, or $1.89 per diluted share, inclusive of $283 million pretax, or $0.47 per diluted share of COVID related costs. Net income for the first 36 weeks was $3.34 billion, or $7.51 per diluted share, compared to $2.61 billion, or $5.89 per diluted share, last year.

The Association of American Publishers (AAP) released its StatShot report for March 2021 reflecting reported revenue for all tracked categories, including Trade (Consumer Books), K-12 Instructional Materials, Higher Education Course Materials, and Professional Publishing. Total revenues across all categories for March 2021 were up 40.2% as compared to March 2020, coming in at $896.1 million. Year to date revenues were up 22.3%, at $3.1 billion for the first three months of the year. Trade (Consumer Books) sales were up 34.2% in March, coming in at $743.9 million, and up 24.9% year to date, with $2.1 billion in revenue.

New York lawmakers should wait until next year before taking up a broad privacy bill that would require companies to obtain consumers' opt-in consent before processing their data for ad targeting, the Association of National Advertisers urged Wednesday. "The bill was introduced in the New York Senate just two weeks ago,” Dan Jaffe, ANA executive vice president for government relations, and Christopher Oswald, ANA senior vice president for government relations, wrote Wednesday to state lawmakers. “As a result, it has not received the benefit of careful and rigorous consideration by lawmakers, which is necessary to develop a workable privacy law that will significantly impact New York businesses and consumers alike.” The proposed New York Privacy Act (SB 6701), introduced by state Senator Kevin Thomas, would also give consumers the right to access, correct and delete data about themselves.

Domestic revenue of $10.84 billion increased 37.0% versus last year. The increase was primarily driven by comparable sales growth of 37.9%, which was partially offset by the loss of revenue from permanent store closures in the past year. Domestic gross profit rate was 23.3% versus 23.0% last year. The gross profit rate increase of approximately 30 basis points was primarily driven by improved product margin rates, including reduced promotions, and rate leverage from supply chain costs. These items were partially offset by increased installation and delivery costs. International revenue of $796 million increased 23.0% versus last year. This increase was primarily driven by comparable sales growth of 27.8% and the benefit of approximately 1,000 basis points of favorable foreign currency exchange rates. These items were partially offset by lower revenue in Mexico of $69 million, which was a result of the company exiting operations from the country, as previously announced on November 24, 2020. International GAAP gross profit rate was 23.7% versus 22.3% last year.

It’s time to kick off the summer 2021 vacation season. For most people, the furthest they traveled from home last summer was to an essential business or a local park. This year, however, travel restrictions and lockdowns have been lifted in many areas, thanks to compliance with local mandates and vaccine availability. How do you want to spend your summer? Whether you plan to travel or explore your own backyard, make sure reading is on your to-do list. Here are some books — all printed on Domtar publishing paper — that can inspire your summer 2021 reading list. click read more below for recommendations...

•Total Company net sales increased 44 percent compared with the same period in fiscal 2020, during which stores were temporarily closed for approximately half of the quarter. Sales decreased 13 percent relative to the same period in fiscal 2019, and marked sequential improvement of 720 basis points relative to the fourth quarter of 2020. •Digital sales increased 23 percent compared with the same period in fiscal 2020 and increased 28 percent compared with the same period in fiscal 2019. Digital sales represented 46 percent of total sales during the quarter. •Gross profit, as a percentage of net sales, of 31 percent increased approximately 2,000 basis points compared with the same period in fiscal 2020, primarily due to lower markdowns and leverage from higher net sales volume. Gross profit, as a percentage of net sales, decreased 260 basis points compared with the same period in fiscal 2019 as a result of deleverage on lower sales and lower merchandise margins, partially offset by permanent reductions in buying and occupancy costs. •Loss before interest and taxes of $85 million decreased from loss of $813 million during the same period in fiscal 2020 primarily due to higher sales volume as well as the decrease in SG&A expense. Last year’s loss included $280 million in charges related to COVID-19.

Total Company net sales for the three months ended April 30, 2021, increased 57.6% compared to the three months ended April 30, 2020. For the three months ended April 30, 2021, the gross profit rate increased to 32.4% from 2.0% in the prior year’s comparable period. Gross profit dollars increased by $288.8 million to $300.7 million from $11.8 million in the prior year’s comparable period. Net income for the three months ended April 30, 2021, was $54 million and record first quarter earnings per diluted share was $0.54.

A summary of results for the first quarter ended May 1, 2021 as compared to the first quarter ended May 2, 2020: *Net sales of $781 million, up 61% as compared to last year and up 6% as compared to pre-COVID 2019 first quarter net sales. *Digital net sales increased 45% to $403 million reflecting robust growth in every month of the quarter. *Gross profit rate improved 900 basis points to 63.4% driven by higher average unit retail on lower promotions. *Operating income of $57 million and $60 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating loss of $209 million and $166 million last year, on a reported and adjusted non-GAAP basis, respectively.

REI Co-op is opening its first location in Maine, bringing quality outdoor gear and renowned expertise to the Greater Portland area in fall 2021. The approximately 24,400 square-foot store will be part of the new Rock Row development in Westbrook and will serve as a home base for the co-op's 47,000 lifetime members in Maine by inspiring and enabling a life outside for all. REI will offer top-quality gear for the activities that each season offers, ranging from paddling to cold weather gear. “A part of the New England community since we opened our first store in Massachusetts in 1987, we’re thrilled to expand our regional presence with our first store in Maine,” says Becky Smith, REI’s Northeast regional director. “We are especially excited to share a passion with the community for spending time outside year-round, from trekking through the snow to paddling along the coast.”

Last year was a bad one for newspaper staffs. A full 31% of papers with Sunday circulations of 50,000 or more experienced layoffs, and 11% had multiple rounds, according to a new Pew Research Center analysis. In contrast, 27% of papers saw layoffs in 2019, up from 18% in 2019. And many of them took hits. The largest papers — those with Sunday circ of 250,000 or more — were the hardest hit, with 55% suffering staff cuts. The year before, the pain was roughly similar across groups.

Unit sales of print books rose 8.8% in the week ended May 15, 2021, over the comparable week in 2020 at outlets that report to NPD BookScan. Adult fiction continued to see solid gains, with units up 19.2% over the week ended May 16, 2020. Within the adult segment, graphic novels continued to lead the way, with units up 188%. New releases also contributed, led by While Justice Sleeps by Stacey Abrams, which sold about 23,000 copies in its first week. Diana Palmer’s Texas Dare followed, selling almost 22,000 copies, and Jennifer Weiner’s That Summer sold approximately 16,000 copies in its first week. Unit sales of adult nonfiction increased 3.6% compared to 2020. As in recent weeks, subcategories that were hurt by the pandemic are seeing a rebound, led by travel (up almost 100%); business and economics (up 31.6%); and history, law, political science (up 24.8%).

On the heels of last week’s House action on postal reform, the Senate this week got into the game by introducing companion legislation, the Postal Reform Act of 2021, to address USPS financial, service and transparency reforms. This bipartisan legislation, led by Senate Homeland Security & Governmental Affairs Committee Chairman Gary Peters (D-MI) and Ranking Member Rob Portman (R-OH), is substantively identical to the legislation of the same name that was approved by the House Oversight Committee last week. The bill was introduced with strong bipartisan co-sponsorship, including nine Democrats and eight Republicans, which bodes well for committee passage and – eventually – 60 votes on final passage. Like its House counterpart, the Act focuses on key financial reforms that have been long-sought by the printing and mailing industry, including: 1) elimination the onerous retiree pre-funding requirement; and 2) integrating postal retirees’ health care into Medicare. According to Senator Portman, these two reforms alone would save $45.9 billion in savings for USPS over the next 10 years.

In an effort to demonstrate that it’s much more than a paper company, Midland Paper Packaging + Supplies has officially shortened its name to MIDLAND as part of a comprehensive rebranding initiative. The fresh approach, from the new logo and tagline to the updated brand messaging, reflects a modern distribution company with an eye toward the future. For more than a century, Midland has been a leader in paper distribution. But over the past two decades, it has evolved into much more than that. Today Midland is a dynamic company with a broad range of offerings. In addition to a full complement of paper offerings, MIDLAND offers solutions in sustainable packaging, automation equipment, and direct-to-consumer marketing and consulting. Given MIDLAND’s recent rapid sales growth and market diversification, the company underwent an exercise in brand clarity, starting with the name change. “By shortening our name to simply MIDLAND, we avoid being pigeon-holed into a single category, and are able to broaden our appeal beyond just paper. This is a logical evolution for our brand and will help unify our messaging” said Executive Vice President Jim O’Toole. With a renewed emphasis on performance and exceeding expectations, Midland’s mission is to deliver on commitments in its three core segments: • Packaging materials and custom design solutions • Paper and Specialty Media solutions for a variety of applications • Direct-to-consumer Marketing strategy and consulting. “At MIDLAND, performance matters. Delivering on our commitments is more than just our mission statement. It’s what defines us. It’s in our DNA” added O’Toole. “Our strength is our wide-ranging network of knowledge. We have a team of industry veterans for every service offered and our experience is unmatched. When people engage MIDLAND, they don’t just get one person – they get access to an entire network of experts.” said Mike Graves, MIDLAND’s President and Chief Executive Officer.

The company reported earnings per share of $0.97 for the first quarter ended May 1, 2021 compared to a loss per share of $1.07 for the first quarter ended May 2, 2020. First quarter operating income was $572.1 million compared to a loss of $317.7 million last year, and net income was $276.6 million compared to a loss of $296.9 million last year.

L Brands, Inc. announced the appointment of Chief Financial Officers for the standalone Bath & Body Works and Victoria’s Secret businesses. Upon the completion of the spin-off of Victoria’s Secret, which is targeted to occur in August 2021, Wendy Arlin, currently SVP of Finance and Controller for L Brands, will become Bath & Body Works CFO, and Tim Johnson, previously CFO and Chief Administrative Officer for Big Lots, will become Victoria’s Secret CFO. As previously announced, current L Brands CFO Stuart Burgdoerfer will retire at that time.

*First quarter net sales and earnings exceed expectations and company raises full year 2021 financial outlook *First quarter net sales increase 69.5% *First quarter diluted earnings per share of $0.09; adjusted diluted earnings per share(2) of $1.05 *Strengthened financial position during the quarter, reducing long-term debt by over $500 million and ending with $1.6 billion in cash *Raises full year 2021 net sales to increase in the mid-to-high teens percentage range as compared to 2020, operating margin to be in the range of 5.7% to 6.1% and adjusted earnings per share to be in the range of $3.80 to $4.20, excluding any non-recurring charges

*First quarter comparable sales grew 22.9 percent, on top of 10.8 percent growth last year. *Store comparable sales increased 18.0 percent, on top of 0.9 percent growth last year. Digital comparable sales grew 50 percent, on top of 141 percent growth a year ago. *Same-day services (Order Pickup, Drive Up and Shipt) grew more than 90 percent, led by growth in Drive Up of 123 percent. *More than 95 percent of Target's first quarter sales were fulfilled by its stores. *The Company gained more than $1 billion in market share in the first quarter, on top of a $1 billion share gain in first quarter 2020. *First quarter GAAP EPS of $4.17 was 643.2 percent higher than last year.

Hello Everyone, We need your help to ensure Congress knows protecting printed package inserts (PI) is a priority! The ECL & Printed Literature Business is once again under attack from a Pharmaceutical lobbying group trying to remove the use of printed literature and other forms of extended content. As you know this is a significant threat to our industry, the good thing is that it is easy for us to start to TAKE ACTON and fight back. It is vitally important that we all support this initiative. It will take support from everyone, and everyone you know, to get the attention of our leaders in Washington DC. Below are the details on how to participate in a campaign being run by PPLA, the Pharmaceutical Printed Literature Association. This campaign is an all-out effort to protect the printed literature/ECLs produced by our all the Pharma Literature printing sites across the entire country. There has been recent movement by another lobbying group (comprised mostly of larger generic drug manufacturers) to have printed literature that is provided to pharmacists/professionals eliminated entirely…our position is that we do not oppose making the information available to professionals electronically but do oppose eliminating the paper format entirely – for 2 reasons, ensuring patient safety and protecting against job losses within the Pharma Literature/ECL Printing Industry. click read more for details...

The Home Depot® reported sales of $37.5 billion for the first quarter of fiscal 2021, an increase of $9.2 billion, or 32.7 percent from the first quarter of fiscal 2020. Comparable sales for the first quarter of fiscal 2021 increased 31.0 percent, and comparable sales in the U.S. increased 29.9 percent. Net earnings for the first quarter of fiscal 2021 were $4.1 billion, or $3.86 per diluted share, compared with net earnings of $2.2 billion, or $2.08 per diluted share, in the same period of fiscal 2020. For the first quarter of fiscal 2021, diluted earnings per share increased 85.6 percent from the same period in the prior year.

Comparable sales up 62.5% on an owned basis and up 63.9% on an owned plus licensed basis versus 2020. Comparable sales down 10.5% on an owned basis and down 10.0% on an owned plus licensed basis versus 2019. Trend improvement compared to a 17.1% owned plus licensed comparable sales decline in the fourth quarter of 2020. Digital sales grew 34% over first quarter 2020 and grew 32% over first quarter 2019. Digital penetration was 37% of net sales, a 6-percentage point decline from first quarter 2020 when stores closed, but a 13-percentage point improvement over first quarter 2019. Gross margin for the quarter was 38.6%, up from 17.1% in first quarter 2020 and up 40 basis points from first quarter 2019. Improvement due to increased merchandise margin was largely driven by inventory productivity and the execution of the Polaris strategy.

Total revenue was $138.3 billion, an increase of $3.7 billion, or 2.7%. Revenue was negatively affected by approximately $4.2 billion related to recent divestitures in Walmart International. Excluding currency2, total revenue would have increased 2.1% to reach $137.4 billion. Walmart U.S. comp sales1 increased 6.0% with market share gains in grocery. Operating income increased 26.8%. Walmart U.S. eCommerce sales grew 37% with strong results across all channels, contributing approximately 360 basis points to comp sales. Sales more than doubled over the last two years. Consolidated operating income was $6.9 billion, an increase of 32.3%, with strength across the company. Recently divested businesses in the U.K. and Japan contributed operating income of $289 million, or $0.07 of EPS.

On May 13, 2021, the House Oversight and Government Reform Committee approved two separate but related bills addressing USPS finances and operations. The first, the bipartisan Postal Service Reform Act of 2021 (H.R. 3076 (PDF)), was approved by voice vote, making it now eligible for a floor vote in the US House of Representatives. The bill was introduced two days prior to committee consideration following a painstaking effort to craft a bipartisan document. Lead sponsors were Committee Chair Rep. Carolyn Maloney (D-NY) and Ranking Member Rep. James Comer (R-KY) along with original co-sponsors Government Operations Subcommittee Chair Rep. Gerry Connolly (D-VA) and Ranking Member Rep. Virginia Foxx (R-NC). The bill was approved by the committee without amendment or any audible dissension, and included bipartisan agreed upon elements such as: codifying six-day delivery, requiring postal employees to enroll in Medicare at eligibility age, and elimination of the requirement that USPS pre-fund its retiree health benefits for 75 years into the future.

E-commerce has seen years’ worth of growth in a short few months. Consumers, stuck at home, have rapidly become habituated to purchasing online, which has benefited online marketplaces and publishers with strong affiliate and e-commerce programs of their own. But for publishers with a strong print portfolio the question has become how they can use those print products to open the funnel to e-commerce revenue without being too interruptive. Bauer is betting on the advancement of image recognition technology to close that gap between print and digital. Both Grazia and Heat are set to incorporate new scannable images – without the need for QR codes or watermarks – from May 17. These images, once scanned, will then take readers directly to a storefront for more information and purchase options.

For the Three Months Ended April 3, 2021: Net sales increased 42% to $247.6 million, compared to $174.4 million during the same period last year. Gross profit increased 57% to $145.2 million, or 58.6% of net sales, compared to $92.5 million, or 53.0% of net sales, in the first quarter of 2020. Operating income increased 148% to $40.0 million, or 16.2% of net sales, compared to $16.2 million, or 9.3% of net sales, during the prior year quarter. Net income increased to $30.5 million, or 12.3% of net sales, compared to $8.5 million, or 4.9% of net sales, in the prior year quarter.

The U.S. Postal Service announced today Douglas Tulino, a 41-year veteran of the service, has been appointed deputy postmaster general, reporting directly to Postmaster General and CEO Louis DeJoy. The appointment is effective immediately. Tulino also becomes a member of the Postal Service’s Board of Governors and continues in his current role as chief human resources officer (CHRO). Tulino assumes the deputy role as the Postal Service continues to implement “Delivering for America,” the 10-year plan unveiled on March 23 to restore service excellence and financial sustainability to one of America’s most treasured institutions and a vital part of the nation’s infrastructure.

Gap Inc. has entered into an agreement to sell Intermix, a leading omni-channel fashion boutique for customers seeking a highly curated shopping experience, to private equity firm Altamont Capital Partners. Altamont Capital Partners intends to acquire the entire Intermix business, including all store leases, e-commerce and assets. This transaction is another milestone as Gap Inc. continues to execute against its Power Plan 2023, with acute focus on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and its platform. In April, Gap Inc. completed a transaction to sell Janie and Jack, a leader in premium children’s apparel and accessories, to Go Global Retail.

First Quarter 2021 Summary *Total reported sales of $2.4 billion, down 13% versus last year *GAAP operating income of $55 million and net income of $53 million, or $0.95 per diluted share, versus $80 million and $45 million, or $0.84 per diluted share, respectively in the prior year *Operating cash flow of $86 million and adjusted free cash flow of $79 million, versus $188 million and $173 million, respectively in prior year *$1.7 billion of total available liquidity including $753 million in cash and cash equivalents

The ODP Corporation announced that its Board of Directors has unanimously approved a plan to pursue a separation of the Company into two independent, publicly traded companies, each with a unique and highly focused strategy and investment profile: *ODP – a leading provider of retail consumer and small business products and services distributed via approximately 1,100 Office Depot and OfficeMax retail locations and an award-winning eCommerce presence, officedepot.com; and *“NewCo” – a leading B2B solutions provider (ODP’s Business Solutions Division contract business, Grand & Toy and ODP’s independent regional office supply distribution businesses) serving small, medium and enterprise level companies. NewCo will also own the Company’s newly formed B2B digital platform technology business, including BuyerQuest, as well as the Company’s global sourcing office and its other sourcing, supply chain and logistics assets.

The New York Times Company announced first-quarter 2021 diluted earnings per share from continuing operations of $.24 compared with $.20 in the same period of 2020. Operating profit increased to $51.7 million in the first quarter of 2021 from $27.3 million in the same period of 2020, as higher digital-only subscription revenues and, to a lesser extent, higher digital advertising revenues more than offset lower print advertising, print subscription and other revenues.

Consumer complaints to Keep Me Posted (KMP) increased throughout the pandemic as service providers altered or removed paper communication preferences at an alarming rate. For years, banks, utilities, telecoms and other companies have encouraged and even incentivized their customers to voluntarily opt in to digital correspondence on their accounts. Over time however, many service providers have replaced carrots with sticks and charge punishing fees for paper bills and statements. Since the beginning of the pandemic, a laundry list of major corporations have taken advantage of widespread disruptions to proactively assault longstanding communications preferences. Far too many stopped asking consumers to opt in to electronic bills, statements and other important notices, and instead just switched their account holders from paper to digital communication without prior consent. These anti-consumer practices show no sign of fixing themselves, but there is a silver lining. In many instances, consumers can reclaim their preferences for paper communications, free of charge, by taking a few proven steps.

Since 2008, the Carbon Balanced Paper initiative has been responsible for balancing 190,000 tons of CO2 and preserving high conservation value land. MIDLAND is now offering Carbon Balanced Paper in North America, administered by the Sustainable Paper Group, and in partnership with the World Land Trust (WLT), an international conservation charity. This is a well-established and successful program in Europe with over 3,000 organizations taking positive action by choosing carbon balanced paper to preserve the most critically endangered places on earth, acre by acre. The launch in North America will help organizations reduce the carbon footprint of their printed media and meet their commitments toward carbon reduction by addressing the unavoidable carbon emissions from the paper manufacturing process. At the same time, choosing Carbon Balanced Paper allows organizations to simply and effectively differentiate themselves as market leaders in environmental responsibility. “MIDLAND is excited to announce the first major Carbon Balanced Paper initiative in North America. Many of our customers have stated objectives to reduce their net carbon impact, and Carbon Balanced Paper is an effective and credible tool to help them achieve these important sustainability goals.”, states David Goldschmidt, President of Midland’s National division.

Meredith Corporationannounced that it has agreed to sell its Local Media Group to Gray Television, Inc. for $2.7 billion in cash and will focus exclusively on its National Media Group ("NMG") portfolio post-close. Under the terms of the transaction, Meredith's National Media Group will be spun out to shareholders as a standalone publicly traded company retaining the Meredith Corporation name, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in post-close Meredith. The transaction was unanimously approved by Meredith's and Gray's Board of Directors. Following the LMG sale, Meredith will focus on accelerating the growth of its iconic brands including PEOPLE, Better Homes & Gardens, and Allrecipes, which deliver trusted, actionable content for every aspect of consumers' lives. The more focused company will continue producing and delivering content for 95% of U.S. women, many of whom are primary decision makers for the household.

Sales for the quarter increased 2.8% as compared to the first quarter of 2020. Excluding revenues from the now divested Fabory and China businesses from the prior year results, and removing the impact from foreign currency translation, daily sales increased 5.9% as compared to the first quarter of 2020. Sales growth was fueled by both the High-Touch Solutions (N.A.) and Endless Assortment segments. Foreign exchange contributed a 1.1% favorable impact during the first quarter of 2021 compared to the first quarter of 2020. There were 63 sales days in the first quarter of 2021 versus 64 sales days in the first quarter of 2020. Gross margin for the first quarter of 2021 was 35.5%, a 190 basis point decline over the prior year quarter. The unfavorable variance was driven almost entirely by a pandemic-related inventory adjustment in the U.S. business on certain non-core SKUs, which are selling below cost based on current market-relevant pricing. ely 30 basis points. Reported operating earnings for the first quarter of 2021 of $358 million were up 126% versus the first quarter of 2020, primarily due to charges taken in the first quarter of 2020 related to the now divested Fabory business. On an adjusted basis, operating earnings for the quarter of $358 million were up 4% versus the first quarter of 2020.

The Association of American Publishers (AAP) welcomes the release of the 2021 Special 301 Report by the Office of the U.S. Trade Representative (USTR). The report, which highlights key markets in which publishers have significant copyright concerns and face market-access barriers, is a critically important tool for policymakers to use in identifying issues that impede the ability of U.S. copyright owners to compete in foreign markets. China is once again listed as a Priority Watch List country, as online piracy and the sale of counterfeit products on ecommerce sites continue to be significant problems. Canada also remains on the Watch List, with the Report noting that the U.S. government “remains deeply troubled by the ambiguous education-related exception added to the copyright law in 2012, which reportedly has significantly damaged the market for educational publishers and authors.”

Unit sales of print books rose 24.3% in the week ended Apr. 24, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. At this time last year, sales were beginning to recover from declines early in the pandemic and were almost flat with the comparable week in 2019. In the most recent week, adult nonfiction unit sales jumped 44.3% over sales in the category during the week ended Apr. 25, 2020, as five of the top 10 adult nonfiction bestsellers were new releases. World Traveler by the late Anthony Bourdain and his longtime collaborator Laurie Woolever took the top spot in the category, selling more than 50,000 copies. George W. Bush’s Out of Many, One was in the fourth place, selling almost 28,000 copies, followed by Cook This Book by Molly Baz, which sold about 22,000 copies. Adult fiction sales increased 33% over 2020.