Bucks County Papers Sold To O’Rourke Media Group (mediapost.com)

In a landmark vote, the first major one to take place since the Trade Union Act came into force in March – requiring more than 50% of eligible union members to vote in a ballot – 73.7% of the Communication Workers Union’s (CWU) 110,000 Royal Mail workers turned out to vote, with 89% (72,872) backing a walkout and 8,954 voting against. In a CWU press conference yesterday (3 October) in Manchester, general secretary Dave Ward said the result was demonstrative that Royal Mail’s leadership, board and senior management are “completely out of touch with the workforce”. “We say to Royal Mail these negotiations that subsequently led us to this point of balloting have been going on for 18 months and unless you shift your position sufficiently and very quickly then industrial action is inevitable. Click Read More below for more of the story.

For the first quarter, net sales were $540.9 million compared to $388.0 million in last year's first quarter. This 39.4% improvement primarily reflects a comparable sales increase of 40.6%, partially offset by 29 permanent store closures since last year's first quarter. The 40.6% comparable sales improvement was driven by an increase in transaction count and higher average dollar sale. Gross margin was $216.6 million, or 40.0% of net sales, compared to $126.8 million, or 32.7% of net sales, in last year's first quarter. The 730-basis point improvement in gross margin rate primarily reflects higher average unit retail and full price sales combined with occupancy leverage that offset elevated raw material and freight costs. At the end of the first quarter, inventories totaled $325.6 million compared to $209.7 million at the end of last year's first quarter. The $115.9 million, or 55.3%, increase from last year's first quarter primarily reflects elevated on-hand inventories to align with higher consumer demand, an increase in in-transit inventories due to extended in-transit times in the global supply chain, strategic investments in basics and replenishment inventories, and higher average unit costs.

Yet another effort is underway in Congress to eliminate the costly prefunding of U.S. Postal Service retiree healthcare benefits that have been an albatross for the USPS since a 2006 reform measure, and this time appears to have some more bipartisan momentum. A reform act that would eliminate the prefunding, which has cost the USPS many billions over the years, passed the House in 2020 but was hung up in the Senate. Now senators Brian Schatz (D-HI) and Steve Daines (R-MT) have reintroduced the measure, according to Federal News Network. A companion bill has been proposed by House Oversight and Reform Committee Chairwoman Carolyn Maloney (D-NY) and House Transportation and Infrastructure Committee Chairman Peter DeFazio (D-OR), along with Reps. Brian Fitzpatrick (R-PA), Tom Reed (R-NY) and Colin Allred (D-TX).