Two Sides had filed a complaint following an advertisement broadcast by DocuSign claiming that the use of electronic signatures notably made it possible to save CO2 and save trees. By confirming that such environmental communication is contrary to professional recommendations, this decision will help combat the all too frequent unfounded allegations promoting digital tools at the expense of paper.

Costco Wholesale Corporation reported net sales of $17.85 billion for the retail month of April, the four weeks ended April 30, 2023, an increase of 3.0 percent from $17.33 billion last year. For the thirty-five weeks ended April 30, 2023, the Company reported net sales of $155.62 billion, an increase of 5.6 percent from $147.33 billion last year.

First Quarter 2023 Financial Highlights: • Total revenues of $668.9 million decreased 10.6% compared to the first quarter of 2022 ◦ Same store revenues(1) decreased 9.3% compared to the first quarter of 2022 • Total digital revenues were $247.5 million or 37.0% of total revenues, down 0.9% over the same period in the prior year on a same store(1) basis primarily as a result of declines in digital media year-over-year • Net income attributable to Gannett of $10.3 million, representing an income margin of 1.5%, improved by $13.3 million versus the net loss attributable to Gannett of $3.0 million in the first quarter of 2022

S&P Global (NYSE: SPGI) announced that it has completed the sale of its Engineering Solutions business to investment funds managed by KKR, a leading global investment firm. S&P Global received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which S&P expects to result in approximately $750 million of after-tax proceeds. The transaction will also include local closings in certain jurisdictions, which are expected to occur during the balance of 2023. In the future, the Engineering Solutions business will operate as an independent company by the name of Accuris.

Anthropologie Group, which recently celebrated its 30th anniversary, named three new leaders to advance its next phase of growth. The lifestyle brand, part of the Urban Outfitters portfolio, has promoted Anu Narayanan to president of women’s apparel accessories, weddings and beauty. In addition, the brand named Holly Thrasher as chief merchandising officer of apparel and weddings. Thrasher joined Anthropologie in July 2021 after 18 years at Nordstrom. In a new hiring, Aaron Mutscheller will be joining the company as president of Anthropologie Home and Terrain. In this role, he will be responsible for Anthropologie's home and garden business across all channels of distribution.

Learning technology company HMH announced that it has completed its acquisition of assets from research and educational services organization NWEA. The combined organization will harness the collective power of instruction and research-based insights to support educators in their efforts to drive better outcomes for students. NWEA CEO Chris Minnich will join HMH's executive leadership team as president of a new NWEA division. The division will maintain its current offerings including its flagship assessment MAP Growth and continue to offer platform-agnostic assessment solutions to its thousands of partners globally. In addition, educators will benefit from a connected solution linking NWEA’s assessments with HMH’s curriculum. This will enable them to better understand how students are growing academically and how to maximize that growth with content specific recommendations that advance student learning.

James Patterson has achieved many milestones in his long and ultra-successful career as an author, and in early April he hit another: he became the first author to sell more than 100 million copies across all print formats since BookScan—now known as Circana BookScan—started recording unit sales of print books in 2004. Patterson easily topped the print sales accrued by Dr. Seuss, whose books have sold 83 million copies since 2004. Patterson’s top-selling print book as measured by BookScan is Honeymoon, which edged out 3rd Degree for the #1 spot. Like many of his bestsellers, those two are parts of series, and books in the Women’s Murder Club and Alex Cross series have fared particularly well. His top 10 bestselling titles sold just about 12 million copies, meaning that the rest of Patterson’s oeuvre racked up sales of 88 million copies in total.

FY23 third quarter service performance scores covering April 1 through April 21, included: *First-Class Mail: 91.6% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal second quarter. *Marketing Mail: 95.8% of Marketing Mail delivered on time against the USPS service standard, an increase of 1.2 percentage points from the fiscal second quarter. *Periodicals: 87.9% of Periodicals delivered on time against the USPS service standard, an increase of 1.4 percentage points from the fiscal second quarter.

Kohl’s and Children’s Wisconsin announced a $3 million commitment from Kohl’s that will support the opening of three additional mental health walk-in clinic locations in Wisconsin. The donation, which comes on the first day of National Mental Health Awareness Month, builds on the organizations’ continued work to build awareness, remove barriers, and make critical mental health services more accessible to youth and families across the state. The new locations will offer similar services to those provided at the Craig Yabuki Mental Health Walk-In Clinic on the Children’s Wisconsin Milwaukee campus. The intent is to open one location each year over the next three years. Locations of the new clinics have not yet been selected, but will be spread throughout Wisconsin. “The mental health issues impacting today’s youth are of the utmost importance, and we applaud the work Children’s Wisconsin has been doing to prioritize and develop tangible solutions to support mental wellness for all children,” said Christie Raymond, Kohl’s chief marketing officer. “Through our continued partnership, Kohl’s is proud to play a role in increasing access to critical mental health services and creating pathways to greater health and well-being for kids across Wisconsin.”

DFA Two-Year Milestones Include: *Aligned for Operational Excellence: USPS is intensely focused on becoming the high-performing organization the public expects. *Positioned to Financially Break Even Over Next 10 Years, Despite Inflation: Just two years into the 10-year plan, projected losses for the decade have been reduced by more than half — from $160 billion to $70 billion. *Fostering Service Excellence for the American People: We have already reversed years of declining reliability and are closing in on meeting the primary objective of 95 percent on-time performance across all mail types. *Converting 125,000 Employees to Full-Time Positions: We have focused steadily on stabilizing our workforce and have converted 125,000 pre-career workers to full-time career employees since October 2020, including 50,000 conversions between April 2022 and March 2023.

**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.

*Strong execution drives positive year-over-year reported revenue growth *Accelerating innovation evidenced by two new commercially available AI-powered Kensho products *$500 million ASR executed, with additional $1 billion ASR expected to launch in coming weeks *Divestiture of Engineering Solutions expected to close on May 2, 2023

Is paper dying? We don’t think so. While some industries, such as automotive sales, are moving toward digital record-keeping, others still prefer print records, and for good reason. “We’ve done research that shows many industries still rely heavily on print, and that is consistent with consumers’ desire for print,” says Katie Zorn, Domtar’s vice president of marketing, product management, strategic planning and market development for pulp and paper. “People actually want a choice, and when they have it, they often choose print.” Zorn says the top office paper-using industries prefer print for good reason. “There are accessibility issues to consider, especially in healthcare and social assistance. They have to assume that not everyone has access to a computer or email,” she explains. We took a closer look at the top five industries that prefer print — and why. Read more at: https://newsroom.domtar.com/industries-prefer-print/

First Quarter Highlights - *Delivered sales of $4.1 billion, up 12.2%, or 14.5% on a daily, constant currency basis *Generated operating earnings of $680 million, up 27.4%, with operating margin of 16.6%, up 200 basis points *Achieved diluted EPS of $9.61, an increase of 36.0% *Produced $454 million in operating cash flow and returned $229 million to Grainger shareholders through dividends and share repurchases

FY23 third quarter service performance scores covering April 1 through April 14, included: *First-Class Mail: 91.5% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal second quarter. *Marketing Mail: 95.8% of Marketing Mail delivered on time against the USPS service standard, an increase of 1.2 percentage points from the fiscal second quarter. *Periodicals: 87.8% of Periodicals delivered on time against the USPS service standard, an increase of 1.3 percentage points from the fiscal second quarter.

The U.S. Postal Service Board of Governors will meet May 9, 2023, in open session at Postal Service headquarters, 475 L’Enfant Plaza, SW, Washington, DC. The public is welcome to observe the meeting beginning at 4:00 p.m. ET in the Benjamin Franklin Room on the 11th floor. A public comment period will begin immediately following the adjournment of the open session on May 9. During the public comment period, which shall not exceed 45 minutes, members of the public may comment on any item or subject listed on the agenda for the open session above. Registration for participation in the public comment period is required. Additionally, the public will be given the option to join the public comment session and participate via teleconference.

The Postal Regulatory Commission established Public Inquiry Docket No. PI2023-4 (PI2023-4) to provide a forum to gather information, provide transparency, and learn more about the Postal Service’s Delivering for America strategic initiatives that may have a significant impact on the postal community. In the PI2023-4 docket, the Commission will issue information requests to the Postal Service regarding proposed changes to the postal network and the impact of those changes, and the Postal Service will provide responsive information. As part of this public inquiry, the Commission will seek information on the Postal Service’s recently announced plans to create sorting and delivery centers to “reduce transportation and mail handling costs” by aggregating delivery units into “larger Sort and Delivery Centers with adequate space, docks, and material handling equipment to operate more efficiently.”

REI released its 2022 Impact Report and financials results, closing the year with a record $3.85 billion in sales. The co-op ended the year with a strong liquidity and working capital position and continued to invest in its mission of investing in its members, employees, and the outdoors. “I’m incredibly impressed by all we’ve accomplished as a co-op,” said Eric Artz, President and CEO, in a public letter released alongside the report. “Throughout 2022, we invested in our people, in our capabilities, and in the communities we serve. We invested in membership with new and enhanced offerings and held fast to our commitment to distributing our full Co-op Member Reward to more than 23 million members during a year without profits to fund it. As a co-op, we are in the fortunate position to be able to make long-term choices and investments like this, but we do not do so lightly. We remain focused on a path back to sustainable profitability for the co-op to ensure a healthy long-term future.” In 2022, REI focused on investing in the employee experience. Often cited as a top place to work, the co-op remained committed to competitive pay and introduced new industry-leading benefits. In 2022, REI put an additional $50 million toward pay raises for hourly employees and delivered another $92 million toward employee retirement and bonuses.

The Book Manufacturers’ Institute (BMI) released the April results for its monthly survey on capacity and lead times for soft cover and hard cover books. This month’s survey also featured an update to the questions, factoring in both digital and offset printing methods. In looking at digital printing, the average hard cover capacity stayed about the same, only dropping 1 point to 64%. Lead time for digital hard cover books dropped from 17 days to 13 days. Digital soft cover books are running at 70% capacity and 12 days lead time. Both of those numbers are slightly up from March. According to responses regarding offset printing, hard cover manufacturers are running at 57% of their capacity, which is 9% less than last month. Lead times are down from 37 days to 22. The average soft cover offset capacity usage is down to 68% from 78%. Offset soft cover lead time down to 31 days from 35.

FY23 third quarter service performance scores covering April 1 through April 7, included: *First-Class Mail: 92.1% of First-Class Mail delivered on time against the USPS service standard, an increase of 1.2 percentage points from the fiscal second quarter. *Marketing Mail: 96.1% of Marketing Mail delivered on time against the USPS service standard, an increase of 1.5 percentage points from the fiscal second quarter. *Periodicals: 88.3% of Periodicals delivered on time against the USPS service standard, an increase of 1.8 percentage points from the fiscal second quarter.

Media magnate Barry Diller let fly earlier this week, telling publishers they should sue to stop AI engines from stealing their content. 'If all the world's information is able to be sucked up in this maw and then essentially repackaged...there will be no publishing, it is not possible,' Diller said during the Semafor Media Summit, according to reports. He added, ““Companies can absolutely sue under copyright law.”

The United States Postal Service filed notice with the Postal Regulatory Commission (PRC) of mailing services price changes to take effect July 9, 2023. The new rates include a three-cent increase in the price of a First-Class Mail Forever stamp from 63 cents to 66 cents. If favorably reviewed by the Commission, the proposed increases will raise First-Class Mail prices approximately 5.4 percent to offset the rise in inflation. The price changes have been approved by the Governors of the U.S. Postal Service. The price for 1-ounce metered mail will increase to 63 cents, and the price to send a domestic postcard will increase to 51 cents. A 1-ounce letter mailed to another country would increase to $1.50. There will be no change to the single-piece letter and flat additional-ounce price, which remains at 24 cents. The Postal Service is also seeking price adjustments for Special Services products including Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item.

The United States Postal Service reported new delivery performance metrics for the 13th week of the second quarter for fiscal year 2023 showing consistent or improved delivery performance across all mail categories. The average time for the Postal Service to deliver a mailpiece or package across the nation remained at just 2.5 days. FY23 second quarter service performance scores covering Jan. 1 through March 31, included: *First-Class Mail: 91.0% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.6% of Marketing Mail delivered on time against the USPS service standard, an increase of 0.7 percentage point from the fiscal first quarter. *Periodicals: 86.6% of Periodicals delivered on time against the USPS service standard, an increase of 1.9 percentage points from the fiscal first quarter.

Costco Wholesale Corporation reported net sales of $21.71 billion for the retail month of March, the five weeks ended April 2, 2023, an increase of 0.5 percent from $21.61 billion last year. For the thirty-one weeks ended April 2, 2023, the Company reported net sales of $137.77 billion, an increase of 6.0 percent from $130.00 billion last year.

Walmart Inc. is kicking off its two-day 2023 Investment Community meeting, where leadership will highlight how the company is investing to strengthen its business through its people and an unparalleled, next generation supply chain network of stores, clubs, and fulfillment centers and driving future global growth opportunities across its omnichannel ecosystem and high value initiatives. The company is also reiterating its first quarter and full-year guidance for fiscal year 2024. “We are in a unique position to serve our customers and members however they want to shop, which will fuel continued growth,” said Doug McMillon, Walmart president and chief executive officer. “As we grow, we will improve our operating margin through productivity advancements and our category and business mix, and drive returns through operating margin expansion and capital prioritization.”

Bertelsmann Investments (BI) made 54 new and 31 follow-on investments in companies and funds in the past financial year. BI pools Bertelsmann’s global venture capital activities and the newly created growth unit Bertelsmann Next, which advances the entrepreneurial development of new growth sectors and lines of business for Bertelsmann. Here, BI strengthened its commitment in the Digital Health business especially, through various fund and direct investments totaling €60 million. Carsten Coesfeld, CEO of Bertelsmann Investments, said: “Bertelsmann Investments had a successful year in 2022 with a high level of investment activity. In the current financial year, besides investing in our funds, we will place a special emphasis on Bertelsmann Next. The main focus in the expansion of our new growth areas is on digital health, where we see great potential, especially in the U.S.”

There will be six issues per year, and a digital format that can be read on any device. Scholastic is offering a preview, highlighting Earth Day-related careers in free articles and activities. SuperSTEM offers the following features: *A selection of cross-curricular lessons designed to achieve Next Generation Science Standards (NGSS). *Topics that serve a range of reading levels in every issue. *Photography and hands-on demonstration videos. *Educator kits. *Family engagement opportunities.

FY23 second quarter service performance scores covering Jan. 1 through March 24, included: *First-Class Mail: 91.2% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.7% of Marketing Mail delivered on time against the USPS service standard, an increase of 0.7 percentage points from the fiscal first quarter. *Periodicals: 87.0% of Periodicals delivered on time against the USPS service standard, an increase of 2.3 percentage points from the fiscal first quarter.

The Postal Regulatory Commission issued its FY 2022 Annual Compliance Determination assessing the Postal Service’s compliance with rates and service performance. The Commission is required to issue its Determination 90 days after the filing of the Postal Service’s Annual Compliance Report (ACR) (39 U.S.C. Section 3653). This review reflects the new pricing rules for Market Dominant products adopted in FY 2021, including rate authority mechanisms and new requirements for workshare discounts and non-compensatory products. The Commission’s analysis includes detailed findings, recommendations, and directives on compliance regarding the following subjects: *Market Dominant products’ rates and fees, including, in particular, workshare discounts and non-compensatory products *Competitive products rates and fees *Service performance of Market Dominant products

WBA second quarter sales increased 3.3 percent from the year-ago quarter to $34.9 billion, an increase of 4.5 percent on a constant currency basis. Operating income was $0.2 billion in the second quarter compared to $1.2 billion in the year-ago quarter. Operating income in the quarter reflects a $306 million pre-tax charge for opioid-related claims and litigation, Summit Health acquisition costs and higher costs related to the Transformational Cost Management Program. Net earnings in the second quarter were $703 million compared to $883 million in the year-ago quarter. This decrease is driven by lower operating income partially offset by a $454 million after-tax gain from the partial sale of the Company's equity method investment in AmerisourceBergen. Net cash provided by operating activities was $745 million in the second quarter.

Kohl’s announced the 250 stores that will be adding the full-sized, 2,500 square foot Sephora at Kohl’s experience in 2023. The addition of 250 new locations brings the total Sephora at Kohl’s fleet to more than 850, achieving the partnership’s initial planned goal of the Sephora at Kohl’s rollout. “We are making great strides in building a formidable beauty business with the addition of Sephora at Kohl’s,” said Karen Daoust, Kohl’s senior vice president, general manager, Sephora at Kohl’s. “The completion of our 850 stores in 2023 is just the beginning as we look to expand Sephora at Kohl’s to all stores, enhance the customer experience and deliver prestige beauty to our customers across the country.”

With book banning and legislative attacks on the freedom to read continuing to surge across the country, the American Library Association announced today that it tracked a stunning 1,269 "demands to censor library books and resources" in 2022, the highest number of attempted book bans since ALA began compiling data about censorship in libraries more than 20 years ago, and nearly double the record-shattering 729 challenges recorded in 2021. In a release, ALA officials said the challenges involved a record 2,571 unique titles—a stunning 38% increase from the 1,858 unique titles targeted for censorship in 2021. Once again, the vast majority of works challenged were written by or about members of the LGBTQIA+ community and people of color; 58% of reported challenges targeted works in schools and 41% targeted materials in public libraries.

The Book Manufacturers’ Institute (BMI) released the March results for its monthly survey on capacity and lead times for soft cover and hard cover books. This month’s survey also featured an update to the questions, factoring in both digital and offset printing methods. In looking at digital printing, the average hard cover capacity rose to 65%, up from 59%. Lead time for digital hard cover books dropped from 21 days to 17 days. Digital soft cover books are running at 67% capacity and 15 days lead time. Both of those numbers are similar to February numbers. According to responses regarding offset printing, hard cover manufacturers are running at 66% of their capacity, which is 10% less than last month. Lead times are slightly down from 40 days to 37. The average soft cover offset capacity usage is down to 78% from 82%. Offset soft cover lead time is up from 27 days to 35 days, reversing a trend of dropping times.

FY23 second quarter service performance scores covering Jan. 1 through March 10, included: *First-Class Mail: 91.2% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.5% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.8% of Periodicals delivered on time against the USPS service standard, an increase of 2.2 percentage points from the fiscal first quarter.

The Association of American Publishers (AAP) today released its StatShot report for January 2023 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. Total revenues across all reported categories for January 2023 were up 3.5% as compared to January 2022, coming in at $1.3 billion. Trade (Consumer Books) sales were up 3.1% in January, coming in at $754.9 million. In terms of physical paper format revenues during the month of January, in the Trade (Consumer Books) category, Hardback revenues were up 0.3%, coming in at $264.0 million; Paperbacks were up 7.0%, with $276.9 million in revenue; Mass Market was down 35.7% to $12.4 million; and Special Bindings was down 2.1%, with $15.6 million in revenue.

Third quarter results were negatively affected by continued demand weakness, particularly at FedEx Express. In addition, operating income was negatively affected by the effects of global inflation, partially offset by U.S. domestic yield improvement and cost-reduction actions. FedEx Ground operating results improved, primarily due to an 11% increase in revenue per package and cost-reduction actions. These factors were partially offset by lower package volume, higher infrastructure costs and increased other operating expenses. FedEx Freight operating results improved, driven by an 11% increase in revenue per shipment and a gain on the sale of a facility, partially offset by decreased shipments.

The U.S. Postal Service has received the Public Service Award for its Election Mail program from the nonpartisan Election Verification Network. The award is given every year to a public official or governmental unit for protecting and promoting election integrity and verifiable elections. “This award is further confirmation of the Postal Service’s deep commitment and great success in delivering the nation’s ballots securely and on time,” said Postmaster General and CEO Louis DeJoy. “We take pride in the role our organization plays in the election process. The American people can continue to feel confident in using the U.S. Mail to fulfill their democratic duty to vote.”

Huhtamaki North America announces its sponsorship of a sports stadium. In a recently announced five-year deal, Huhtamaki will be the official “sustainable packaging provider” at Children’s Mercy Park stadium, home of the US Major League Soccer (MLS) team, Sporting Kansas City. Together, both companies will further reduce stadium’s environmental footprint. The company’s sports partnership in North America features naming rights to the Huhtamaki Shield Club at Children’s Mercy Park in Kansas City and community impact initiatives for the region through support of Sporting Sustainability and The Victory Project. Together with Sporting Kansas City, Huhtamaki is committed to reducing the stadium’s environmental footprint with the goal of zero waste by 2027. “We couldn’t be more excited to partner with Huhtamaki, a global packaging leader with a longstanding reputation of excellence in sustainable food packaging. Together we will achieve a more sustainable future,” said Sporting Kansas City Vice President of Corporate Partnerships Jon Moses.

Revenue is now expected to be over £260 million and profit before taxation and highlighted items is expected to be some £30 million for the year ended 28 February 2023.* This follows strong trading at the end of the year. Commenting on the results, Nigel Newton, Chief Executive of Bloomsbury, said: “Bloomsbury’s unique position in combining consumer and academic publishing combined with our investment in high quality content and company acquisitions has enabled us to achieve excellent trading for the year. We have seen strong demand for our titles - in print, ebook and audio - and continued digital growth. Two of our strongest performances in the year have come from very disparate ends of our publishing strategy - fantasy novels on the one hand and academic digital resources on the other - showing how well our balanced consumer and academic portfolio is working in practice."

*Net sales of $4.24 billion, down 6% compared to last year, inclusive of an estimated 1-point foreign exchange headwind. Net sales were in-line with the company’s expectations for mid-single digit declines in the quarter. -Comparable sales down 5% year-over-year. -Store sales decreased 3% compared to last year. -Online sales decreased 10% compared to last year and represented 41% of total net sales. *Gross margin was 33.6%, deleveraging 10 basis points versus last year. -Merchandise margin increased 20 basis points versus last year as higher discounting and inflationary commodity price increases were offset by lower air freight expense. -Rent, occupancy, and depreciation (ROD) deleveraged 30 basis points versus last year primarily due to lower online sales in the quarter. *Operating loss was $30 million; operating margin of negative 0.7%. *Net loss of $273 million; diluted loss per share of $0.75.

FY23 second quarter service performance scores covering Jan. 1 through Mar. 3, included: *First-Class Mail: 91.2% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.5% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.9% of Periodicals delivered on time against the USPS service standard, an increase of 2.2 percentage points from the fiscal first quarter.

*GAAP Results: Revenue of $491 million (-5% vs. prior year), Operating loss of $67 million (-$113M vs. prior year), and EPS loss of $1.29 (-$1.92 vs. prior year). Losses primarily due to non-cash goodwill impairment in Education Services/University Services and restructuring charges *Fiscal 2023 Outlook: Reduced to reflect increased Academic headwinds and a publishing pause in a Hindawi special issues program *Accelerating wide-ranging simplification and optimization efforts to drive meaningful margin improvement

Adobe announced the latest online inflation data from the Adobe Digital Price Index (DPI), powered by Adobe Analytics. Online prices in February 2023 fell 1.4% year-over-year (YoY), marking the sixth consecutive month of a YoY price decrease, with over half of the categories (10 of 18) tracked by Adobe seeing falling prices on an annual basis. On a monthly basis, online prices in February fell 0.3%. February’s YoY price decline was primarily driven by sharp drops in discretionary categories including electronics (down 12.6% YoY, down 1.7% MoM), computers (down 16.4% YoY, down 1.4% MoM) and toys (down 6.5% YoY, down 0.4% MoM). Consumers also saw prices fall YoY for home goods: Appliances were down 3.8% YoY (down 1.8% MoM), while home/garden products fell 3.8% YoY (up 0.2% MoM). The furniture/bedding category fell for the first time after rising for 33 consecutive months, dropping 0.1% YoY (down 0.6% MoM).

Savvas Learning Company, a K-12 next-generation learning solutions leader, announced today that it has acquired Whooo’s Reading and its AI-driven technology that enables teachers to quickly and easily determine whether their students comprehend the books they are reading. “Artificial intelligence technology has the power to transform K-12 education by dramatically helping to personalize the teaching and learning experience,” said Bethlam Forsa, CEO of Savvas Learning Company. “The AI-driven technology that supports Whooo’s Reading is a great example of this. It gives students personalized and adaptive feedback on their writing and reading skills, empowering them to grow as learners. It also provides teachers with valuable insights into which skills their students need extra support with, allowing them to customize instruction.”

FY23 second quarter service performance scores covering Jan. 1 through Feb. 24 included: *First-Class Mail: 91.2% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.4% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.6% of Periodicals delivered on time against the USPS service standard, an increase of 1.9 percentage points from the fiscal first quarter.

Nordstrom, Inc. reported fourth quarter net earnings of $119 million, and earnings before interest and taxes of $187 million, or 4.5 percent of sales, for the quarter ended January 28, 2023. For the fiscal year ended January 28, 2023, net earnings were $245 million, with EBIT of $465 million, or 3.1 percent of sales. For the fourth quarter ended January 28, 2023, net sales decreased 4.1 percent versus the same period in fiscal 2021 and gross merchandise value decreased 4.2 percent.

Costco Wholesale Corporation announced its operating results for the second quarter and the first 24 weeks of fiscal 2023, ended February 12, 2023. Net sales for the quarter increased 6.5 percent, to $54.24 billion, from $50.94 billion last year. Net sales for the first 24 weeks increased 7.3 percent, to $107.68 billion, from $100.35 billion last year. Net income for the quarter was $1,466 million, $3.30 per diluted share. Last year’s second quarter net income was $1,299 million, $2.92 per diluted share. Net income for the first 24 weeks was $2.83 billion, or $6.37 per diluted share, compared to $2.62 billion, $5.90 per diluted share, last year. For the four-week reporting month of February, ended February 26, 2023, the Company reported net sales of $17.06 billion, an increase of 4.7 percent from $16.29 billion last year.

If you’re strolling down the Marylebone High Street in London, you’ll stumble across a popular bookstore called Daunt Books. Inside, sunlight pours through stained glass windows, dappling rows of books organized by country, rather than theme, to appeal to armchair travelers who want to explore the world through reading. “It’s how I like to read, personally,” says James Daunt, who opened the bookstore in 1990 when he was in his twenties. “But it muddles the books because you abandon traditional subject categories.” Daunt acknowledges that his approach to bookselling is unusual, and perhaps a little risky. But it’s been a hit. He went on to open five other Daunt Book locations across London, which have thrived over the past 33 years, even as Amazon has grown explosively, putting many bookstores out of business.

Penguin Random House Verlagsgruppe U.S. has announced organizational changes to the structure of its publishing groups, accompanied by some high-profile promotions. As announced yesterday in New York by Nihar Malaviya, Interim CEO of Penguin Random House, the former Random House Group will be split into two new publishing groups: Random House Publishing Group and Crown Publishing Group. The new Random House Publishing Group will be headed by Sanyu Dillon, previously Chief Marketing Officer of Penguin Random House U.S. As President, Random House Publishing Group, she will oversee Random House, The Dial Press, Hogarth, The Modern Library, One World, Ballantine Bantam Dell/Delacorte, Random House Worlds, Harmony/Rodale, Convergent, and WaterBrook & Multnomah. The new Crown Publishing Group will be led by David Drake, previously President Crown Publishing Group, who has been appointed President of the new Crown Publishing Group. His group now includes Crown, Currency, Clarkson Potter and Ten Speed Press publishers.

Fourth Quarter 2022 Highlights - Net sales of $8.3 billion, down 4.6% versus the fourth quarter of 2021; down 0.9% versus the fourth quarter of 2019. Comparable sales down 3.3% on an owned basis and down 2.7% on an owned-plus-licensed basis versus the fourth quarter of 2021; up 3.1% and up 3.3%, respectively, versus the fourth quarter of 2019. Full-Year 2022 Highlights -Net sales of $24.4 billion, down 0.1% versus 2021; down 0.5% versus 2019. Comparable sales up 0.3% on an owned basis and up 0.6% on an owned-plus-licensed basis versus 2021; up 3.5% and up 3.7%, respectively, versus 2019.

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.

Fourth Quarter 2022 Summary: Total reported sales of $2.1 billion, up 3% versus the prior year, primarily as a result of higher sales in our B2B distribution division, ODP Business Solutions, offsetting lower sales in our consumer division, Office Depot. Office Depot sales were lower partially driven by 58 fewer retail locations in service compared to the prior year as a result of planned store closures and lower traffic. Consolidated sales results include the favorable impact related to the 53rd week in fourth quarter of 2022 of $128 million. GAAP operating income of $55 million and net income from continuing operations of $36 million, versus $31 million and $32 million, respectively in the prior year. Operating income results include the favorable impact related to the 53rd week in fourth quarter of 2022 of $20 million. Full Year 2022 Summary: Total reported sales of $8.5 billion, flat versus the prior year. Consolidated sales results include the favorable impact related to the 53rd week in 2022 of $128 million. GAAP operating income of $243 million and net income from continuing operations of $178 million, versus $234 million and net income from continuing operations of $187 million, respectively in the prior year. Operating income results include the favorable impact related to the 53rd week in 2022 of $20 million.

Total Company net sales for the three months ended January 31, 2023, increased 3.9% to a record $1.38 billion. Total Retail segment net sales increased 2%, with comparable Retail segment net sales increasing 3%, partially offset by a 1% negative impact of foreign currency translation. The increase in Retail segment comparable net sales was driven by mid- single-digit positive growth in retail store sales and low single-digit positive growth in digital channel sales. By brand, comparable Retail segment net sales increased 15% at the Free People Group and 9% at the Anthropologie Group and decreased 10% at Urban Outfitters. Wholesale segment net sales decreased 7% driven by a 13% decrease in Free People Group wholesale sales due to a decrease in sales to department stores partially offset by growth in specialty and close out account partners, while Urban Outfitters wholesale sales increased by $3 million. Nuuly segment net sales increased by $25.5 million driven by a 149% increase in our subscribers as of the current quarter end versus the end of the prior year’s comparable quarter.

Overall, the Postal Service’s total investment in vehicles is expected to reach $9.6 billion, including $3 billion from Inflation Reduction Act (IRA) funds. The December 2022 plan announced intended acquisitions over the next five years of a 75 percent electric fleet of Next Generation Delivery Vehicles (NGDV). Acquisitions of NGDV after 2026 will be 100 percent electric. As part of the earliest stages of the delivery vehicle replacement plan, a contract for 9,250 commercial-off-the-shelf (COTS) internal combustion engine vehicles will also be concurrently awarded to fill the urgent need for vehicles. The specific locations for deployment of the vehicles and infrastructure have not yet been finalized and will depend on route characteristics, including whether a left-hand drive vehicle is mission-suitable as well as other business considerations. The Postal Service plans to begin building out its charging infrastructure across a minimum of 75 locations within the next 12 months, and thereafter to continue the infrastructure build out in the succeeding years at many additional facilities as a part of our delivery vehicle electrification strategy.

Kohl's announced that 30-year retail veteran Dave Alves has been named Kohl's President & Chief Operating Officer, reporting to CEO Tom Kingsbury, effective in April. In this role, Alves will be responsible for Kohl's enterprise operations including its nearly 1,200 stores, global supply chain and distribution centers, real estate portfolio, purchasing, sustainability, risk management & compliance functions. "We are thrilled to have Dave join our senior leadership team as we drive the business forward," said Kingsbury. "Kohl's is a tremendous company with a strong and loyal customer base, and Dave is joining us at a time when we are elevating our business and our offerings for the next generation of shoppers. His deep retail background in department stores and off-price, and his experience across U.S. and global markets will be a great addition to our team."

FY23 second quarter service performance scores covering Jan. 1 through Feb. 17 included: *First-Class Mail: 91.0% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.4% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.1% of Periodicals delivered on time against the USPS service standard, an increase of 1.5 percentage points from the fiscal first quarter.

On the closing day of the American Booksellers Association Winter Institute 2023, a keynote and idea exchange tackled book banning and other threats to the freedom to read. Stories of outrage were easy to come by: booksellers report going uninvited to book fairs, moving children’s books off tables occupied by general “adult” titles, or second-guessing whether to host Drag Queen Story Time. But solutions were in shorter supply. Booksellers are frustrated with schools’ and libraries’ capitulations to uninformed book challenges, despite understanding the fears of harassment and violence driving those chilling decisions. ABA chief communications officer Ray Daniels moderated a panel that included Gender Queer author Maia Kobabe, Rediscovered Books co-owner Laura DeLaney, Green Feather Book Company proprietor Heather Hall, and Kendrick Washington, director of policy at the ACLU of Washington. “I have had a wild ride over the past couple of years,” said Kobabe, whose memoir tops the American Library Association’s list of 10 most-challenged books. “I have seen a rise of book sales, but I think most of those sales are to adults and people who listen to NPR. People in book deserts are the ones missing out. We shouldn’t have to have a lawsuit in every single school district just to have the books in schools and libraries. It’s such a drain on resources.”

Fourth Quarter 2022 Results - Sales increased 1% to $448.0 million, compared to $443.1 million during the same period last year. Sales include a $38.4 million unfavorable impact related to the voluntary recalls, which impacted certain products in Coolers & Equipment. Gross profit decreased 34% to $167.0 million, or 37.3% of sales, compared to $254.8 million, or 57.5% of sales, in the fourth quarter of 2021. Gross profit included a $97.0 million, or 1,700 basis points, unfavorable impact related to the voluntary recalls. Gross profit was also negatively impacted by higher inbound freight, higher product costs, and the unfavorable impact of foreign currency exchange rates, partially offset by favorable channel mix and the price increases implemented in the first quarter of 2022. Full Year 2022 Results - Sales increased 13% to $1,595.2 million, compared to $1,411.0 million in the prior year. Sales include a $38.4 million unfavorable impact related to the voluntary recalls, which impacted certain products in Coolers & Equipment. Gross profit decreased 6% to $763.4 million, or 47.9% of sales, compared to $816.1 million, or 57.8% of sales in the prior year. Gross profit included a $97.0 million, or 480 basis points, unfavorable impact related to the voluntary recalls. Gross profit was also negatively impacted by higher inbound freight, higher product costs, and the unfavorable impact of foreign currency exchange rates, partially offset by the price increases implemented in the first quarter of 2022.

Fourth Quarter 2022 Financial Highlights: • Total revenues of $730.7 million decreased 11.6% compared to the fourth quarter of 2021 ◦ Same store revenues(2) decreased 10.3% compared to the fourth quarter of 2021 • Total digital revenues were $269.2 million or 36.8% of total revenues, down 0.4% over the same period in the prior year on a same store(2) basis mainly as a result of declines in digital media year-over-year • Net income attributable to Gannett of $32.8 million, an income margin of 4.5%

The global debate over what constitutes a publication may have received some clarity in the UK, although it is not likely to make anyone happy. Britain’s top court ruled that Rupert Murdoch’s News Corp. cannot claim its online publications are “newspapers,” which are not responsible for value-added tax (VAT), Reuters reports. A Murdoch spokesperson told Reuters that "Four courts have now considered the position and all found that the print and digital editions had fundamentally the same public purpose required to justify a zero rating and provided the same content.” This decision effectively negates that. News Corp. hoped to recoup more than 35 million pounds paid between 2010 and 2016,” Reuters continues.

FY23 second quarter service performance scores covering Jan. 1 through Feb. 10 included: *First-Class Mail: 90.9% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.3% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.2% of Periodicals delivered on time against the USPS service standard, an increase of 1.5 percentage points from the fiscal first quarter.

The Book Manufacturers’ Institute (BMI) released the February results for its monthly survey on capacity and lead times for soft cover and hard cover books. This month’s survey also featured an update to the questions, factoring in both digital and offset printing methods. In looking at digital printing, the average hard cover capacity is only 59%. That is well below the January overall capacity number. Lead time for digital hard cover books is only 21 days. Digital soft cover books are running at 68% capacity and 17 days lead time. Both of those numbers are less than the overall January numbers as well. According to responses regarding offset printing, hard cover manufacturers are running at 76% of their capacity, with a 40 day lead time. The average soft cover capacity usage is 82% which is higher than the January overall average. Offset soft cover lead time is 27 days, continuing the trend of overall soft cover lead times going down.

In recent years, a surge in the use of counterfeit postage has been found in the mail stream. The intentional use, or sale, of counterfeit postage is a crime because it seeks to obtain services without payment. This activity reflects an intentional effort to defraud the Postal Service of the funds it needs to provide services to the public. In response to this problem, the Postal Service is filing a federal register notice about changes to the Mailing Standards of the United States Postal Service, Domestic Mail Manual (DMM®), that will allow the Postal Service to treat items found in the mail stream bearing counterfeit postage as abandoned. “As the most trusted government agency in the nation, we will continue to work together with other law enforcement and government agencies to protect the sanctity of the mail,” said Chief Postal Inspector Gary Barksdale.

Q4 2022 Highlights: * Angi Inc. revenue increased 6% year-over-year to $442 million, operating loss increased to $60 million (compared to a loss of $29 million in Q4 2021) and Adjusted EBITDA increased to $16 million (compared to a loss of $3 million in Q4 2021). * Dotdash Meredith Digital revenue was $260 million and Print revenue was $224 million. Pro Forma revenue decreased 26% due to 14% Digital declines and 36% Print declines. o Operating loss of $9 million and Adjusted EBITDA of $73 million in Q4 2022 reflect $21 million of restructuring charges and transaction-related items *Emerging & Other revenue decreased 16% year-over-year to $177 million, operating income increased 583% to $8 million and Adjusted EBITDA increased 2% to $12 million. Q4 revenue reflects: o The sale of Bluecrew on November 9, 2022, and 34% lower IAC Films revenue o 53% growth from Vivian Health and 3% growth from Care.com

The U.S. Postal Service announced its financial results for the first quarter of fiscal year 2023 (Oct. 1, 2022 - Dec. 31, 2022). The Postal Service's operating revenue was $21.5 billion for the quarter, an increase of $206 million, or 1.0 percent, on a volume decline of 1.7 billion pieces, or 4.8 percent, compared to the same quarter last year. Marketing Mail revenue decreased $106 million, or 2.4 percent, on a volume decline of 879 million pieces, or 4.7 percent, compared to the same quarter last year. Revenue declined at a lesser rate than volume due to price increases. Marketing Mail has been challenged by commercial mailers’ increasing use of digital and mobile advertising, which was accelerated by the pandemic. Nevertheless, Marketing Mail has generally proven to be a resilient marketing channel, and its value to U.S. businesses remains strong due to customer returns on investment and better data and technology integration.

States apparently are getting tired of waiting for national legislation that would support local journalism. The Massachusetts legislature, to name one, is mulling a bill that would provide a tax credit to reimburse the cost of local newspaper subscriptions. To benefit from this, a local print or digital publication would have to primarily serve the local community and consist of content derived from primary sources and relating to news and current events. It would also have to employ at least one local news journalist who resides in the community.

Fourth quarter GAAP net income decreased 36% to $433 million and GAAP diluted earnings per share decreased 52% to $1.33 driven by continued declines in Ratings revenue and amortization of acquired intangibles. For the full year, reported revenue increased 35% to $11.18 billion. 2022 GAAP net income increased 7% to $3.25 billion and GAAP diluted earnings per share decreased 18% to $10.20.

FY23 second quarter service performance scores covering Jan. 1 through Feb. 3 included: *First-Class Mail: 91.8% of First-Class Mail delivered on time against the USPS service standard, an increase of .8 percentage point performance from the fiscal first quarter. *Marketing Mail: 94.3% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.3% of Periodicals delivered on time against the USPS service standard, an increase of 1.7 percentage points performance from the fiscal first quarter.

The New York Times Company announced fourth quarter 2022 diluted earnings per share from continuing operations of $.43 compared with $.41 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.59 in the fourth quarter of 2022 compared with $.43 in the fourth quarter of 2021. Operating profit decreased to $93.0 million in the fourth quarter of 2022 from $94.1 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment (“NYTG”) and the impact from six additional days in the quarter were more than offset by a one-time charge related to the Company’s withdrawal from a multiemployer pension plan and operating losses at The Athletic segment (“The Athletic”). Adjusted operating profit (defined below) increased to $141.8 million from $109.3 million in the prior year, as higher digital subscription revenues at NYTG and the impact from the additional six days more than offset operating losses at The Athletic. Adjusted operating profit at NYTG increased to $148.7 million from $109.3 million as higher digital subscription and other revenues more than offset lower digital advertising revenues.

*Revenues in the quarter were $2.52 billion, a 7% decrease compared to $2.72 billion in the prior year, reflecting a $171 million, or 6%, negative impact from foreign currency fluctuations. Adjusted Revenues decreased 3% *Net income in the quarter was $94 million compared to $262 million in the prior year *Total Segment EBITDA in the quarter was $409 million compared to $586 million in the prior year *In the quarter, reported EPS were $0.12 compared to $0.40 in the prior year – Adjusted EPS were $0.14 compared to $0.44 in the prior year

The Association of American Publishers (AAP) today released its StatShot report for December 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection. Total revenues across all categories, excluding PreK-12, for December 2022 were down 10.0% as compared to December 2021, coming in at $995.9 million. Year-to-date revenues were down 6.4%, at $12.6 billion for the year of 2022. Trade revenues were down 6.2%, at $9.1 billion for the calendar year. Hardback revenues were down 13.9%, coming in at $3.2 billion; Paperbacks were up 1.1%, with $3.3 billion in revenue; Mass Market was down 25.5% to $181.6 million; and Special Bindings were down 8.1%, with $206.4 million in revenue. eBook revenues were down 6.6% as compared to 2021 for a total of $1.0 billion. The Downloaded Audio format was up 7.0%, coming in at $839.5 million in revenue. Physical Audio was down 29.8% coming in at $15.8 million.

As adopted by the Joint Explanatory Statement accompanying the Consolidated Appropriations Act, 2022, the House of Representatives Report 117-79 states: First-Class Service Standards.—The Committee is concerned about further changes to the service standards for market-dominant mail products, particularly the Postal Service’s recent proposal to extend first-class service standards to as long as five days. The Committee believes this change would further erode public confidence in the USPS. The Committee directs the PRC to analyze the feasibility of restoring service standards for market-dominant products that were in effect on July 1, 2012, including an examination of the resources and structural and operational changes needed, and the impacts on market growth and revenue. If service standards are decreased from their January 2021 levels, the PRC shall also conduct a similar analysis of the costs and benefits of restoring USPS service and performance levels to their January 1, 2021, levels. The PRC shall report to the Committee on its findings within 1 year of enactment of this Act.

Gannett Co., Inc. announced that the Company used proceeds of $21.3 million from real estate sales completed in January 2023 to reduce its first lien debt by $22.3 million. Approximately $5.0 million of the proceeds were used to repurchase approximately $6.1 million of 6.00% first lien notes due November 1, 2026, representing a discount to par. The remaining $16.3 million of proceeds were used to repay amounts under its five-year senior secured term loan facility. “We continue to make meaningful progress in reducing our first lien debt, which will continue to lead toward an improved capital structure and stronger balance sheet. We expect to sell another $50 million to $60 million in real estate and other assets in 2023, the proceeds of which we expect to use to pay down debt. As a result, we expect to reduce our debt within the year by approximately $120 million through the sale of real estate and other assets, along with our scheduled quarterly amortization payments,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

Publisher Lee Enterprises has discovered “material weaknesses” in its financial reporting and has not yet filed its annual report for the fiscal year ended September 25, 2022, the company states in a Form 8-K filing with the Securities and Exchange Commission. Management “did not maintain appropriately designed information technology general controls in the areas of user access for certain of its information systems that are relevant to the preparation of the Company's consolidated financial statements and system of internal control over financial reporting,” Lee says.

FY23 second quarter service performance scores covering Jan. 1 through Jan. 27 included: *First-Class Mail: 91.8% of First-Class Mail delivered on time against the USPS service standard, an increase of 0.9 percentage point performance from the fiscal first quarter. *Marketing Mail: 94.3% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 85.8% of Periodicals delivered on time against the USPS service standard an increase of 1.1 percentage points performance from the fiscal first quarter.

Like a post-holiday hangover that just won’t go away, many retailers are struggling with unsold products even after holding New Year sales. According to a new survey of 500 U.S. retailers from e-commerce inventory planning software provider Inventory Planner, 50% of respondents still have goods they cannot sell after post-Christmas and January discounting. Close to half (46%) of respondents say this is a “major concern.” More than half of U.S. retailers (53%) told Inventory Planner there would be ‘dangerous ramifications’ for their business if they failed to sell excess stock.

Penguin Random House’s bid to buy Simon & Schuster was always going to change the future of the world’s largest trade book publisher, but the remake is not happening along the lines former PRH CEO (and current CEO emeritus) Markus Dohle had originally planned. The ruling by Judge Florence Pan that stopped the acquisition set off a string of events that included Dohle’s resignation, the promotion of PRH US COO Nihar Malaviya to interim global CEO, and PRH US CEO Madeline McIntosh’s decision, announced last week, to step down once she has helped Malaviya complete the creation of a new organizational structure for PRH. Though the restructuring is still a work in progress, its goal is to reinvigorate internal competition for new titles among PRH’s many imprints while also providing multiple touch points for agents to pitch their books to different PRH editors.

Fourth Quarter 2022 - Net sales increased 9% to $149.2 billion in the fourth quarter, compared with $137.4 billion in fourth quarter 2021. Excluding the $5.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with fourth quarter 2021. Operating income decreased to $2.7 billion in the fourth quarter, compared with $3.5 billion in fourth quarter 2021. Fourth quarter 2022 operating income includes approximately $2.7 billion of charges for changes in estimates related to self-insurance liabilities, impairments of property and equipment and operating leases, and estimated severance costs. These charges primarily impacted the North America segment. Net income decreased to $0.3 billion in the fourth quarter, or $0.03 per diluted share, compared with $14.3 billion, or $1.39 per diluted share, in fourth quarter 2021. All share and per share information for comparable prior year periods throughout this release have been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022. Full Year 2022 - Net sales increased 9% to $514.0 billion in 2022, compared with $469.8 billion in 2021. Excluding the $15.5 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 13% compared with 2021. Operating income decreased to $12.2 billion in 2022, compared with $24.9 billion in 2021. Net loss was $2.7 billion in 2022, or $0.27 per diluted share, compared with net income of $33.4 billion, or $3.24 per diluted share, in 2021.

For decades, tech watchers have been predicting the rise of the paperless society, where businesses and homes are fully digital, without a scrap of paper in sight. The reality is that while email and digital record-keeping have perhaps reduced the amount of paper in our lives, they haven’t done away with it entirely — which means we still need to create and maintain good paper management systems. At Domtar, we’re strong advocates for the use of paper in our daily lives for everything from record keeping to sustainable packaging. Studies have shown that paper is a sustainable alternative to single-use plastics, while other reports highlight the hidden environmental costs of digital communications. But did you know a robust paper management system that organizes paper statements, receipts, invoices and written budgets can also help you become more financially responsible? Here are four reasons why: You can see paper. Paper tells the truth. You learn more with paper. Paper offers security.

Costco Wholesale Corporation reported net sales of $16.84 billion for the retail month of January, the four weeks ended January 29, 2023, an increase of 6.9 percent from $15.76 billion last year. Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year. The shift negatively impacted January’s Other International and Total Company sales by approximately 2% and 0.25%, respectively. For the 22 weeks ended January 29, 2023, the Company reported net sales of $99.00 billion, an increase of 7.5 percent from $92.10 billion last year.

Fourth Quarter 2022 Financial Highlights *Delivered sales of $3.8 billion, up 13.2%, or 17.2% on a daily, constant currency basis *Achieved reported operating margin of 14.3%, up 190 basis points, or 13.8% on an adjusted basis, up 135 basis points. Full Year 2022 Financial Highlights *Grew sales to $15.2 billion, up 16.9%, or 19.3% on a daily, constant currency basis *Realized reported operating margin of 14.5%, up 265 basis points, or 14.4% on an adjusted basis, up 255 basis points *Produced $1.3 billion in operating cash flow and returned $949 million to Grainger shareholders through dividends and share repurchases

The Commission had several significant accomplishments throughout the year. In addition to reviewing and approving planned rate and classification changes for Market Dominant and Competitive products, new product proposals, and formal complaint adjudications, the Commission: *Conducted rulemakings related to 1) service performance reporting requirements; 2) the letter monopoly; 3) rate incentives for Market Dominant products; and 4) the minimum appropriate share of institutional costs required to be borne by competitive products; *Issued advisory opinions on Postal Service proposals to 1) change service standards for Retail Ground and Parcel Select Ground and 2) revise the critical entry times (CETs) for some categories of Periodicals mail; and *Issued analytical reports on the Postal Service related to compliance with pricing and service standards; the financial health of the Postal Service; and evaluation of the Service’s performance goals and plan

UPS announced fourth-quarter 2022 consolidated revenues of $27.0 billion, a 2.7% decrease from the fourth quarter of 2021. Consolidated operating profit was $3.2 billion, down 17.9% compared to the fourth quarter of 2021, and down 3.3% on an adjusted basis. Diluted earnings per share were $3.96 for the quarter; adjusted diluted earnings per share of $3.62 were 0.8% above the same period in 2021. For the fourth quarter of 2022, GAAP results include a net benefit of $299 million, or $.34 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension gain of $782 million, a one-time, non-cash, after-tax charge of $384 million resulting from accelerated vesting of restricted performance units in connection with a change in incentive compensation program design, a non-cash, after-tax charge of $58 million due to a reduction in the residual value of the company’s MD-11 aircraft and after-tax transformation and other charges of $41 million.

FY23 second quarter service performance scores covering Jan. 1 through Jan. 20 included: *First-Class Mail: 91.7% of First-Class Mail delivered on time against the USPS service standard, an increase of 0.7 percentage points performance from the fiscal first quarter. *Marketing Mail: 93.9% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 85.3% of Periodicals delivered on time against the USPS service standard an increase of 0.7 percentage points performance from the fiscal first quarter.

Dotdash Meredith is cutting 7% of its staff, 274 jobs in all, across all departments. The cuts, announced in an email by CEO Neil Vogel on Thursday morning, were to take place the same day. In the email, Vogel said that the leaders and HR staff would meet with affected employees. Parent IAC recently disclosed that Dotdash Meredith suffered a 28% decline in revenue YoY in December. Driving this was an 18% falloff in digital revenue and 39% in print.

News Corporation announced today that the Company’s Board of Directors received a letter from K. Rupert Murdoch withdrawing the proposal to explore a potential combination of News Corp and Fox Corporation (“FOX”). In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp and FOX at this time. As a result of this action, the Special Committee of the Board of Directors of News Corp has been dissolved. The Board would like to express its appreciation for the Special Committee’s efforts on this matter.

Savvas Learning Company, a K-12 next-generation learning solutions leader, is proud to announce that its Savvas Realize learning management system (LMS) has received the 2022 Supes’ Choice Award from the Institute for Education Innovation, a national school superintendent think tank. Savvas Realize, the K-12 education industry's most innovative LMS, was honored as the “best of the best” in the Learning Management System category. The Supes’ Choice Awards, which recognize the trailblazers and visionaries in today’s rapidly growing edtech industry, are the only edtech industry awards judged exclusively by school district superintendents. Winners in the award program’s 14 categories are selected based on their commitment to student outcomes, innovation and ingenuity, client support, interactivity, and engagement.

Cost-cutting and outright closures continue to afflict print publishing. For instance, The Fort Wayne (Indiana) Journal Gazette is eliminating its Sunday edition and placing that content in a new weekend edition that will appear on Saturdays. Last Friday, the paper announced, “All of the features readers have come to expect on Sundays – exclusive enterprise reporting, stand-alone Sports, Metro, Perspective, Business, Living and Classified/Home sections – will move to the Saturday Weekend Edition, along with color comics, puzzles, advice columns and the weekly advertising insert package."

FY23 second quarter service performance scores covering Jan. 1 through Jan.13 included: *First-Class Mail: 90.8% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 93.9% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 84.7% of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.

The Association of American Publishers (AAP) today released its StatShot report for November 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection. Total revenues across all categories, excluding PreK-12, for November 2022 were down 14.4% as compared to November 2021, coming in at $1.0 billion. Year-to-date revenues were down 6.0%, at $11.6 billion for the first eleven months of the year. Trade (Consumer Books) sales were down 13.7% in November, coming in at $863.4 million. In terms of physical paper format revenues during the month of November, in the Trade (Consumer Books) category, Hardback revenues were down 22.4%, coming in at $355.2 million; Paperbacks were down 5.4%, with $274.2 million in revenue; Mass Market was down 14.9% to $19.5 million; and Special Bindings was down 15.9%, with $20.0 million in revenue.

As one of the fastest-growing brands within our Gap Inc. franchise portfolio, Old Navy continues to build an international presence and attract new customers across the globe with fun, on-trend and fashionable products at a value for the family. Last year, the Old Navy franchise business was focused on expanding in Latin America through franchise partnerships, launching for the first time in Chile, El Salvador, Dominican Republic, and most recently, in Ecuador. These latest launches in the region underscore the brand’s commitment to Gap Inc.’s ‘Partner to Amplify’ strategy, which focuses on working with best-in-class companies who are experts in their markets to reach new and existing customers while supporting the business in a new and cost-effective way.

Costco Wholesale Corporation announced that its Board of Directors has reauthorized a common stock repurchase program of up to $4 billion. This program will expire in January 2027 and replaces the current $4 billion program (adopted in 2019 and scheduled to expire April 2023), under which approximately $1.4 billion had been purchased. The Board of Directors also declared a quarterly cash dividend on Costco common stock of 90 cents per share. The dividend is payable February 17, 2023, to shareholders of record at the close of business on February 3, 2023. Costco currently operates 847 warehouses, including 583 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

The Book Manufacturers’ Institute (BMI) released the January results for its monthly survey on capacity and lead times for soft cover and hard cover books. This month showed both capacities and lead times continuing to decline. According to responses regarding hard cover books, the average manufacturer was running at 72% of their capacity, down from December’s 82%. The average lead time for completed hard cover books went down to 48 days from 50 days, continuing the trend. For soft cover books, capacity usage dropped to 75% compared to 82% last month. The average lead time dropped to 29 days from 33 days, continuing that trend as well.

Taking a groundbreaking approach to delivering government and civics curriculum, Savvas Learning Company today introduced two new, innovative social studies programs, Magruder’s American Government Interactive and Civics Interactive, that are developed to provide students with the most up-to-date content and current events. Magruder’s American Government Interactive © 2023, the new edition of its premier high school program, is the first social studies curriculum in the country with continuously updated digital resources, complementing a foundational textbook. Civics Interactive © 2024, the newest and first all-digital civics curriculum in the marketplace, is designed to actively promote civic engagement for young adults in grades 6-12.

S&P Global announced that it has entered into an agreement to sell its Engineering Solutions business to investment funds managed by KKR, a leading global investment firm and a longstanding customer of S&P Global, for $975 million in cash, subject to customary purchase price adjustments. S&P Global currently anticipates the divestiture to result in after-tax proceeds of approximately $750 million, which proceeds are expected to be used to fund share repurchases. The agreement follows S&P Global's announced intent in November 2022 to divest the business.

Between Nov. 26 and Dec. 30, the Postal Service accepted 11.7 billion mailpieces and packages into the network with an average delivery time of just 2.5 days.* The Postal Service also released FY23 second quarter service performance scores covering Jan. 1 through Jan. 6. Data for the reporting period shows the average time to deliver a mailpiece or package across the postal network was just 2.6 days. Quarterly data included: *First-Class Mail: 89.4% of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.6 percentage points from the fiscal first quarter. *Marketing Mail: 93.6% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 84.5% of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.

InTech magazine, the flagship publication of the International Society of Automation (ISA) will soon be all tech: it is ending its print edition and will now be published only in PDF format six times a year. It seems appropriate—if a little belated—that the ISA publication would go all-digital. The magazine found in a reader survey that 67% read InTech's digital edition, which is delivered via email. And 38% visit visit www.ISA.org/InTech to read there. But 46% never pick up a paper issue.

Savvas Learning Company, a K-12 next-generation learning solutions leader, is pleased to announce that it has been named to the 2023 GSV 150, a list of the world’s most transformative private companies in education. Savvas was chosen from more than 4,000 private companies revolutionizing the world of education technology, from Pre-K-12 to workforce learning. GSV Ventures evaluated these companies on five criteria — revenue scale, revenue growth, active learner reach, international reach, and margin profile — to determine the global GSV 150 list.

Learning technology company HMH and NWEA, a not-for-profit, research and educational services organization serving K-12 students, announced today they have signed an agreement for HMH to acquire NWEA. Upon closing, NWEA will operate as a division of HMH, with its current offerings, including its flagship assessment—MAP Growth—remaining under the NWEA brand. NWEA assessment solutions will be integrated with HMH curriculum on HMH’s platform to create a combined offering that links interim assessment to instruction. HMH is a portfolio company of Veritas Capital, a private investment firm that focuses on companies that provide technology and technology-enabled solutions to government and commercial customers worldwide. By combining NWEA’s assessments with HMH’s curriculum, HMH is expected to deliver a holistic solution for educators that helps them understand how students are growing academically and what areas need the most focus to maximize that growth. Most importantly, this solution will turn insights from assessments into content recommendations that help teachers address student-specific skill gaps and advance student learning.

Gannett is closing ThisWeek Westerville News & Public Opinion both in print and online, effective Jan. 26, according to the Gannett paper The Columbus Dispatch. According to the Dispatch, the decision is part of a broader digital transformation that will allow the company to concentrate its reporting strength on the Dispatch and Dispatch.com. “This decision helps ensure the success of the core Columbus Dispatch product,” said Edwina Blackwell Clark, executive editor of The Dispatch.

The book printing market is experiencing high levels of demand and a continued resurgence among consumers for physical books. While a good problem to have, it could be a problem nonetheless as we move into 2023. Kevin Spall, senior VP at Scholastic, offers a perspective on this from the publishing side, explaining: “Publishers are full, having overbought because demand was high and capacity was low. We bought inventory to be prepared. And now, as demand softens, we still have inventory. The need to reprint is less certainly than it was a year ago when the demand was just starting to spike, and those are not issues that are going to go away quickly.” Demand has soared in 2022, according to the Book Manufacturers Institute’s (BMI) "State of the Book Industry 2022” report. The printed book market remains on an upward trajectory, continuing to build on the momentum of 2020, when COVID-19 kept people at home and interest in reading surged.

To kick off the new year, Kohl’s is donating more than $500,000 to more than 20 nonprofits serving families in Milwaukee and Waukesha Counties through the Kohl’s Hometown Giving Program. The Kohl’s Hometown Giving Program, now in its fifth year, is an important part of the retailer’s local community support and provides another funding opportunity for nonprofits looking to expand and develop their programming to further enhance the health and wellness of families. “Kohl’s is such a big part of the greater Milwaukee area, so it’s especially important that we give back here through our philanthropic work in a significant way,” said Tara Geiter, Kohl’s director of community relations. “We’re proud to provide funding through Kohl’s Hometown Giving Program, among many other local initiatives, to help support our communities through the incredible, impactful work these nonprofits are doing year-round to enhance and improve family health and wellness.” Grants range from $5,000 to $25,000 and are made possible through the Kohl’s Cares® merchandise program, which sells children’s books and plush toys and donates 100 percent of the net profit to health and wellness organizations nationwide.

Total Company net sales for the two months ended December 31, 2022 increased 2.3% compared to the two months ended December 31, 2021. Total Retail segment net sales increased 1%, with comparable Retail segment net sales increasing 2%, partially offset by a 1% negative impact of foreign currency translation. The increase in Retail segment comparable net sales was driven by low single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. By brand, comparable Retail segment net sales increased 15% at the Free People Group and 7% at the Anthropologie Group and decreased 10% at Urban Outfitters. Wholesale segment net sales decreased 22% driven by a decrease in Free People wholesale sales primarily due to a decrease in sales to department stores. Nuuly segment sales increased 150% due to a 153% increase in our subscribers during the two months ended December 31, 2022, as compared to the prior year period. For the eleven months ended December 31, 2022, total Company net sales increased 5.1% compared to the eleven months ended December 31, 2021. Comparable Retail segment net sales increased 4%, driven by high single-digit positive growth in retail store sales due to increased store traffic and low single-digit positive growth in digital channel sales. Wholesale segment net sales decreased 3%, primarily driven by a decrease in Free People Group wholesale sales primarily due to a decrease in sales to department stores, partially offset by an increase in sales to specialty accounts. Nuuly segment sales increased 176% due to a 187% increase in our subscribers during the eleven months ended December 31, 2022, as compared to the prior year period.

FY23 preliminary first quarter service performance scores covering Oct. 1 through Dec. 30 included: *First-Class Mail: 90.1% of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.1 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 1 percentage point compared to the same period in the FY22 peak holiday season. *Marketing Mail: 94.0% of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.8 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 1.8 percentage points compared to the same period in the FY22 peak holiday season. *Periodicals: 84.7% of Periodicals delivered on time against the USPS service standard, a decrease of 2.1 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 3.8 percentage points compared to the same period in the FY22 peak holiday season.

Costco Wholesale Corporation reported net sales of $23.80 billion for the retail month of December, the five weeks ended January 1, 2023, an increase of 7.0 percent from $22.24 billion last year. For the 18 weeks ended January 1, 2023, the Company reported net sales of $82.16 billion, an increase of 7.6 percent from $76.34 billion last year.

Publishers had a reasonably good year in 2022, but 2023 could be rocky, judging by new research by the Alliance for Audited Media (AAM). In 2022, 67% saw an increase in digital subscriptions, and 40% reported increased web traffic. But 80% experienced rising production costs, and 53% were hit with distribution challenges. The survey was limited to 30 executives at AAM-audited publishers. This is not projectible, but it does provide a snapshot. Of those respondents, 82% said advertising would continue to be a main source of revenue, while 57% expect digital subscriptions would be a primary source, and 54% said the same about print subscriptions.

The Postal Regulatory Commission voted unanimously to designate Commissioner Mark Acton as vice chairman of the Commission effective January 1, 2023, succeeding Commissioner Ann Fisher. Agency regulations provide that the commissioners elect a member to serve as vice chairman for a term of one year. Commissioner Mark Acton was reappointed to the Commission by President Barack H. Obama on December 12, 2016, for a third term of continued public service extending until October 14, 2022, and was confirmed by the United States Senate on December 10, 2016. President George W. Bush first nominated Mr. Acton as a postal rate commissioner on November 7, 2005, and he was confirmed by the Senate on August 3, 2006. Prior to his appointments, Mr. Acton served as special assistant to the chairman of the Postal Rate Commission and assisted in managing all aspects of agency operations.

WBA first quarter sales decreased 1.5 percent from the year-ago quarter to $33.4 billion, an increase of 1.1 percent on a constant currency basis. Operating loss was $6.2 billion in the first quarter compared to operating income of $1.3 billion in the year-ago quarter. Operating loss in the quarter reflects a $6.5 billion pre-tax charge for opioid-related claims and litigation. Net loss in the first quarter was $3.7 billion compared to net income of $3.6 billion in the year-ago quarter.

The Postal Regulatory Commission unveiled its 2023-2028 Strategic Plan. The Plan is robust and resilient, allowing the Commission to anticipate changes to the postal system and to adapt as necessary to ensure transparency and accountability of the United States Postal Service. The four Strategic Goals identified encompass the Commission’s priorities and strategic focus throughout 2023-2028: Strategic Goal 1: Anticipate and adapt to an evolving postal system through a responsive and trusted regulatory framework. Strategic Goal 2: Enhance and expand communication of accurate and relevant regulatory information to postal stakeholders, policymakers, and the general public. Strategic Goal 3: Develop an internal infrastructure to support and strengthen our regulatory capabilities through adaptive policies, efficient processes, and scalable platforms. Strategic Goal 4: Build an organization that will attract, develop, and retain a diverse workforce of experts.

FY23 first quarter service performance scores covering Oct. 1 through Dec. 23 included: *First-Class Mail: 91.6% of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.6 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 1.8 percentage points compared to the same period in the FY22 peak holiday season. *Marketing Mail: 94.0% of Marketing Mail delivered on time against the USPS service standard, a slight decrease of .7 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 2.3 percentage points compared to the same period in the FY22 peak holiday season. *Periodicals: 85.1% of Periodicals delivered on time against the USPS service standard, a decrease of 1.7 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 3.9 percentage points compared to the same period in the FY22 peak holiday season.

The Alabama Media Group is killing the print editions of The Birmingham News, the Huntsville Times and the of Mobile. All three will cease on February 26, 2023. This is part of a restructuring by parent Advance Publications that also included New Orleans’ Times-Picayune, NPR writes. Bates continues that the combined circulation of the three titles was 260,000 a decade ago, but not is down to around 30,000. In contrast, AL.com pulls a million people a day, NPR continues.

A customer-led, technology-enabled revolution is transforming the retail industry. That’s according to global market intelligence firm IDC, which has released its annual “FutureScape: Worldwide Retail 2023 Top 10 Predictions.” The report predicts how the worldwide retail industry will evolve. Below are IDC’s top 10 predictions: 1. By 2025, 20% of the top 100 global retailers will drive holistic business result using distributed artificial intelligence (AI) systems with integrated data across retail planning, decisions, operations, and optimization. 2. By 2025, 50% of retailers will increase data management and governance technology investments by at least 20% to obtain insights from growing amounts of data to increase omnichannel revenue.

The United States Postal Service reported new delivery performance metrics for the 11th week of the first quarter for fiscal year 2023. The average time to deliver a mailpiece or package across the postal network was 2.5 days for the eighth consecutive week even as mailing and shipping traffic increased. FY23 first quarter service performance scores covering Oct. 1 through Dec. 16 included: *First-Class Mail: 91.6% of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.6 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 1.5 percentage points compared to the same period in the FY22 peak holiday season. *Marketing Mail: 94.1% of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 2.3 percentage points compared to the same period in the FY22 peak holiday season. *Periodicals: 85.3% of Periodicals delivered on time against the USPS service standard, a decrease of 1.6 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 4.1 percentage points compared to the same period in the FY22 peak holiday season.

Given all of the attention that the Department of Justice’s successful trial to block Penguin Random House’s purchase of Simon & Schuster drew, it can be hard to remember what other trends, challenges, and issues confronted the publishing industry in 2022. In many ways, last year the industry was still dealing with the fallout caused by the pandemic. For one thing, return-to-office policies remained in flux throughout the year; just when a publisher would announce plans to bring back employees to the office for a few days a week, another surge would come along and scuttle those plans. In addition, executives at the big publishers were meeting stiff resistance from employees on any sort of mandate to return to the office. In PW’s most recent salary and jobs survey, respondents said that the creation of work-from-home policies was the most important benefit their company established during the height of the pandemic, and the overwhelming majority of respondents were concerned that their company would soon be requiring employees to be in the office for a certain number of days each week.

The Association of American Publishers (AAP) today released its StatShot report for October 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection. Total revenues across all categories, excluding PreK-12, for October 2022 were down 9.3% as compared to October 2021, coming in at $1.2 billion. Year-to-date revenues were down 5.1%, at $10.6 billion for the first ten months of the year. Trade (Consumer Books) sales were down 13.7% in October, coming in at $978.3 million.

As ACMA attorneys Martin Eisenstein and Nat Bessey wrote in Part One) of their two-part Legal Corner series to members last month (unlocked version here for non-members too), a major issue for the industry was the effort of the Massachusetts Department of Taxation to apply the Supreme Court’s ruling in South Dakota v. Wayfair retroactively and assess many ACMA members and other remote merchants retroactively for sales tax liabilities for periods prior to the Supreme Court’s decision in Wayfair. Brann & Isaacson is proud to announce that today we received a favorable, and unanimous, decision of the Massachusetts Supreme Judicial Court invalidating the Department’s assessment. The Court found that absent a physical presence in Massachusetts, the Department did not have the authority to assess sales taxes based upon Internet contacts. The Court held that cookies/apps/content delivery networks do not constitute physical presence. This is a significant victory for the industry and a great holiday present. Thank you to all ACMA members and other companies for your support in this effort. link to full report: https://catalogmailers.org/member-exclusive-acmas-legal-corner-state-and-local-agencies-are-at-it-again-in-sales-tax-actions-pt-1-of-2-2/

The United States Postal Service today announced that it expects to acquire at least 66,000 battery electric delivery vehicles as part of its 106,000 vehicle acquisition plan for deliveries between now and 2028. The vehicles purchased as part of this anticipated plan will begin to replace the Postal Service’s aging delivery fleet of over 220,000 vehicles. The Postal Service anticipates at least 60,000 Next Generation Delivery Vehicles (NGDV), of which at least 75% (45,000) will be battery electric. As part of this plan, a total of 21,000 additional commercial off-the-shelf (COTS) vehicles are also expected to be battery electric, depending on market availability and operational feasibility. The Postal Service also anticipates including internal combustion vehicles necessary to meet immediate vehicle replacement needs.

Amazon will no longer sell digital magazine and newspaper subscriptions via Kindle Newsstand, starting next year. The tech giant is also phasing out its print textbook rental program, Publishers Weekly reports. Amazon issued this statement to Publishers Weekly: “Following an assessment of our print textbook rentals and our magazine and newspaper subscriptions and single-issue sales, we have made the difficult decision to discontinue these services.”

FY23 first quarter service performance scores covering Oct. 1 through Dec. 9 included: *First-Class Mail: 91.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.4 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of one percentage point compared to the same period in the FY22 peak holiday season. *Marketing Mail: 94.1 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 1.9 percentage points compared to the same period in the FY22 peak holiday season. *Periodicals: 85.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of 1.3 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 3.5 percentage points compared to the same period in the FY22 peak holiday season.

Fourth Quarter Fiscal Year 2022 Financial Highlights *Adobe achieved revenue of $4.53 billion in its fourth quarter of fiscal year 2022, which represents 10 percent year-over-year growth or 14 percent in constant currency. Diluted earnings per share was $2.53 on a GAAP basis and $3.60 on a non-GAAP basis. *GAAP operating income in the fourth quarter was $1.51 billion and non-GAAP operating income was $2.02 billion. GAAP net income was $1.18 billion and non-GAAP net income was $1.68 billion. *Record cash flows from operations were $2.33 billion. *Remaining Performance Obligations (“RPO”) exiting the quarter were $15.19 billion. *Adobe repurchased approximately 5.0 million shares during the quarter.

The Book Manufacturers’ Institute (BMI) released the December results for its monthly survey on capacity and lead times for soft cover and hard cover books.. This month held fairly steady on capacities but showed lead times continuing to decline. According to responses regarding hard cover books, the average manufacturer was running at 82% of their capacity, equal to October and November. The average lead time for completed hard cover books went down to 50 days from 59 days, continuing the trend. For soft cover books, capacity usage stayed similar at 82% compared to 81% last month. The average lead time dropped to 33 days from 38 days, continuing that trend as well.

Publishers face many hurdles going into the new year, starting with loss of third-party cookies, judging by the 2023 Industry Pulse Report from Integral Ad Science, in partnership with YouGov. Publishers say they are up against the following: Decreasing access to consumer data/cookies—40%; Choosing and integrating identity systems—36%; Monetizing with/without social platforms—32%; Maximizing yield—28%; Monetizing first-party data—24%; Ads delivered alongside risky or misleading content—23%; Providing scaled audience extension, minimizing overhead—20%; Contextual targeting—19%; Poor viewability levels—8%; Ad fraud—3%

Costco Wholesale Corporation announced its operating results for the first quarter (twelve weeks) of fiscal 2023, ended November 20, 2022. Net sales for the first quarter increased 8.1 percent, to $53.44 billion from $49.42 billion last year. Net income for the quarter was $1,364 million, $3.07 per diluted share, compared to $1,324 million, $2.98 per diluted share, last year. This year’s results included a charge of $93 million pre-tax, $0.15 per diluted share, primarily related to downsizing our charter shipping activities, and a tax benefit of $53 million, $0.12 per diluted share, related to stock-based compensation. Last year’s results included a write-off of certain information technology assets of $118 million pre-tax, $0.20 per diluted share, and a tax benefit of $91 million, $0.21 per diluted share, related to stock-based compensation.

Lee Enterprises is on course with its digital transformation, judging by its Q4 and fiscal 2022 results. The publisher, which now bills itself as a digital-first subscription platform, reported total digital revenue of $65 million in Q4, a 31% increase YoY. In contrast, overall revenue was flat at $194 million. The results were similar for fiscal 2022: Total operating revenue was $781 million, down 2% from the prior year. But digital revenue grew by 27% to $240 million.

In separate court filings this week, lawyers for Amazon and the Big Five publishers said that a revived class action suit accusing them of colluding to fix e-book prices is not significantly different from the case that was dismissed in September for lack of evidence, and should not be allowed to go forward. “Defendants’ actions remain better explained as independent, self-interested business decisions than as an illogical conspiracy to entrench Amazon at the publisher defendants’ expense,” reads a letter from the publishers’ lawyers, requesting a pre-motion conference ahead of filing a formal motion to dismiss. “To state a claim, plaintiffs must—but fail to—allege concerted action and a specific intent to monopolize.”

“We’ve made tremendous progress improving our service performance in the past year thanks to investments under our Delivering for America plan and an organization-wide commitment to better serving our customers,” said Louis DeJoy, Postmaster General and CEO. “We are headed in the right direction but there is more work to be done to deliver the reliable service the American people expect and deserve.” Final FY2022 USPS service performance scores showed: *First-Class Mail: 91.0 percent of First-Class Mail delivered on time against the USPS service standard, an 8.3 percentage point improvement from FY21 (82.7 percent). *Marketing Mail: 93.3 percent of Marketing Mail delivered on time against the USPS service standard, a 5.7 percentage point improvement from FY21 (87.6 percent). *Periodicals: 83.7 percent of Periodicals delivered on time against the USPS service standard, a significant 8.1 percentage point increase over FY21 (75.6 percent).

*GAAP Results: Revenue of $515 million (-3% vs. prior year), Operating Income of $57 million (-22% vs. prior year), and EPS of $0.68 (-31% vs. prior year) *Fiscal 2023 Outlook: Wiley is lowering its revenue outlook at constant currency due to consumer spending and enrollment headwinds in Academic & Professional Learning. Reaffirms full year outlook for Adjusted EBITDA and Free Cash Flow; Adjusted EPS trending to lower end of range mainly due to rising interest expense. “Despite the challenging economic environment, we continue to see good underlying momentum in our core growth areas of Research Publishing, Research Solutions, and Corporate Talent Development,” said Brian Napack, President and CEO. “This quarter’s results were weighed down by difficult market conditions in our publishing lines in Academic & Professional Learning. We are aggressively managing costs to offset these challenges while continuing to scale our growth offerings in line with favorable long-term trends.”

The New York Times scored a coup on Tuesday both online and in its legacy medium, print. General Electric took over all of the paper’s pages, running 22 full-page color ads and five partial pages in a seven-figure campaign that also includes ads on desktop and mobile homepages, on three section webpages, in audio form on the podcast "The Daily" and in two newsletters briefings. It's the first time ever that all of the paper’s real estate has been taken over by a single advertiser. The package was designed to promote GE’s coming split into three separate companies: GE HealthCare, GE Aerospace, and GE Vernova, all publicly traded, the Boston Globe reports.

The Association of American Publishers (AAP) today released its StatShot report for September 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection. Total revenues across all categories, excluding PreK-12, for September 2022 were down 1.4% as compared to September 2021, coming in at $1.4 billion. Year-to-date revenues were down 4.5%, at $9.3 billion for the first nine months of the year. Trade (Consumer Books) sales were down 2.6% in September, coming in at $917.5 million.

Fiscal 2022 Third Quarter Operating Results Overview: *Total net sales were $177.8 million, a decrease of $28.2 million or 13.7%, compared to $206.1 million last year. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 14.9%. *Gross profit, including buying, distribution, and occupancy costs, was $54.6 million, or 30.7% of net sales, compared to $76.7 million, or 37.2% of net sales, last year. *Operating income was $6.3 million, or 3.6% of net sales, compared to $29.0 million, or 14.1% of net sales, last year, due to the combined impact of the factors noted above. *Net income was $5.1 million, or $0.17 per diluted share, compared to $20.8 million, or $0.66 per diluted share, last year. Weighted average diluted shares were 30.0 million this year compared to 31.4 million last year.

For the Third Quarter of Fiscal 2022: *Net sales increased 17.2% to $2.3 billion compared to $2.0 billion in the third quarter of fiscal 2021 primarily due to the favorable impact from the continued resilience of the beauty category, retail price increases, and the impact of new brands and product innovation compared to the third quarter of fiscal 2021. *Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.6% compared to an increase of 25.8% in the third quarter of fiscal 2021, driven by a 10.7% increase in transactions and a 3.5% increase in average ticket. *Gross profit increased 22.0% to $962.8 million compared to $789.5 million in the third quarter of fiscal 2021. *Operating income increased 27.3% to $361.9 million, or 15.5% of net sales, compared to $284.2 million, or 14.2% of net sales, in the third quarter of fiscal 2021. *Net income increased 27.5% to $274.6 million compared to $215.3 million in the third quarter of fiscal 2021.

Urban Outfitters, Inc. announced that Francis Pierrel, President, Urban Outfitters Group, has left the Company. We appreciate the contributions he made during his tenure and wish him well in his future endeavors. Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of the Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues brands.

Costco Wholesale Corporation reported net sales of $19.17 billion for the retail month of November, the four weeks ended November 27, 2022, an increase of 5.7 percent from $18.13 billion last year. For the twelve-week first quarter ended November 20, 2022, the Company reported net sales of $53.44 billion, an increase of 8.1 percent from $49.42 billion last year. For the thirteen weeks ended November 27, 2022, the Company reported net sales of $58.36 billion, an increase of 7.9 percent from $54.10 billion last year.

The Postal Regulatory Commission released its advisory opinion on a Postal Service plan to revise the critical entry times (CETs) for some categories of Periodicals mail. The CET is the latest time a mailpiece may be tendered to the Postal Service and still have the day count when measuring that mail’s service performance. (Docket No. N2022-2). Specifically, the Postal Service proposes to standardize four of the five Periodicals CETs (i.e., CETs for all non-palletized Periodicals mail). Instead of the current CET range of 0800-1400 for the affected categories of Periodicals mail, the Postal Service proposes that all of those categories would share a CET of 0800. The Postal Service asserts that this change would “promote simplification of mail processing operations, and hence more effective allocation and use of processing personnel and equipment.” The Commission’s evaluation of the Postal Service’s proposal finds: *The proposed changes will likely enable the Postal Service to project more easily and accurately the Periodicals volumes and, therefore, will likely improve Periodicals processing. *The proposed changes are likely to result in more efficient use of the Postal Service’s equipment, particularly its bundle/package sortation machines. *A subset of affected Periodicals mailers have indicated that they will not be able to achieve the revised CETs and are likely to have an additional service day added to the delivery of their mailpieces. *The Postal Service has not analyzed how the expected impact on Periodicals mailers would affect Periodicals volumes, worksharing, or the recipients of Periodicals mail.

The House will vote today on legislation to avert a potentially devastating freight rail strike. While Congress races to avoid the disaster through a legislative fix, retailers and businesses are scrambling to establish backup plans if the strike of 100,000 union members moves ahead. Some companies are proactively shifting their shipping volume from rail to trucks and are considering changing the timing of orders and shipments.

Are you in a position to give a child or family some extra magic this season? If so, you can now adopt a letter written to Santa at USPSOperationSanta.com. USPS Operation Santa relies solely on random acts of kindness and the generosity of strangers. The program is 110 years old this year. It allows people to help children and families have a magical holiday when they otherwise may not. Since Sep. 15, the Postal Service has been receiving letters from all across the country and delivering them to Santa’s workshop at 123 Elf Road, North Pole, 88888. Letters sent with accurate postage and complete return addresses have been posted on USPSOperationSanta.com, and today is the day customers can begin reading and adopting them.

Business groups are increasing the pressure on lawmakers to intervene and block a railroad strike before next month’s deadline in the stalled contract talks. A coalition of more than 400 business groups sent a letter to Congressional leaders Monday urging them to step into the stalled talks because of fears about the devastating potential impact of a strike that could force many businesses to shut down if they can’t get the rail deliveries they need. Commuter railroads and Amtrak would also be affected in a strike because many of them use tracks owned by the freight railroads. The business groups led by the U.S. Chamber of Commerce, National Association of Manufacturers and National Retail Federation said even a short-term strike would have a tremendous impact and the economic pain would start to be felt even before the Dec. 9 strike deadline because the railroads would stop hauling hazardous chemicals, fertilizers and perishable goods up to a week beforehand to keep those products from being stranded somewhere along the tracks.

FY2023 first quarter service performance scores covering Oct. 1 through Nov. 18 included: *First-Class Mail: 92.2 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 0.9 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.1 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.6 percentage points from the fiscal fourth quarter. *Periodicals: 86.6 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

Nordstrom, Inc. reported a third quarter net loss of $20 million for the quarter ended October 29, 2022. For the third quarter, net sales decreased 2.9 percent versus the same period in fiscal 2021 and gross merchandise value decreased 2.5 percent. Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a negative impact of approximately 200 basis points on net sales compared with 2021. During the quarter, Nordstrom banner net sales decreased 3.4 percent, which included a negative impact of approximately 300 basis points from Anniversary Sale timing, and GMV decreased 2.9 percent. Net sales for Nordstrom Rack decreased 1.9 percent.

National Retail Federation (NRF) President and CEO Matthew Shay said a nationwide rail strike during the peak holiday season will be “devastating” for American businesses, consumers and the U.S. economy — particularly amid today’s increased prices due to persistent inflation. Shay's statement was made yesterday when members of the nation’s largest rail union rejected a contract agreement with freight rail management that had been brokered by the White House among the labor unions and freight railroads. The vote raises the possibility of a strike in the coming weeks that could seriously damage the U.S. economy. "Millions of hardworking Americans rely on the freight rail system for their jobs and the economic security of our country," said Shay. He added that American businesses and families are already facing increased prices due to inflation, and a rail strike will create greater inflationary pressures and will threaten business resiliency.

Dear Colleagues, I am writing today because, as you may have heard, Paramount has terminated its agreement to sell Simon & Schuster to Penguin Random House, and there will be no appeal of Judge Florence Pan’s decision to block the merger of the two companies. This news is still fresh, and at this point I have no specific information to impart about what will happen in the coming months. You may read or hear rumors and speculation about our future, but you can be assured that I will keep you informed as soon as there is pertinent news I can share. I am grateful for your patience and dedication to our mission during all that has transpired over these many months since the sale began. Ultimately, what matters the most is the work we do together, on behalf of our authors and our books. Over the past three years, we have reached new heights of accomplishment. Simon & Schuster has never been more profitable and valuable than it is today. And that is because of the effort, ingenuity, and perseverance that you bring to our endeavors.

The Company's third quarter highlights include: *Consistent strong results : Chico's FAS posted $0.20 net income per diluted share for the third quarter, driven by strong comparable sales growth and selling, general and administrative expenses ("SG&A") leverage. This performance was more than 30% over the thirteen weeks ended October 30, 2021 ("last year's third quarter") and the seventh consecutive quarter of year-over-year double-digit earnings growth. *Powerful portfolio performance : For the third quarter, total Chico's FAS net sales grew 14.3% and comparable sales increased 16.5% versus last year's third quarter, led by the Company's apparel brands. Chico's and White House Black Market ("WHBM") comparable sales grew 28.8% and 17.0%, respectively, in the third quarter versus last year's third quarter. *Solid operating income growth: Third quarter income from operations was $31.6 million, or 6.1% of net sales, compared to $22.0 million, or 4.9% of net sales, in last year's third quarter, driven by strong sales growth and SG&A leverage, partially offset by higher raw material costs. *Strong balance sheet: The Company ended the third quarter with $140.7 million in cash and marketable securities, after repaying $30.0 million of long-term debt during the quarter.

A summary of results for the third quarter ended October 29, 2022 as compared to the third quarter ended October 30, 2021: *Net sales of $880 million, down 3% as compared to last year on a reported basis and approximately flat on a constant currency basis. *Gross profit rate of 59.2%, down approximately 450 basis points as compared to last year. The year-over-year decrease was primarily driven by 370 basis points of higher freight and raw material costs and 60 basis points from the adverse impact of exchange rates. *Operating expense, excluding other operating income, net, approximately flat compared to last year, with decreases in marketing and incentive-based compensation, offset by higher inflation and digital fulfillment expenses. Operating expense as a percentage of sales increased to 57.2% from 55.8% last year. *Operating income of $18 million and $21 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $73 million and $79 million last year, on a reported and adjusted non-GAAP basis, respectively.

Total Company net sales for the three months ended October 31, 2022, increased 3.9% over the same period last year to a record $1.18 billion. Total Retail segment net sales increased 2%, with comparable Retail segment net sales increasing 4%, partially offset by a 2% negative impact of foreign currency translation. The increase in Retail segment comparable net sales was driven by mid-single-digit positive digital channel sales and low single-digit positive retail store sales. By brand, comparable Retail segment net sales increased 13% at the Anthropologie Group and 8% at the Free People Group and decreased 9% at Urban Outfitters. Wholesale segment net sales decreased 3%, driven by a 4% decrease in Free People Group wholesale sales, partially offset by a 6% increase in Urban Outfitters wholesale sales. Nuuly segment net sales increased by $22.6 million driven by a 185% increase in our subscribers during the quarter versus the prior year’s comparable quarter. For the nine months ended October 31, 2022, total Company net sales increased 6.0% compared to the same period last year. Total Retail segment net sales increased 5%, with comparable Retail segment net sales also increasing 5%.

Online sales reached double-digit growth in Q3 after four quarters of modest ecommerce growth. Amazon moving its Prime Day sale into Q3 aided this sales bump. More than 20% of consumer spending from July-September occurred online. Key takeaways: *U.S. ecommerce grew 10.8% in Q3 2022. *Amazon moved its Prime Day sale to July this year from June last year. This pushed dollars into Q3 and bolstered ecommerce growth for the quarter. *Amazon, Walmart and Target’s collective performance drove the overall market for the three-month period. *20.6% of all dollars spent on retail purchases came from online orders. *Sales through all channels grew 7.7% in Q3, while in-store and other offline sales grew 7.0%.

On November 17th, the ACMA cleared a major hurdle in its complaint in the Superior Court in San Francisco that a previously-issued California Franchise Tax Board (FTB) regulation in the form of a technical advisory memorandum wrongly and substantially expanded the reach of income taxes on out-of-state merchants with no physical presence in the Golden State. The Superior Court of California County of San Francisco overruled the FTB's demurrer to ACMA's complaint for declaratory relief. “This is a significant and positive development in our case,” said ACMA CEO Hamilton Davison. “Although we still have aways to go, we now have a clear path to obtain a decision on the merits.” For more information, please visit www.catalogmailers.org.

*Net sales of $4.04 billion, up 2% compared to last year. Comparable sales were up 1% year-over-year. -Online sales increased 5% compared to last year and represented 39% of total net sales. -Store sales increased 1% compared to last year. The company ended the quarter with 3,380 store locations in over 40 countries, of which 2,743 were company operated. *Reported gross margin was 37.4%; adjusted gross margin, excluding $53 million in impairment charges related to Yeezy Gap, was 38.7%, deleveraging 320 basis points versus last year. *Reported operating income was $186 million; reported operating margin of 4.6%. *Reported net income of $282 million.

The United States Postal Service announced it has completed the installation of 137 new package sorting machines ahead of the holiday mailing and shipping season. The new equipment combined with increased operational precision will expand USPS’s daily package processing capacity to 60 million. FY2023 first quarter service performance scores covering Oct. 1 through Nov. 11 included: *First-Class Mail: 92.1 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 1 percentage point from the fiscal fourth quarter. *Marketing Mail: 94 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. *Periodicals: 86.4 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

*Comparable sales down 3.1% on an owned basis and down 2.7% on an owned-plus-licensed basis *Inventories up 4% versus 2021, reflecting ongoing planning and supply chain discipline *Net sales of $5.2 billion, down 3.9% versus the third quarter of 2021; up 1.1% versus the third quarter of 2019. *Digital sales decreased 9% versus the third quarter of 2021; up 35% versus the third quarter of 2019. *Brick-and-mortar sales decreased 1% versus the third quarter of 2021; down 9% versus the third quarter of 2019.

The Association of American Publishers (AAP) released its StatShot report for August 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection but will be updated as soon as that data becomes available. Total revenues across all categories, excluding PreK-12, for August 2022 were down 9.0% as compared to August 2021, coming in at $1.4 billion. Year-to-date revenues were down 5.0%, at $7.9 billion for the first eight months of the year. Trade (Consumer Books) sales were down 10.5% in August, coming in at $744.3 million.

The Book Manufacturers’ Institute (BMI) released the November results for its monthly survey on capacity and lead times for soft cover and hard cover books. As the book manufacturing landscape has changed recently, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. This month held fairly steady on capacities, but showed lead times continuing to decline. According to responses regarding hard cover books, the average manufacturer was running at 82% of their capacity, equal to October. The average lead time for completed hard cover books went down to 59 days from 62 days, based on 16 responses. For soft cover books, capacity usage dropped to 81% from 83%. The average lead time dropped to 38 days from 45 days, based on 20 responses.

*Third quarter comparable sales decrease 6.9% and net sales decrease 7.2% *Third quarter diluted earnings per share of $0.82 *Kohl’s Board has formed search committee to oversee the search for a new CEO while Tom Kingsbury has agreed to serve as Interim CEO during the transition period

*Comparable sales increased 2.7 percent, on top of 12.7 percent growth last year. *Comparable sales growth was driven by 1.4 percent traffic growth and a 1.3 percent increase in average ticket. *Category performance was led by growth in frequency businesses including Beauty, Food and Beverage and Household Essentials, which offset continued softness in discretionary categories. *The Company saw unit share gains across all five core merchandising categories.*Third quarter operating margin rate of 3.9 percent improved meaningfully compared with the second quarter results, but fell far short of expectations.

Of those working in English-speaking news and publishing, 60% say news deserts are a problem, and over 25% say they are an increasingly significant one, according to the Local News Deserts Survey Report Factsheet from PressReader. Only 15% see no issue. And while 86% agree that local news is vital to democracy, 45% believe that access to it has decreased in the past decade. Almost 50% are pessimistic about the industry’s ability to reverse the problem.

FY2023 first quarter service performance scores covering Oct. 1 through Nov. 4 included: *First-Class Mail: 92.3 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 0.9 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.2 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.6 percentage points from the fiscal fourth quarter. *Periodicals: 86.9 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

*No price increase for Parcel Select Ground which, coupled with our recently improved service standard to 2-5 days from 2-8 days, offers a reliable and economical option for shippers *No price increase for USPS Connect Local, which gives businesses of all sizes the ability to reach local customers at affordable rates *Reduced pricing for some Retail Priority Mail Flat-Rate products below the temporary price currently in place *Priority Mail Commercial rate to increase by 3.6 percent, well below the rate of inflation

Sales increased 20% to $433.6 million, compared to $362.6 million during the same period last year. Gross profit increased 7% to $222.4 million, or 51.3% of sales, compared to $207.0 million, or 57.1% of sales, in the third quarter of 2021. Selling, general, and administrative (“SG&A”) expenses increased 11% to $153.9 million, compared to $138.3 million in the third quarter of 2021. Operating income decreased slightly to $68.5 million, or 15.8% of sales, compared to $68.7 million, or 19.0% of sales during the prior year quarter. Net income decreased 14% to $45.5 million, or 10.5% of sales, compared to $53.0 million, or 14.6% of sales in the prior year quarter; Net income per diluted share decreased 13% to $0.52, compared to $0.60 per diluted share in the prior year quarter.

Fiscal 2023 First Quarter Key Financial Highlights *Revenues in the quarter were $2.48 billion, a 1% decrease compared to $2.50 billion in the prior year, driven by a $153 million, or 6%, negative impact from foreign currency fluctuations and lower Book Publishing segment revenues. Adjusted Revenues increased 3% *Net income in the quarter was $66 million compared to $267 million in the prior year *Total Segment EBITDA in the quarter was $350 million compared to $410 million in the prior year

* Dotdash Meredith Digital revenue was $221 million and Print revenue was $251 million. Pro Forma revenue decreased 19% due to 13% Digital declines and 24% Print declines. o Operating loss of $95 million and Adjusted EBITDA of $31 million in Q3 2022 reflect restructuring charges and transaction-related items associated with the acquisition of Meredith ($25 million impacting operating loss and $18 million impacting Adjusted EBITDA) * Angi Inc. revenue increased 8% year-over-year to $498 million and operating loss improved to $11 million (compared to a loss of $15 million in Q3 2021) and Adjusted EBITDA increased 85% to $23 million. o Angi Ads and Leads revenue increased 7% year-over-year, the second consecutive quarter of growth o Angi Services revenue was $132 million, increasing 12% year-over-year * Emerging & Other revenue increased 7% year-over-year to $181 million reflecting: o 13% growth from Care.com o 77% growth from Vivian Health * IAC repurchased approximately 367,000 shares at an average price of $71.56 in Q3 2022.

The New York Times Company announced thirdquarter 2022 diluted earnings per share from continuing operations of $.22 compared with $.32 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.21 in the third quarter of 2022 compared with $.23 in the third quarter of 2021. Operating profit increased to $51.0 million in the third quarter of 2022 from $49.0 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment more than offset expected operating losses at The Athletic Media Company (“The Athletic”). Adjusted operating profit (defined below) increased to $69.0 million from $65.1 million in the prior year, as a result of the same drivers. Adjusted operating profit at The New York Times Group segment increased to $78.6 million from $65.1 million as digital subscription revenues more than offset lower print subscription, print advertising and other revenues. See “Key Highlights” on the following page for additional metrics.

FY2023 first quarter service performance scores covering Oct. 1 through Oct. 28 included: *First-Class Mail: 92.4 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 86.6 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

Costco Wholesale Corporation reported net sales of $17.73 billion for the retail month of October, the four weeks ended October 30, 2022, an increase of 7.7 percent from $16.47 billion last year. For the nine weeks ended October 30, 2022, the Company reported net sales of $39.19 billion, an increase of 9.0 percent from $35.97 billion last year.

Third Quarter 2022 Financial Highlights: • Total revenues of $717.9 million decreased 10.3% compared to the third quarter of 2021 ◦ Same store revenues(2) decreased 9.0% compared to the third quarter of 2021 • Total digital revenues were $256.4 million or 35.7% of total revenues, down 2.3% over the same period in the prior year on a same store(2) basis mainly as a result of weakness in digital media year-over-year • Net loss attributable to Gannett of $54.1 million, a loss margin of 7.5% • Cash provided by operating activities of $31.3 million • Free cash flow(2) of $18.6 million

A union representing 6,000 rail workers, said its members have voted against ratifying the tentative contract that was brokered between rail companies, unions and the Biden administration in September. The Brotherhood of Railroad Signalmen is the second union to reject the White House-brokered agreement. Earlier this month, the Brotherhood of Maintenance of Way Employees Division of the Teamsters rejected the tentative contract over frustration with compensation and working conditions, with the biggest issue being a lack of paid sick days. The unions that voted down the agreement have vowed to continue negotiations at least until Nov. 19, when a strike could potentially occur, although the timeline is uncertain.

*Net sales increased 15% to $127.1 billion in the third quarter, compared with $110.8 billion in third quarter 2021. Excluding the $5.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 19% compared with third quarter 2021. *Operating income decreased to $2.5 billion in the third quarter, compared with $4.9 billion in third quarter 2021. *Net income decreased to $2.9 billion in the third quarter, or $0.28 per diluted share, compared with $3.2 billion, or $0.31 per diluted share, in third quarter 2021. *Operating cash flow decreased 27% to $39.7 billion for the trailing twelve months, compared with $54.7 billion for the trailing twelve months ended September 30, 2021.

Third Quarter Highlights *Delivered sales of $3.9 billion, up 16.9%, compared to the third quarter of 2021 on a reported and daily basis; up 20.3% on a daily, constant currency basis *Expanded gross margin by 145 bps compared to the third quarter of 2021 *Generated operating earnings of $603 million, up 37.6%, resulting in diluted EPS of $8.27, an increase of 46.4% versus the third quarter of 2021 *Produced $380 million in operating cash flow and returned $286 million to shareholders through dividends and share repurchases

S&P Global reported third quarter 2022 results with reported revenue of $2.86 billion, an increase of 37% compared to the same period last year, primarily due to the inclusion of IHS Markit businesses, partially offset by declines in Ratings revenue. Continued execution drove growth across most of the Company's six divisions, while Ratings transaction revenue continues to be negatively impacted by a sharp year-over-year reduction in debt issuance. GAAP net income decreased 24% to $608 million and GAAP diluted earnings per share decreased 44% to $1.84 primarily due to the increase in shares outstanding as a result of the merger with IHS Markit. The Company plans to present strategic vision and multi-year targets at its previously announced Investor Day on December 1, 2022 in New York City. The event will be in-person by invitation, and webcast publicly.

Commenting on the results, Nigel Newton, Chief Executive, said: “Bloomsbury achieved very strong results in the first half with year-on-year revenue growth of 22% to £122.9 million and profit growth of 23% to £15.9 million. These are our highest ever first half sales and profits. These results demonstrate the strength and resilience of our strategy of publishing for both the consumer and academic markets, our growth of digital revenues and our global diversification. Throughout this cost of living crisis, books remain an affordable treat. Reading offers a form of escapism and an ideal – and inexpensive – therapy for dealing with the stresses and strains of day-to-day life. The success of Bloomsbury Digital Resources (“BDR”) accelerated, with revenue growth of 69% driven by organic and acquired assets. This drove the Non-Consumer division’s revenue growth of 24% and a 54% increase in profit before tax and highlighted items1 to £7.1 million. Resilient demand saw the Consumer division revenue grow by 21%, achieving a 6% increase in profit before tax and highlighted items1 to £8.9 million. Our financial position is strong, with net cash of £41.5 million. This gives us significant opportunities for further acquisitions and investment in organic growth.

UPS announced third-quarter 2022 consolidated revenues of $24.2 billion, a 4.2% increase over the third quarter of 2021. Consolidated operating profit was $3.1 billion, up 7.5% compared to the third quarter of 2021, and up 6.0% on an adjusted basis. Diluted earnings per share were $2.96 for the quarter; adjusted diluted earnings per share of $2.99 were 10.3% above the same period in 2021. For the third quarter of 2022, GAAP results included after-tax transformation and other charges of $27 million, or $0.03 per diluted share.

The Book Manufacturers’ Institute (BMI) has announced recipients of the Master Bookman and Signature Award, as well as three new members to the Cased-in Club. The honors, which will be presented Monday evening November 7th at the Awards Banquet at the Fall Annual Conference in St. Petersburg, Florida, recognize BMI members who not only contribute to the success of their organization, but also to the continued success of the book manufacturing industry. Matt Baehr, Executive Director of BMI, said, “This group of award winners has truly shaped the book industry for decades. I am very excited to celebrate their accomplishments, and the book industry as a whole.”

Adams Publishing Group is acquiring The Livingston Enterprise and its parent company Yellowstone Newspapers, consisting of 13 small-town Montana newspapers. Terms were not disclosed. The deal was reached last Friday by John Sullivan, president of the Montana Group, and Mark Adams, president and CEO of Minnesota-based Adams Publishing Group (APG). It is expected to close on Nov. 1. This marks the end of a 57-year reign in the local newspaper business for the Yellowstone Group.

Since the campaign began in 2010, globally, Two Sides has successfully challenged over 970 organisations that subject their customers to repeated greenwashing messages which are damaging to the paper, print and mailing industry. With huge pressures on the economy; banks, telecom providers, utility companies and even governmental organisations are increasingly focused on switching their customers from paper to digital services to cut costs. All too often their customer communications attempt to mask these cost-saving efforts, justifying the switch with unfounded environmental marketing appeals such as “Go Green – Go Paperless” and “Choose e-billing and help save a tree.” “Not only are these greenwash claims in breach of established environmental marketing rules, but they are hugely damaging to an industry which has a solid and continually improving environmental record,” says Two Sides Europe Managing Director Jonathan Tame. “Far from ‘saving trees,’ a healthy market for forest products such as paper encourages the long-term growth of forests through sustainable forest management. Many of the organisations we engage are surprised to learn that European forests have actually been growing by 1,500 football pitches every day.”

Can you imagine a future without paper? As it turns out, few can. Despite advancing technology and talk of a paperless society, paper still plays a role in our imagined future. Perhaps that’s because paper is one of only a few truly sustainable products — it’s renewable, recyclable and can be managed sustainably. In the United States and Canada, Domtar has been a leader in advancing the circular economy of paper products by recycling and using wood waste to create renewable energy, and by promoting the recyclability of paper-based products and packaging, which will allow us to continue making products sustainably well into the future. Pop culture points to the continued presence of paper in our daily lives for decades to come, with paper-based products seen in unexpected places on screens of all sizes.

FY2023 first quarter service performance scores covering Oct. 1 through Oct. 14 included: *First-Class Mail: 92.9 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Marketing Mail: 94.4 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 87.6 percent of Periodicals delivered on time against the USPS service standard, an improvement of 0.7 percentage points from the fiscal fourth quarter.

Print continues to be the preferred media for magazine and book readers, challenging conventional industry thinking that digital is dominant. There’s little doubt that the global media and publishing industries are putting a lot of effort into pushing readers online. Whether it’s books, magazines, newspapers or advertising, the vast majority of investment is being made into the virtual rather than the physical, with companies focusing solely on digital at the expense of print. But it seems that readers are pushing back against the rising swell of digital content, continuing to show love for the traditional format and its many benefits. This love has been demonstrated in a number of recent studies, which show the enduring popularity of print magazines around the world and record-breaking figures for print book sales.

The Association of American Publishers (AAP) today released its StatShot report for July 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection but will be updated as soon as that data becomes available. Total revenues across all categories, excluding PreK-12, for July 2022 were down 14.9% as compared to July 2021, coming in at $1.0 billion. Year-to-date revenues were down 4.1%, at $6.6 billion for the first seven months of the year. Trade (Consumer Books) sales were down 11.6% in July, coming in at $668.4 million. In terms of physical paper format revenues during the month of July, in the Trade (Consumer Books) category, Hardback revenues were down 26.5%, coming in at $177.7 million; Paperbacks were down 4.6%, with $273.6 million in revenue; Mass Market was down 42.5% to $14.8 million; while Special Bindings were down 2.5%, with $17.2 million in revenue.

The Minnesota Daily, a campus publication dating back 120 years, has apparently given up its print edition for good. The newspaper cut off print in 2020—supposedly on a temporary basis. “To the University community, It is with a heavy heart that we are announcing that the print edition of the Minnesota Daily has been canceled for the summer,” wrote then editor Cleo Krejci in an editorial. But now it is apparent that the daily has never been restored, and that it won’t be in the future.

Amid ongoing disruption to delivery schedules Royal Mail has brought forward a swathe of price increases originally slated for next year. The business is locked in a bitter industrial relations dispute with the Communication Workers Union that has resulted in strike action that began at the end of September, and is set to continue throughout October, November and December. Royal Mail had been due to put up prices from 3 January 2023. Instead, prices for advertising mail, business mail, publishing mail, partially addressed mail, poll card mailing, and response services will go up from 7 November.

The Book Manufacturers’ Institute (BMI) released the October results for its monthly survey on capacity and lead times for soft cover and hard cover books. As the book manufacturing landscape has changed recently, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. This month showed a little bit of a respite with manufacturing capacities and lead times. According to responses regarding hard cover books, the average manufacturer was running at 82% of their capacity, down from 91%. The average lead time for completed hard cover books went down to 62 days from 84 days, based on 19 responses. For soft cover books, capacity usage dropped to 83% from 91%. The average lead time dropped 45 days from 61 days, based on 23 responses.

News Corporation announced that the Company’s Board of Directors, following the receipt of letters from K. Rupert Murdoch and the Murdoch Family Trust, has formed a Special Committee composed of independent and disinterested members of the Board to begin exploring a potential combination with Fox Corporation. The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate a potential combination with Fox. The Special Committee has not made any determination with respect to any such potential combination at this time, and there can be no certainty that the Company will engage in such a transaction.

FY2023 first quarter service performance scores covering October 1 through October 7 included: *First-Class Mail: 93.2 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Marketing Mail: 95.4 percent of Marketing Mail delivered on time against the USPS service standard, an increase of .7 percentage points from the fiscal fourth quarter. *Periodicals: 88.1 percent of Periodicals delivered on time against the USPS service standard, an improvement of 1.1 percentage points from the fiscal fourth quarter.

Savvas Learning Company, a K-12 next-generation learning solutions leader, is proud to announce that its Savvas Realize learning management system (LMS) has received Tech & Learning’s 2022 Best Tools for Back to School Award. Savvas Realize, the publishing industry's most innovative LMS, was honored in both the primary and secondary education categories as an exceptional technology platform that supports educators heading back to school. The 2022 Best Tools for Back to School is a new category in Tech & Learning’s Awards of Excellence program, which recognizes innovation in the edtech industry. The new award celebrates technology solutions that offer schools versatility, compatibility, and value while supporting innovative, effective teaching and learning. In praising Savvas Realize, the judges commented that “a single place to sign on and access curriculum resources makes this platform extremely valuable. The collaboration pieces are a huge benefit to teachers. They love having all of their resources in one place for quick access.”

In a move to further modernize and advance its data-focused operations, a360media, the media arm of accelerate360, has named Darwin CX its partner for subscription management and fulfillment services, effective July 2023. The Darwin CX platform is designed to supercharge subscriber acquisition, retention, and loyalty by offering a single customer service profile across media brands with one, consolidated subscriber management tool.

The United States Postal Service filed notice with the Postal Regulatory Commission (PRC) of price changes to take effect Jan. 22, 2023. The new rates include a three-cent increase in the price of a First-Class Mail Forever stamp from 60 cents to 63 cents. If favorably reviewed by the Commission, the proposed increases will raise First-Class Mail prices approximately 4.2 percent to offset the rise in inflation. The price changes have been approved by the Governors of the U.S. Postal Service. The price for 1-ounce metered mail will increase to 60 cents, and the price to send a domestic postcard will increase to 48 cents. A 1-ounce letter mailed to another country would increase to $1.45. There will be no change to the single-piece letter and flat additional-ounce price, which remains at 24 cents. The Postal Service is also seeking price adjustments for Special Services products including Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item.

Barnes & Noble is proud to present its Best Books of 2022 list, comprised of ten titles hand-selected by the bookseller showcasing the most stunning, provoking and impactful new releases of the year. “Readers of every genre will have a book to dive into on our Best Books of 2022 list,” said Jackie De Leo, Chief Merchandising Officer, Barnes & Noble. “There is an extraordinary amount of talent here, ranging from standout debut authors to Pulitzer Prize winners, all of whom have made a lasting impression on our booksellers. We can’t wait to read where they will take us next.”

Learning technology company HMH today announced that the company’s supplemental and intervention solutions were fully reviewed and approved by Chicago Public Schools for usage across the district. These HMH digital tools comply with the Student Online Personal Protection Act (SOPPA), the student data privacy law that regulates students' covered information by schools, the Illinois State Board of Education, and education technology vendors. Through the SOPPA approval process, HMH entered into an agreement with Chicago Public Schools to provide additional guarantees that student data is protected when collected by the company and that the data is used for beneficial purposes only. Protecting student data and therefore the students themselves is of vital importance to HMH. https://www.hmhco.com/about-us/press-releases/chicago-public-schools-approve-hmh-digital-tools-as-student-data-privacy-compliant

FY2022 fourth quarter service performance scores covering July 1 through September 30 included: *First-Class Mail: 93.1 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Marketing Mail: 94.8 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Periodicals: 86.9 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

Costco Wholesale Corporation reported net sales of $21.46 billion for the retail month of September, the five weeks ended October 2, 2022, an increase of 10.1 percent from $19.50 billion last year.

One-step sounds simple and easy. Two-step sounds a little more sophisticated and intricate. When it comes to selecting the right print vinyl media for your floor graphic, there’s actually quite a bit more to consider when choosing the product that will best help you create a graphic that dazzles the eye and provides the best value for you or your customer. The challenge is knowing the right questions to ask in order to select the vinyl print media that will help you create a superior floor graphic. Regardless of whether your challenge is easy application and removal or the widest variety of application surfaces, there is an ideal tool for this job — and Nekoosa has the right vinyl print media to help you get the job done. Let’s look at a couple of the most common questions about one-step and two-step vinyl print media to help you understand which is the best choice for your floor graphic.

Specialty outdoor retailer REI Co-op today announced its Opt Outside movement will be permanent for all employees. For this Black Friday, and every Black Friday in the future, the co-op will forgo profits and sales at all locations, and instead pay its more than 16,000 employees to enjoy time outside. Since 2015, REI has closed its doors on Black Friday—inviting employees and members to spend time outside rather than shopping. Over the years, Opt Outside has evolved from a response against consumerism to a movement that has advocated for causes important to the co-op, including environmental welfare, inclusivity in the outdoor industry and responsible recreation. This year will mark the shift of Opt Outside to an ongoing, permanent, employee benefit.

Barnes & Noble is thrilled to announce their partnership with Reading Is Fundamental (RIF) for their second annual Rally to Read 100 campaign. The six-month initiative invites students nationwide to pledge to read 100 books over the course of the campaign, from October 1, 2022 to March 31, 2023. As an Inspiration Partner of Rally to Read 100, Barnes & Noble will contribute to many aspects of the campaign. The bookseller is to contribute 10,000 books in donations of 100 books to 100 classrooms across the country. It contributes to the launch kits distributed to 1,000 classrooms, supports Storytime read-alouds with many best-selling authors and will host the culmination event at the bookseller’s flagship store in Union Square, NYC, on Read Across America Day, March 2, 2023.

From The Mountains to Raised Southern, from Feel Free to RV Today and I Love RVing, from Western Life Today to EV Builder’s Guide the field of magazines (keep in mind my definition of magazines: ink on paper) gained 22 titles on the nation’s marketplace including the return of some favorites that took a break from print or life for some time. Creem, the original rock and roll magazine, made a great comeback (only by subscription) and so did Mad and Marie Claire. So far 2022 has witnessed the launch of 62 titles compared to 81 for the same period of 2021. In the first quarter of 2022 28 titles were launched. In the second quarter the number dropped to 12. The third quarter saw 22 titles introduced.

FY2022 fourth quarter service performance scores covering July 1 through Sept. 23 included: *First-Class Mail: 93.2 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Marketing Mail: 94.7 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Periodicals: 86.8 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

Gold Mountain California News Media has acquired several local newspapers from Brehm Communications. They include the Hi-Desert Star, Desert Trail, Desert Mobile Home News, Big Bear Grizzly and Lake Arrowhead Mountain-News, according to Hi-Desert Star. The Yucca Valley printing facility is also included. News Media is also purchasing six BCI newspapers published in the Sacramento area: the Auburn Journal, Folsom Telegraph, Roseville Press-Tribune, Placer Herald, The Loomis News and Lincoln News Messenger.

Sun Chemical has launched SUNFOODSTM Natural Colorants, a product line available in the Americas, Europe, Middle East, and Africa that can match a wide array of industry standard and custom colors that can be applied to a variety of food and beverage products. This new line of natural colorants will be introduced under the “Inspired by nature” campaign to the food and nutrition marketplace at booth #1939 during Supply Side West in Las Vegas from October 31 to November 4. “Building on more than 40 years of experience cultivating natural food ingredients and natural color extraction, we’re excited to showcase our new SUNFOODS Natural Colorants product line at the premiere gathering of food and nutrition professionals worldwide,” said Sophia Jin, Business Manager Americas and EMEA, Food and Nutrition, Sun Chemical.

Dear Industry Member: As we reported to you on Sept. 9th, Rep. Gerry Connolly (D-VA-11th) introduced the Ensuring Accurate Postal Rates Act (H.R. 8781), which would require the Postal Regulatory Commission to conduct a follow-up review of the postal rate-making process. Here’s a brief backgrounder and steps on how you can help this vital bill gain traction through the pending appropriations process: • Review our Sept. 9th announcement and more - click on read more below Why This Action? Mailers got virtually nothing out of the $10B granted by Congress to the USPS as part of the CARES Act. It went to the USPS’s cash position. The PRC’s November 2020 review formula did not consider the Covid-fueled boom in parcel volume for the Postal Service. Also, the PRC’s density formula treated the density change as a volume change to all delivery points, and thus neglected the profitability of the new delivery points and the volume they bring. Instead, the PRC review allowed for the USPS to break the CPI cap and begin instituting two rate hikes per year. This needs to be curtailed and you can help. And ACMA is here to help you in the process by simply responding to this email for our support.

Savvas Learning Company is proud to announce that its myPerspectives English Language Arts (ELA) program has been named the “Best Reading/Writing/Literature Instructional Solution for Grades 9-12” in the 2022 SIIA CODiE Awards for Education Technology. myPerspectives is a powerful, standards-aligned ELA curriculum that values the perspective of the learner and prepares students to become lifelong readers, writers, and thinkers. A CODiE award judge praised myPerspectives as “really exceptional in its ability to save educators time in creating customized and engaging content for students to interact with. I love that texts include multiple ways to engage, whether it's fiction, videos, news articles, or even podcasts. It's clear that the tool was designed by educators and with students in mind. I also appreciate that there is intentionality in providing diverse texts that are culturally relevant.”

First quarter consolidated operating results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter due to weakening economic conditions. In addition, results were negatively affected by service challenges at FedEx Express. Yield improvements, including fuel surcharge increases, more than offset the decline in volume, resulting in an increase in revenue for the quarter. In response, the company implemented cost actions and continued its focus on yield management and revenue quality to mitigate the effect of volume declines. However, the impact of cost actions lagged volume declines and operating expenses remained high relative to demand. FedEx Express operating income declined 69% due to an 11% year-over-year reduction in global package and freight volume. The impact of cost actions lagged volume declines and operating expenses remained high relative to demand. These factors were partially offset by yield management actions, including higher fuel surcharges.

As part of its fast-growing distribution client business, Simon & Schuster has opened a new distribution facility in Jackson, Tennessee. Simon & Schuster is already operating in 400,000 square feet of the facility, in what will eventually be a one million square foot distribution center by the end of the year. New distribution client Callisto Media, the prolific global publisher of best-selling titles focused on lifestyle, cooking, and children’s books, is set to be one of the first publishers shipped from the Jackson warehouse. The distribution agreement with Callisto Media is effective March 1, 2023. The company will continue to ship from its Riverside and Milan Distribution Centers.

The United States Postal Service reported new delivery performance metrics for the eleventh week of the fiscal fourth quarter. The data shows continued strong performance for First-Class Mail, Marketing Mail, and Periodicals. During the reporting period, the Postal Service averaged 2.5 days to deliver a mailpiece or package across the postal network. FY2022 fourth quarter service performance scores covering July 1 through Sept. 16 included: *First-Class Mail: 93.2 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Marketing Mail: 94.6 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Periodicals: 87.1 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.