Dear Industry Member: Following aggressive lobbying efforts from the ACMA, its partner organizations the Coalition for a 21st Century Postal Service and Keep Us Posted, and others with mailing interests, today Rep. Gerold Connolly (D-VA, at right) introduced the Ensuring Accurate Postal Rates Act. If passed into law, the bill will require the Postal Regulatory Commission to conduct a follow-up review of the postal rate-making process. Below is a brief timeline: • In 2020, the PRC completed its mandated 10-year review of the postal rate-making process. The review modified the rate-making process, opening the door for the USPS to increase rates beyond the CPI cap and doubling the number of rate hikes in each of the past two years. • Although completed that November, the review quickly became outdated: A section of the April 2022 USPS Fairness Act (section 102 of Public Law 117-108) canceled unpaid USPS obligations, thereby removing an essential basis for the PRC ruling. • The PRC ruling also did not adquately account for the windfall of business the USPS achieved from the Covid boom in package shipping and other improvements to its financial condition from the pandemic. • Less than a month after the PRC ruling, the CARES Act authorized up to $10 billion in funding for the U.S. Postal Service from the U.S. Treasury. We appreciate Rep. Connolly's sensitivity to the impact of extra-large rate increases on our members. The ACMA will will continue to advocate to build support for this much needed legislation, including how you can work with your own legislators to ensure this bill is passed.

The American Trucking Associations is calling on Congress to help resolve ongoing labor negotiations in the freight rail industry should the parties fail to reach a mutual agreement when the current cooling off period expires on September 16. The trucking industry is freight rail’s largest customer, and in a letter sent to Capitol Hill today, ATA is warning of dire consequences for the U.S. supply chain if a strike were to go into effect. “Idling all 7,000 long distance daily freight trains in the U.S. would require more than 460,000 additional long-haul trucks every day, which is not possible based on equipment availability and an existing shortage of 80,000 drivers,” said ATA President and CEO Chris Spear in the letter. “As such, any rail service disruption will create havoc in the supply chain and fuel inflationary pressures across the board.” The letter urges Congress to help implement a contract patterned on the recommendations outlined by the Presidential Emergency Board and cautions against merely extending the negotiation timeline further, which would push a potential strike deeper into the holiday season when the supply chain is already under added pressure.

The United States Postal Service reported new delivery performance metrics for the ninth week of the fiscal fourth quarter showing the average time for the Postal Service to deliver a mailpiece or package across the postal network was consistent at just 2.4 days. As the Postal Service heads into the busy fall mailing season, service performance remains strong and steady across all mail categories. FY2022 fourth quarter service performance scores covering July 1 through Sept. 2 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: 87.0 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

The Postal Regulatory Commission (PRC) approved a temporary price adjustment for key package products for the 2022 peak holiday season. This temporary rate adjustment is similar to ones in past years that help cover extra handling costs to ensure a successful peak season. The temporary rates will go into effect at 12 a.m. Central on Oct. 2 and remain in place until 12 a.m. Central Jan. 22, 2023. The peak-season pricing approved by the PRC affects prices on the following commercial and retail domestic competitive parcels: Priority Mail Express (PME), Priority Mail (PM), First-Class Package Service (FCPS), Parcel Select and USPS Retail Ground. International products will be unaffected. This seasonal adjustment brings prices for the Postal Service’s commercial and retail customers in line with competitive practices. No structural changes are planned as part of this limited pricing initiative.

Imports at the nation’s major container ports are expected to fall below last year’s levels for the remainder of 2022. That’s according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. The report cited ongoing inflation and the Federal Reserve’s efforts to cool demand through higher interest rates. The key now is dealing with ongoing supply chain issues around the globe and with labor negotiations at West Coast ports and freight railroads.

As students return to the classroom for the new school year, Savvas Learning Company is helping educators move learning forward with engaging, easy-to-use K-12 solutions that offer data-informed instruction and adaptive technology to take personalized learning to the next level. “A one-size-fits-all instructional approach doesn’t work in a classroom where every student brings their own unique learning style. More than ever, personalized learning is critical in getting students engaged and motivated to learn and supporting academic growth,” said Bethlam Forsa, CEO of Savvas Learning Company. “Teachers know best how to personalize learning for their students. This is why Savvas delivers learning solutions that are powered by adaptive technology, enabling educators to easily tailor instruction to address each student’s learning needs, interests, and abilities.”

Revenue *Research was flat as reported, or up 4% at constant currency, driven by organic growth in Publishing and Solutions and contributions from recent acquisitions. - Revenue by product type reporting change – Research is now reported as Research Publishing and Research Solutions. Research Solutions includes platforms, corporate solutions and services for societies and other publishers. It replaces the Research Platforms reporting line. Please see the tables below for more detail. *Academic & Professional Learning revenue declined 5% as reported and 1% at constant currency. Education Publishing performance saw a decline in print course material offsetting growth in digital content and courseware. Professional Learning saw growth in corporate training offsetting a decline in professional publishing. *Education Services increased 7% as reported and 11% at constant currency, with very strong double-digit growth in Talent Development offsetting a decline in University Services from market-related enrollment challenges. EPS *GAAP EPS was a loss of $0.32 as compared to +$0.24 in the prior year period, primarily reflecting a $0.30/share ($22 million) restructuring charge and accelerated amortization of intangibles of $0.07/share ($5 million) related to the discontinuation of the mthreebrand.

On September 2, 2002 publishers filed the latest brief in the copyright infringement lawsuit against Internet Archive (“IA”), first filed on June 1, 2020 in the United States District Court for the Southern District of New York. The brief follows publishers’ July 7, 2022 request for summary judgement against the Internet Archive, which explained that both the law and facts of the case indisputably point to infringement and do not require a trial. The most recent filing comprehensively negates the Internet Archive’s own motion for summary judgement, which publishers believe is meritless and misleading. The plaintiffs — Hachette Book Group, HarperCollins Publishers, Penguin Random House, and Wiley — brought the lawsuit on behalf of themselves and their authors after the Internet Archive refused to halt its infringement of tens of thousands of their books.

Berkshire Hathaway's HomeServices of America unit has extended its custom publishing and content marketing deal with Havas House, the customer media division of Republica Havas Group and Havas Creative North America Network. The extension includes a new custom magazine, Lifestyles Southern California, which launches in December and targets the "ultra affluent audience" of Southern California's luxury real estate market. With a circulation of 75,000 print editions delivered directly to select, multimillion-dollar properties (valued at $3 million to $5 million).

Conde Nast continues its digital pivot with the publishing giant announcing plans to shutter the print edition of its beauty tome Allure, and the December 2022 magazine will be its last. Editor-in-Chief Jessica Cruel broke the news to staffers this week along with the information that employees' roles may change, but no layoffs have been confirmed yet. "Our brand is stronger than ever across social and digital and our success is testament to our collaboration as a team and because we know just how and where our audience is accessing content in today's ever-changing landscape," wrote Cruel. "It's our mission to meet the audience where they are and with this in mind, after our December print issue, we are making Allure an exclusively digital brand."

Welcome to 2022, when even our work computers tell us we’re getting too much screen time. And while it can be harder to cut back on medium screen, people seem to be more mindful about their small-screen time—some are even using flip phones. As concern mounts over our collective tech habits and the potential damage of absorbing too much bad news—aka doomscrolling—publisher Penguin Random House saw an opportunity to get people reading with its new campaign, “Slow Down, Read a Book.” “I think reading is positioned to help people escape and help people think more deeply, and help people relax. And it’s almost a foil to social media in that way,” Carly Gorga, director of creative strategy, brand marketing at Penguin Random House, told us.

FY2022 fourth quarter service performance scores covering July 1 through Aug. 26 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: 94.5 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Periodicals: 86.7 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

Average student spending on college course materials declined during the 2021-2022 school year according to reports from two leading independent research firms. The most recent report from Student Watch, which is funded by the National Association of College Stores Foundation, found that student spending went from $456 during the 2020-2021 academic year to $339 for the 2021-2022, a decline of 26 percent. Similarly, independent research firm Student Monitor found that average student spending on college course materials, including textbooks and digital materials, declined 22 percent going from $405 last year to an average of $314 for the 2021-2022 academic year. “This year’s average course material spending is the lowest we’ve recorded over the past 15 years,” said Lacey Wallace, Research Analyst at the National Association of College Stores.

For the second quarter, the Company reported net income of $42.0 million, or $0.34 per diluted share, compared to net income of $26.2 million, or $0.21 per diluted share, for last year's second quarter. For the second quarter, net sales were $558.7 million compared to $472.1 million in last year's second quarter. This 18.4% improvement primarily reflects a comparable sales increase of 19.5%, partially offset by 26 permanent net store closures since last year's second quarter. The 19.5% comparable sales improvement was driven by an increase in transaction count and higher average dollar sale.

As students and teachers nationwide head back to school, learning technology company HMH today announced major enhancements to Ed, HMH’s connected teaching and learning platform, that will offer an even more streamlined experience to empower educators and engage students. Seamless integrations with Google Classroom and Clever, as well as refinements and new features to many of HMH’s core, supplemental and intervention solutions and professional learning services, provide powerful connected teaching and learning experiences that drive positive outcomes—all from one platform. “At HMH, we know that an innovative, connected approach is what educators need to make the most of their time and resources and meet all students where they are,” said Greg Collins, SVP of Platform at HMH. “This back-to-school, a streamlined Ed experience will equip students, teachers and administrators with powerful integrations like Google Classroom and Clever, enhanced embedded assessment, joint solutions like Amira + Saxon Phonics & Spelling and evolve the overall HMH platform experience.”

*Domestic revenue of $9.57 billion decreased 13.1% versus last year primarily driven by a comparable sales decline of 12.7%. *Domestic online revenue of $2.97 billion decreased 14.7% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was 31.0% versus 31.7% last year. *Domestic gross profit rate was 22.0% versus 23.7% last year. The lower gross profit rate was primarily due to: (1) lower services margin rates, including pressure associated with the Best Buy Totaltech membership offering; (2) lower product margin rates, including increased promotions; and (3) higher supply chain costs. *Domestic GAAP SG&A was $1.73 billion, or 18.1% of revenue, versus $1.85 billion, or 16.8% of revenue, last year. *International revenue of $760 million decreased 9.3% versus last year. This decrease was primarily driven by a comparable sales decline of 4.2% in Canada and the negative impact of approximately 420 basis points from foreign currency exchange rates. *International gross profit rate was 23.4% versus 24.3% last year. The lower gross profit rate was primarily driven by lower product margin rates.

The Press of Atlantic City is launching what it says is a hyperlocal newspaper: The Current of Linwood, Northfield and Somers Point. It will arrive in every mailbox in those communities in the first week of October, wrote W.F. “Buzz” Keough. the executive editor of The Press of Atlantic City, on Saturday. However, the Press is ceasing publication of six remaining weekly Currents and in Atlantic and Cape May counties. “We don’t make this decision lightly: The Press has had a role in publishing the Currents/Gazettes since 1997,” Keough reports.

FY2022 fourth quarter service performance scores covering July 1 through Aug. 19 included: *First-Class Mail: 93.0 percent of First-Class Mail delivered on-time against the USPS service standard, consistent with performance from the fiscal third quarter. *Marketing Mail: 94.5 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.

Second Quarter Fiscal 2022 - Financial Results *Net sales of $3.86 billion, down 8% compared to last year. *Comparable sales were down 10% year-over-year. *Online sales declined 6% compared to last year and represented 34% of total net sales. *Store sales declined 10% compared to last year. The company ended the quarter with 3,390 store locations in over 40 countries, of which 2,799 were company operated. *Reported operating loss was $28 million in the quarter; reported operating margin of (0.7%). *Reported net loss of $49 million.

For the Second Quarter of Fiscal 2022 *Net sales increased 16.8% to $2.3 billion compared to $2.0 billion in the second quarter of fiscal 2021 due to the favorable impact from the continued resilience of the beauty category, the impact of new brands and product innovation, and the easing of COVID-19 restrictions compared to the second quarter of fiscal 2021. *Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.4% compared to an increase of 56.3% in the second quarter of fiscal 2021, driven by an 8.3% increase in transactions and a 5.6% increase in average ticket. *Gross profit increased 16.3% to $928.2 million compared to $798.0 million in the second quarter of fiscal 2021. As a percentage of net sales, gross profit decreased to 40.4% compared to 40.6% in the second quarter of fiscal 2021, primarily due to lower merchandise margin and higher inventory shrink, partially offset by leverage of fixed costs and strong growth in other revenue. *Operating income increased 17.8% to $391.4 million, or 17.0% of net sales, compared to $332.3 million, or 16.9% of net sales, in the second quarter of fiscal 2021. *Net income increased 17.8% to $295.7 million compared to $250.9 million in the second quarter of fiscal 2021.

After more than 100 years in business, MIDLAND has grown from a single Midwest location to one of the largest independent paper and packaging distributors in the United States. Headquartered in Wheeling, Illinois, MIDLAND provides value added solutions for the efficient distribution of printing and publication papers, packaging supplies and equipment, and facility supplies. Through experienced recommendations and intimate knowledge of these industries, the company helps clients find the best solution for their needs at the most competitive pricing in today’s ever-changing marketplace. MIDLAND focuses its attention on adding value to paper and packaging programs by using its strong mill relationships and expertise in paper, packaging, design, printing and mailing to help clients exceed their marketing and financial objectives. And when it comes to sustainability, MIDLAND’s commitment is evident in both principle and practice. “More and more, we see the current business climate driving our print and packaging customers to assess their impact on the planet,” says MIDLAND National President David Goldschmidt. “Companies turn to MIDLAND because they want a responsible supplier who conducts business ethically and can help them achieve their corporate sustainability goals.

A summary of results for the second quarter ended July 30, 2022 as compared to the second quarter ended July 31, 2021: *Net sales of $805 million, down 7% as compared to last year on a reported basis and down 4% on a constant currency basis. *Gross profit rate of 57.9%, down approximately 730 basis points as compared to last year. The year-over-year decrease was primarily driven by higher product costs, which contributed 750 basis points, and the adverse impact of exchange rates, which accounted for 30 basis points. These impacts where partially offset by higher AUR at Abercrombie. *Operating expense, excluding other operating income, net, was up 4% compared to last year. The increase was driven primarily by inflation and higher digital fulfillment expenses partially offset by lower incentive-based compensation. Operating expense as a percentage of sales increased to 58.0% from 52.1% last year. *Operating loss of $2 million and $0 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $115 million and $116 million last year, on a reported and adjusted non-GAAP basis, respectively.

Inspired by input from its educator users, Savvas Learning Company is excited to announce that for back to school it has updated its award-winning Savvas Realize platform with powerful enhancements and a new user experience intended to save teachers time, freeing them up to focus more on classroom instruction with their students. Savvas Realize, recognized as one of the most innovative learning management systems (LMS) in the industry and the winner of seven edtech awards, has now been made even easier to use with intuitive navigation for both teachers and students and time-saving tools for teachers to make the most of their teaching day. These updates include a more streamlined interface with faster grading workflows, improved classroom management tools, and greater integration with the edtech tools that schools use most. “Teachers have a lot on their plates, especially this school year with trying to get their students caught up. They need an LMS that’s easy to navigate for them and their students — one that provides robust support for personalized learning and the right tools to make their jobs easier,” said Bethlam Forsa, CEO of Savvas Learning Company. “After a year-long collaboration with nearly 100 educators, our highly acclaimed Savvas Realize LMS has been updated with significant enhancements to provide greater simplicity, shareability, and interoperability — helping teachers be more productive in the classroom.”

Urban Outfitters, Inc. announced net income of $59 million and earnings per diluted share of $0.64 for the three months ended July 31, 2022. For the six months ended July 31, 2022, net income was $91 million and earnings per diluted share were $0.96. Total Company net sales for the three months ended July 31, 2022, increased 2.2% over the same period last year to a record $1.18 billion. Total Retail segment net sales increased 1%, with comparable Retail segment net sales also increasing 1%. The increase in Retail segment comparable net sales was driven by low single-digit positive digital channel sales, while retail store sales were flat. By brand, comparable Retail segment net sales increased 8% at the Free People Group and 7% at the Anthropologie Group and decreased 9% at Urban Outfitters. Wholesale segment net sales increased 1%, driven by a 4% increase in Free People Group wholesale sales, partially offset by a decline in Urban Outfitters wholesale sales. Nuuly segment net sales increased by $18.8 million driven by a significant increase in our subscribers.

SECOND QUARTER 2022 SUMMARY *Total Company net sales increased 12.0 percent and GMV increased 12.2 percent compared with the same period in fiscal 2021. *Gross profit, as a percentage of net sales, of 35.2 percent increased 65 basis points compared with the same period in fiscal 2021 primarily due to leverage on buying and occupancy costs, partially offset by higher markdown rates. *Ending inventory increased 9.9 percent compared with the same period in fiscal 2021, versus a 12.0 percent increase in sales. *Selling, general and administrative expenses, as a percentage of net sales, of 32.8 percent decreased 15 basis points compared with the same period in fiscal 2021 primarily due to leverage on higher sales, partially offset by higher labor expense. *Earnings before interest and tax ("EBIT") was $202 million in the second quarter of 2022, compared with $151 million during the same period in fiscal 2021, primarily due to higher sales, partially offset by higher markdowns and higher labor expense.

The ODP Corporation announced that, subject to certain closing conditions, it has reached a definitive agreement for a sale and partial leaseback of its Boca Raton-based corporate headquarters. Upon completion of a sale, The ODP Corporation expects to lease a portion of the building’s office space from the new owner and to continue to occupy it as the company’s headquarters for a minimum of two years. “I’m excited about this opportunity and our commitment to maintaining Boca Raton as our headquarters and base of operations while continuing to embrace our low-cost flexible business model,” said Gerry Smith, chief executive officer for The ODP Corporation. “This is another example of how we are committed to leveraging our assets in the best way possible, enhancing our balance sheet and identifying smart ways to drive The ODP Corporation’s long-term growth and success.”

Whether you are an avid reader or the occasional book worm, identifying your next page-turner can sometimes be a challenge. Today we’re excited to introduce the next chapter for the Walmart book department: the Walmart Book Club. Five titles will be chosen annually as part of the Walmart Book Club with four unveiled seasonally throughout the year leading up to the highest honor, the Pick of the Year. Our team of book merchants will select titles based on reading trends, relevancy and industry market data – helping to identify exciting titles Walmart customers are sure to love. Focused on adult readers, select titles will be available to shop both in stores and online, making it easy to join no matter where you live. To get involved, all customers need to do is keep an eye out for the Walmart Book Club sticker on the cover of the book or the online product page.

*Comparable sales down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis; up 4.3% and 4.4%, respectively, versus the second quarter of 2019. *Digital sales decreased 5% year-over-year while increasing 37% versus the second quarter of 2019. *Macy’s comparable sales were down 2.9% on an owned basis and down 2.8%, on an owned-plus-licensed basis. *Bloomingdale’s comparable sales on an owned basis were up 8.8% and on an owned-plus-licensed basis were up 5.8%. *Bluemercury comparable sales were up 7.6% on an owned and owned-plus-licensed basis. *Inventory turnover, on a trailing twelve-month basis, was relatively flat to 2021 and improved 15% over 2019. *Gross margin for the quarter was 38.9%, down from 40.6% in the second quarter of 2021.

Dotdash Meredith is giving up a deal with the state of Iowa in which it was to receive tax incentives for hiring and keeping workers in Des Moines. The publishing company was to receive $460,000 in tax credits and refunds under the arrangement, in return for adding 41 employees by March 2021 for at least $29.12 per hour and retaining them through March 2023, according to the Des Moines Register. Dotdash Meredith informed the Iowa Economic Development Authority (IEDA) in an August 10 letter that it would close the tax-incentive contract. Dotdash Meredith, facing reduced ad spending, suffered a $28 million operating loss in Q2.

FY2022 fourth quarter service performance scores covering July 1 through Aug. 12 included: *First-Class Mail: 93.0 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Periodicals: 86.5 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

The Association of American Publishers (AAP) today released its StatShot report for June 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 June 2022 were down 0.2% as compared to June 2021, coming in at $895.0 million. Year-to-date revenues were down 1.6%, at $5.5 billion for the first six months of the year.

Port congestion continues to haunt global trade, spreading fresh fears among exporters andimporters over whether massive amounts of cargo will be delivered on time for the busy, year-end shopping season. Supply chains never fully recovered from the pandemic shock when goods transported by seawere delayed and shipping prices soared. Now freight rates are falling, but cargo is still delayed at choked European and American ports. “Ships are still a gamble not worth taking,” said Abbie Durkin, the owner of Palmer & Purchase, awomen’s clothing and accessories boutique with stores in New York. “We are fl ying in our entirewinter collection to make sure it arrives before Christmas.”

“Second quarter results were impacted by a weakening macro environment, high inflation and dampened consumer spending, which especially pressured our middle-income customers. We have adjusted our plans, implementing actions to reduce inventory and lower expenses to account for a softer demand outlook. Kohl’s has navigated difficult periods in the past and I am confident in our ability to successfully manage through the current uncertainty. I want to thank our incredible associates around the country for their commitment to Kohl’s and for providing excellent service to our customers every day. We continue to execute on our transformation strategy and are pleased to deliver outsized performance in the nearly 600 stores which have been refreshed and elevated, featuring Sephora as a key cornerstone,” said Michelle Gass, Kohl’s chief executive officer. “While 2022 has turned out to be more challenging than initially expected, Kohl’s remains a financially strong company with significant long-term growth potential. Our $500 million accelerated share repurchase underscores our steadfast confidence in Kohl’s future and focus on creating shareholder value. We also remain firmly committed to our current dividend,” said Gass.

A new guide from Royal Mail Marketreach explains the sustainable benefits of mail and how those benefits can be boosted by the right choice of materials and suppliers. For some time now, direct mail has been one of the most sustainable forms of marketing available to companies and organisations. The fact that the paper industry uses a large proportion of renewable energy to process paper sourced from carefully managed forests combined with Europe’s high paper recycling rate means that mail is a key part of the circular economy. But while most people in the paper industry are fully aware of its environmental credentials, others in the wider marketing sphere aren’t, so Royal Mail Marketreach and industry body the Strategic Mailing Partnership have teamed up to produce a handy guide to making mail campaigns more sustainable.

The Book Manufacturers’ Institute (BMI) released the August results for its monthly survey on capacity and lead times for soft cover and hard cover books. As demand has skyrocketed and supply chain woes continue to hamper all segments of manufacturing, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. This month showed capacity and lead times all going up a bit. According to responses regarding hard cover books, the average manufacturer was running at 90% of their capacity, up from July’s 84%. The average lead time for completed hard cover books went up from 74 to 85 days. For soft cover books, capacity usage went up slightly to 92% and the average lead time went up from 56 days to 62 days, based on 16 responses.

Join J.Schmid President & CCO Brent Niemuth at the Fall NEMOA Summit in Boston Harbor, MA where he'll deliver a keynote session on Messaging That Matters: Creating Powerful Content Across Channels. But that's not all! In addition to the Keynote Address, Brent will lead a hands-on workshop with Cindy Marshall, Founder & CEO of SHINE Strategy and Jason Baer, VP Sales & Marketing of Vermont Teddy Bear. This interactive session will explore the latest trends in Print Marketing. It's perfect for marketers who want to do a deep-dive into Strategic Planning, Merchandising, Creative & Messaging, Formats, and Circulation. Space is limited so register now! If you're not already familiar with NEMOA, here's what you need to know: • It's the only summit for true omnichannel marketers, helping brands harness the power of print in the marketing mix. • The thought-provoking discussions and enriching sessions are 100% guaranteed to drive actionable insights. • And one more thing...we can offer you a 15% discount with code BRD15! That's right, it's a perk we get as a board member. So if you're interested in going, register now at: https://nemoaevent.org/?utm_source=marketo&utm_medium=NEMOA&utm_campaign=website

FY2022 fourth quarter service performance scores covering July 1 through August 5 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: 94.2 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter. *Periodicals: 86.3 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

The planned peak-season pricing, which was approved by the Governors of the Postal Service on Aug. 9, would affect prices on the following commercial and retail domestic competitive parcels: Priority Mail Express (PME), Priority Mail (PM), First-Class Package Service (FCPS), Parcel Select and USPS Retail Ground. International products would be unaffected. Pending favorable review by the PRC, the temporary rates would go into effect at 12 a.m. Central on Oct. 2, and remain in place until 12 a.m. Central Jan. 22, 2023. This seasonal adjustment will bring prices for the Postal Service’s commercial and retail customers in line with competitive practices. details at: https://about.usps.com/newsroom/national-releases/2022/0810-usps-announces-proposed-temporary-rate-adjustments.htm

Kohl’s is making holiday shopping even easier and more efficient this year. New for the 2022 season, Kohl’s Self-Pickup service is now available on eligible Kohls.com orders at all of Kohl’s more than 1,100 stores nationwide, furthering the strength of the Company’s omnichannel foundation. As a part of Kohl’s commitment to an industry-leading shopping experience, the new Self-Pickup service creates a hassle-free In-Store Pickup alternative for a faster pickup, and no lines in sight. With 80% of Americans living within 15 miles of a Kohl’s store, millions of shoppers can now take advantage of this convenience on eligible In-Store Pickup orders. Ready within two hours, shoppers who select “In-Store Pickup” for their online order will receive a “Ready for Pickup” email that will specify if the order will be found in the designated Self-Pickup area. Customers will then be directed to the area within the store for a quick email-guided pickup process. More details at: https://investors.kohls.com/news-releases/news-details/2022/Kohls-Announces-Expansion-of-Self-Pickup-to-All-Stores-Nationwide---Just-in-Time-for-Holiday-Shopping/default.aspx

The Postal Service had adjusted loss of $459 million for the quarter, compared to an adjusted loss of $41 million for the same quarter last year. Adjusted loss excludes the impact of the PSRA, retiree health benefits expense, non-cash workers' compensation adjustments for the impacts of actuarial revaluation and discount rate changes, which are outside of management's control, and amortization expenses for the Civil Service Retirement System (CSRS) and the Federal Employee Retirement System (FERS) unfunded liabilities. On a U.S. generally accepted accounting principles (GAAP) basis, the Postal Service had net income of $59.7 billion for the quarter, compared to net loss of $3.0 billion for the same quarter last year, due almost exclusively to the non-cash impact of the PSRA. Marketing Mail revenue increased $324 million, or 9.4 percent, compared to the same quarter last year, on volume growth of 545 million pieces, or 3.5 percent. First-Class Mail revenue was essentially flat, compared to the same quarter last year, despite a volume decline of 620 million pieces, or 5.1 percent. Shipping and Packages revenue decreased $85 million, or 1.1 percent, compared to the same quarter last year, on a volume decline of 92 million pieces, or 5.0 percent, compared to the same quarter last year.

Q2 2022 HIGHLIGHTS * Dotdash Meredith revenue increased 568% year-over-year to $490 million, benefitting from the Meredith acquisition. o Digital revenue was $235 million and Print revenue was $260 million. o Operating loss of $28 million and Adjusted EBITDA of $39 million in Q2 2022. * Angi Inc. revenue increased 23% year-over-year to $516 million, the 7th consecutive quarter of double-digit growth and highest quarterly growth since 2018. o Angi Ads and Leads revenue increased 5% year-over-year, the first quarter of growth since Q2 2021. o Angi Services revenue was $151 million o Monetized Transactions were 4.7 million and Transacting Service Professionals were 220,000. o Operating loss improved to $21 million (compared to a loss of $33 million in Q2 2021) and Adjusted EBITDA improved to a profit of $10 million (compared to a loss of $4 million in Q2 2021).

Fiscal 2022 Full Year and Fourth Quarter Key Financial: *Fiscal 2022 full year revenues and net income were records at $10.39 billion and $760 million, respectively. Revenues grew 11% compared to $9.36 billion in the prior year and net income increased 95% compared to $389 million in the prior year *Full year Total Segment EBITDA was $1.67 billion, also a record and a 31% increase compared to $1.27 billion in the prior year. Reported EPS were $1.05 for the full year compared to $0.56 in the prior year *Fourth quarter revenues were $2.67 billion, a 7% increase compared to $2.49 billion in the prior year, while net income was $127 million, a substantial improvement from a net loss of $(15) million in the prior year *Fourth quarter Total Segment EBITDA was $315 million, a 50% increase compared to $210 million in the prior year. Reported EPS were $0.19 for the fourth quarter compared to $(0.02) in the prior year – Adjusted EPS were $0.37 compared to $0.16 in the prior year *Digital Real Estate Services revenues for the fiscal year grew 25% despite facing tough prior year comparisons, with 37% and 11% revenue growth at REA Group and Move, respectively *Book Publishing revenues grew 10% in the fiscal year, driven by the acquisition of the HMH Books and Media segment and continued strong consumer spending, which remains above pre-pandemic levels

No matter which way you look at it, sales of mass market paperbacks have been in steady decline since 2017. NPD BookScan data shows that unit sales fell 31.5% in 2021 compared to 2017, while the Association of American Publishers put the decline in dollar sales at a more disturbing 42.7% in 2020. Both data sets show more declines occurring in 2022. To be sure, the mass market paperback format has experienced ups and downs in the past. The last time PW wrote about the prospects for mass market paperbacks, in October 2014, the format was trying to recover from the shock it suffered due to the explosion of cheap e-books, especially in such important areas as romance and science fiction and fantasy. (Asked last week, during the DOJ’s trial to prevent PRH from acquiring S&S, whether he had made reductions in title output following the Random House–Penguin merger in 2013, PRH CEO Markus Dohle pointed to adjusting the number of mass market paperbacks published by Berkley/NAL in response to the flood of 99¢ and $1.99 self-published e-books that hit the market, luring away readers of genre fiction.)

FY2022 fourth quarter service performance scores covering July 22 through July 29 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 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of 0.6 percentage points from the fiscal third quarter. *Periodicals: 86.3 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal third quarter.

The expansion of the Old Navy business in Latin America continues as the brand announced Grupo Axo as Gap Inc’s exclusive franchisee for Old Navy in Mexico, just weeks after the brand’s debut of its first Caribbean store in the Dominican Republic through a franchise partnership with AR Retail S.A. The Dominican Republic serves as an important market for the brand and is another leg of Old Navy’s Central American expansion. The Dominican Republic store opening marks the third Old Navy franchise market launch in Latin America this year, following the brand’s most recent openings in Chile and El Salvador.

In times of crisis, we believe in stepping forward to help communities in need. And as we watched floodwaters rise in Kentucky, we knew it was again time to take action. Hundreds of people – from our associates to community members who make our stores part of their daily routine – have lost their homes, lost power or lost access to clean water. That’s where we decided to place our focus. Walmart, Sam’s Club and the Walmart Foundation have committed $750,000 in water, food and funding to organizations providing relief, and we’re working to make essential resources like showers and laundry available in our parking lots and supporting shelters. Since last week, more than 20 Walmart trucks carrying water and essential supplies have arrived in some of the hardest-hit Kentucky communities. And there are more on the way.

Second Quarter 2022 Financial Highlights: *Total revenues of $748.7 million decreased 6.9% compared to the second quarter of 2021 *Same store revenues(1) decreased 6.3% compared to the second quarter of 2021 *Total digital revenues were $261.8 million or 35% of total revenues, up 1.5% over the same period in the prior year on a same store(1) basis *Net loss attributable to Gannett of $53.7 million, a margin loss of 7.2% *Cash used for operating activities of $30.7 million

Gross profit increased 5% to $219.1 million, or 52.2% of sales, compared to $209.1 million, or 58.5% of sales, in the second quarter of 2021. The 630 basis point decrease in gross margin was primarily driven by higher inbound freight, higher product costs and the unfavorable impact of foreign currency exchange rates, partially offset by price increases. Selling, general, and administrative (“SG&A”) expenses increased 10% to $150.8 million, compared to $136.7 million in the second quarter of 2021. As a percentage of sales, SG&A expenses decreased 230 basis points to 35.9% from 38.2% in the prior year period, primarily driven by non-variable expense leverage on higher sales, partially offset by higher variable expenses driven by higher distribution and logistics costs. Operating income decreased 6% to $68.3 million, or 16.3% of sales, compared to $72.4 million, or 20.2% of sales during the prior year quarter. Net income decreased 18% to $46.3 million, or 11.0% of sales, compared to $56.2 million, or 15.7% of sales in the prior year quarter; Net income per diluted share decreased 16% to $0.53, compared to $0.63 per diluted share in the prior year quarter.

Total revenues for the second quarter of 2022 increased 11.5 percent to $555.7 million from $498.5 million in the second quarter of 2021. Subscription revenues increased 13.1 percent to $383.6 million, advertising revenues increased 4.1 percent to $117.4 million and other revenues increased 17.6 percent to $54.7 million. Total operating costs increased 19.6 percent in the second quarter of 2022 to $504.0 million compared with $421.4 million in the second quarter of 2021, while adjusted operating costs increased 18.2 percent to $479.5 million from $405.6 million in the second quarter of 2021.

Total reported sales for the second quarter of 2022 were $2.0 billion, down 2% compared to the second quarter of 2021 primarily due to fewer retail stores in service and greater market-wide challenges related to the sourcing and supply chain environment relative to last year. Retail Division sales were lower primarily due to 71 planned store closures and lower store traffic, which was offset by higher sales in our BSD Division. The Company drove stronger business-to-business (B2B) sales through its contract channel as more businesses continued to return to the office, which was partially offset by lower sales through its eCommerce channel compared to a year ago. The Company reported operating income of $28 million in the second quarter of 2022, down compared to operating income of $30 million in the prior year period. GAAP operating results in the second quarter of 2022 included $26 million of charges consisting primarily of $23 million in merger, restructuring and other operating costs largely associated with activities related to the Company’s previously planned separation.

The Association of American Publishers (AAP) released its StatShot report for May 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include Pre-K 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 May 2022 were down 3.7% as compared to May 2021, coming in at $837.8 million. Year-to-date revenues were down 2.5%, at $4.6 billion for the first five months of the year. Trade (Consumer Books) sales were down 3.3% in May, coming in at $673.1 million. eBook revenues were down 5.7% for the month as compared to May 2021 for a total of $82.5 million. The Downloaded Audio format was up 6.2% for May, coming in at $65.2 million in revenue. Physical Audio was down 46.4% coming in at $1.2 million. Year-to-date Trade revenues were down 1.4%, at $3.5 billion for the first five months of the year. Hardback revenues were down 7.5%, coming in at $1.2 billion; Paperbacks were up 8.7%, with $1.3 billion in revenue; Mass Market was down 25.6% to $73.9 million; and Special Bindings were up 4.0%, with $68.8 million in revenue.

Hit by supply chain shortages, one more time. Britney Spears has reportedly finished writing what promises to be a bombshell of a celebrity memoir — but its publication date will apparently be delayed due to a lack of paper, according to TMZ. Back in February, Page Six exclusively broke the news that the Princess of Pop had signed a $15 million book deal with Simon & Schuster, which nabbed the contract following what was said to be a months-long bidding war amongst publishing houses for the rights to Spears’ autobiography. But now that the “Dear Diary” singer, 40, has at last been able to get it all down in writing, her life’s story won’t reach the eyes of the public for some time thanks to nationwide manufacturing upheavals that have resulted in a massive “paper crunch” in the book publishing industry, per Publishers Weekly.

*Reported Revenue Increased 42% vs. Prior Year and Decreased 5% vs. Pro Forma Revenue; Adjusted Revenue Decreased 5% vs. Non-GAAP Pro Forma Adjusted Revenue *Growth Across Five of Six Divisions, Offset by a Sharp Decline in Revenue Related to Debt Issuance *Reported Operating Profit Margin Decreased 530 Basis Points to 49.5% from Prior Year and Increased 1,140 Basis Points to 49.5% from Pro Forma Operating Margin *Company has Repurchased $8.5B in Shares YTD; on Track to Complete $12B ASR by Year-end

In the AAP’s newest StatShot update, May trade sales were mixed and sales of higher educational course materials fell, leading to a 3.7% sales decline compared to May 2021 for the 1,368 publishers that report sales to the association. The hardcover and mass market paperback formats had another tough month in the adult category with hardcover sales down 18.6% and mass market sales falling 47%. Trade paperback sales rose 3.1% in the month. The digital formats had mixed results with downloadable audio sales up 5%, but e-book sales falling 5%. Through May, adult sales were down 4.2% as hardcover sales fell 11.4% and mass market paperback sales tumbled 25.6%.

Sales on a reported and daily basis in the quarter increased 19.6% as compared to the second quarter of 2021. Excluding the unfavorable foreign exchange impact of 2.4%, sales on a daily, constant currency basis were up 22.0% compared to the second quarter of 2021. Gross profit margin for the second quarter of 2022 was 37.6%, a 255 basis point increase compared to the second quarter of 2021. The increase was driven by favorability in both segments and includes the lap of a $63 million pandemic product inventory adjustment in the prior year period within the High-Touch Solution N.A. segment. Operating earnings for the second quarter of 2022 of $534 million were up 60% versus the second quarter of 2021. Operating margin in the quarter of 13.9% increased 350 basis points over the second quarter of 2021 on stronger gross margins in both segments combined with 95 basis points of SG&A leverage gained on strong top-line growth.

Double-digit gains in the adult fiction and young adult categories led to a 4.4% increase in unit sales of print books in the week ended July 23, 2022, over the comparable week in 2021, at outlets that report to NPD BookScan. Where the Crawdads Sing by Delia Owens, five books by Colleen Hoover, and two new releases drove sales up 23.1% in adult fiction. Crawdads remained #1 on the category list, selling more than 123,000 copies. Led by It Ends with Us, Hoover’s top five titles sold about 295,000 copies combined. The new titles that cracked the top 10 in the category were Portrait of an Unknown Woman by Daniel Silva, which sold more than 40,000 copies, and Shattered by James Patterson and James O. Born, which sold more than 25,000 copies. YA fiction sales rose 15.6%. Jenny Han titles continued to do well, with five Han books selling about 83,000 copies combined. The top new release was Never Never by Serena Valentino, which sold about 9,000 copies. Adult nonfiction sales fell by a relatively mild 3.4% compared to the week ended July 24, 2021.

FY2022 fourth quarter service performance scores covering July 1 through July 22 included: *First-Class Mail: 93.0 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of .3 percentage points from the fiscal third quarter. *Marketing Mail: 93.8 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .8 percentage points from the fiscal third quarter. *Periodicals: 86.4 percent of Periodicals delivered on time against the USPS service standard, a decrease of .3 percentage points from the fiscal third quarter.

*Operating cash flow decreased 40% to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021. *Free cash flow decreased to an outflow of $23.5 billion for the trailing twelve months, compared with an inflow of $12.1 billion for the trailing twelve months ended June 30, 2021. *Net sales increased 7% to $121.2 billion in the second quarter, compared with $113.1 billion in second quarter 2021. Excluding the $3.6 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 10% compared with second quarter 2021. *Operating income decreased to $3.3 billion in the second quarter, compared with $7.7 billion in second quarter 2021. *Net loss was $2.0 billion in the second quarter, or $0.20 per diluted share, compared with net income of $7.8 billion, or $0.76 per diluted share, in second quarter 2021. Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc.

As stamps increase yet again with additional rate hikes planned in the coming months, Keep US Posted, an alliance consisting of consumer interests, industry groups, newspapers, nonprofits and businesses, is calling on USPS regulators to take action. The Postal Regulatory Commission (PRC) is accepting comments in response to concerns from Congress about the multiple postage hikes planned in Louis DeJoy’s “Delivering for America” plan. In its comments, Keep US Posted urged the Postal Regulatory Commission to fulfill its role as a watchdog for the public, rather than allow unnecessary postage rate increases to keep happening. The organization points out that several factors, including the new postal reform law (The Postal Service Reform Act), have changed the financial outlook for USPS and demand that the Postal Regulatory Commission review DeJoy’s proposed rate increases again.

Domtar continues to champion reliable, affordable mail service for all U.S. residents. We are proud to partner with Keep US Posted in advocacy efforts to strengthen the U.S. Postal Service and ensure strong service throughout the country without excessive postal rate hikes. Keep US Posted is an alliance consisting of consumer interests, industry groups, newspapers, nonprofits and businesses. The group is working to engage Americans to call for postal policy that preserves essential services, effectively and efficiently. Advocates are immediately concerned about planned postal rate hikes, particularly in light of the financial relief the Postal Service received in the recently passed postal service reform legislation. Executive director Kevin Yoder, a former congressman from Kansas, worked on postal issues during four terms in the U.S. House of Representatives.

The ACMA and its Postal Committee Chairwoman Deborah Damore from printer LSC Communications previously urged you to write to the Postal Regulatory Commission (PRC) in response to the Commission's call for comments concerning the impact of the size and timing of the August 2021 postage rate increase. That increase as well as the July 2022 rate hike were allowed following the PRC's November 2020 ruling granting greater pricing flexibility for the USPS. The deadline for submissions is this Sunday, July 31st. We also encourage you to view and share this video produced by Keep Us Posted, the market dominant mail advocacy coalition of which ACMA is a flagship member. Keep Us Posted also provides this template for contacting the PRC. The ACMA is also happy to assist in your efforts. Simply email staff@catalogmailers.org for assistance. www.catalogmailers.org

For years, major corporations, service providers and government agencies have surrendered to the temptation to cloak their cost saving efforts in a veneer of environmental virtue by claiming – without evidence – that going paperless is better for the environment. Two Sides North America (TSNA), the only industry organization to directly challenge this greenwashing, has been highly effective in stemming the tide of misleading declarations, persuading 170 major organizations to remove anti-paper environmental claims. However, as rising inflationary pressures drive cost cutting, greenwashing is once again on the rise. To help reverse this trend, TSNA has doubled down on its anti-greenwashing efforts, and with unprecedented success. So far this year, TSNA has already broken its full-year record for the number of corporations and other organizations it has persuaded to eliminate anti-paper greenwashing claims.

A new survey commissioned by Stora Enso in March 2022 among 2,400 book readers and listeners in the UK, France, Germany and the US showed that people still overwhelmingly prefer physical books (65%) to e-books (21%) or audiobooks (14%). And consumers are willing to pay a premium for carbon neutral books. “With the book market strong coming out of the pandemic, our goal with this survey was to gain insights into whether the market would stay that way in a post-pandemic world. And the answer we got was a resounding yes,” says Jonathan Bakewell, VP, Head of Segment Office and Book Papers, Stora Enso.

FY2022 fourth quarter service performance scores covering July 1 through July 15 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: 93.7 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .9 percentage points from the fiscal third quarter. *Periodicals: 87.2 percent of Periodicals delivered on time against the USPS service standard, an improvement of .6 percentage points from the fiscal third quarter.

Bonnier LLC and Guy Harvey Enterprises have entered into a new partnership for the custom publishing and production of the award-winning Guy Harvey Magazine, the official publication of the Guy Harvey brand now in its 12th year. Bonnier will act as Guy Harvey Magazine’s full-service publishing house, handling all aspects of design, production and sales for the title. “Having worked with the Bonnier team on a number of projects for many years, I’m truly excited about this new partnership,” Dr. Guy Harvey said. “They are consummate professionals and leaders in the marine media genre. Bringing together our expertise in research, education and conservation with their knowledge and broad reach to our collective audiences is a perfect partnership.” Guy Harvey Magazine was launched in 2010 with an editorial focus on the Guy Harvey lifestyle, specifically on marine conservation, education, fishing, boating, scuba diving and adventure travel.

In February 2022, the Postal Service completed its obligations under the National Environmental Policy Act process and issued a Record of Decision to acquire up to 165,000 NGDV, with a commitment for at least 10 percent BEV. This decision was expressly designed to provide the Postal Service the flexibility to acquire significantly more BEV NGDV should financial and operational circumstances permit. Pursuant to this decision, the Postal Service then announced in March 2022 a purchase of 50,000 NGDV from Oshkosh Defense, including 20 percent BEVs. Now, under the new adjusted scope for the Supplemental Environmental Impact Statement (SEIS), the Postal Service proposes to limit its Decision to the 50,000 NGDV already purchased and to raise the minimum NGDV BEV percentage to at least 50 percent.

Macy’s announced that, as part of its Polaris strategy, the company will open four new off-mall, small-format stores this fall. The locations will include Market by Macy’s, a smaller store that offers customers more to love with its curated assortment of the latest fashion trends, as well as the first-ever dual Market by Macy’s and Macy’s Backstage off-price location. “At Macy’s, we thrive on retail being a dynamic business requiring continuous analysis, reinvention and innovation. As customer preferences and buying behaviors change, we continue to evolve to deliver the experience our customers expect,” said Marc Mastronardi, Chief Stores Officer at Macy’s. “As exciting brand extensions, Market by Macy’s and Macy’s Backstage each offer unique shopping experiences – one celebrates discovery and convenience, while the other appeals to the customer who loves the thrill of the hunt for a great value.”

More than 115,000 postal workers at Royal Mail are set to strike following the result of a ballot announced yesterday (19 July), while the postal operator has reported an 11.5% drop in sales in Q1, as it holds its 2022 Annual General Meeting (AGM) today. The Communication Workers Union (CWU), which represents Royal Mail Group workers, has voted by 97.6%, on a 77% turnout, to take action. This represents the biggest mandate for strike action ever reached since the 2016 Trade Union Act was implemented. The union is demanding that Royal Mail group enters into negotiations to secure a “straight, no-strings” pay increase for workers.

Bloomsbury announces its trading update for the four months ended 30 June 2022, ahead of the Company’s Annual General Meeting (“AGM”) at 12.00pm today. Bloomsbury experienced strong trading for the first four months of its financial year, with year-on-year sales growth of 27%, demonstrating resilience and maintaining momentum from the prior year’s outstanding performance. Consumer bestsellers in the period included Paul Hollywood’s Bake, the Harry Potter series by J.K. Rowling, and Sarah J. Maas’ titles. In the UK, according to Nielsen BookScan, Sarah J. Maas has sold just over one million print books to date. Sarah J. Maas is also one of the most popular authors on TikTok. Non-Consumer division growth was driven by continued strong demand for Bloomsbury Digital Resources. The first half of 2022 has seen record UK consumer book sales, reported by Nielsen**, supporting the view that increased reading is here to stay.

As a continuation of the company’s ongoing commitment to diversity, equity and inclusion (DEI), as well as family health and wellness,Kohl’s announced it is strengthening its support of the Milwaukee community with commitments totaling more than $2 million to eight nonprofit hometown partners. This renewal includes five hometown partners that help advance BIPOC communities, making progress against the company’s commitment to give $20 million in support of diverse communities by 2025. Through Kohl’s Hometown Partnerships, local nonprofits are able to continue programs that provide access to art and culture, health and social services, and other opportunities, including economic empowerment and neighborhood development. With these commitments, Kohl’s will continue its partnerships with Acts Housing, Boys & Girls Club of Greater Milwaukee, Employ Milwaukee, Greater Milwaukee Urban League, Milwaukee Art Museum, Ronald McDonald House Charities Eastern Wisconsin, Safe & Sound, and Zoological Society of Milwaukee. “Kohl’s is committed to serving families in the Milwaukee community, and we are proud to support these organizations that make a positive impact in our hometown,” said Tara Geiter, Kohl’s director of community relations. “Kohl’s hometown partners touch a wide range of social causes, which continue to be a priority for our community. We are excited to help these organizations expand their reach, and we look forward to deepening these hometown partnerships in the years to come.”

The Book Manufacturers’ Institute (BMI) released the July results for its monthly survey on capacity and lead times for soft cover and hard cover books. As demand has skyrocketed and supply chain woes continue to hamper all segments of manufacturing, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. July started to show a little easing in the space. According to responses regarding hard cover books, the average manufacturer was running at 84% of their capacity, down from June’s 90%. The average lead time for completed hard cover books dropped a whole month, going from 104 days to 74 days. For soft cover books, capacity usage stayed at 91% and the average lead time dropped from 84 days to 56 days, based on 16 responses.

The United States Postal Service reported new delivery performance metrics for the first week of the fiscal fourth quarter. The latest numbers show First-Class Mail performance exceeded 93 percent on-time delivery for the 15th consecutive week. For the first week of FY2022 Q4, the average time for the Postal Service to deliver a mailpiece or package across the nation was 2.5 days. FY2022 fourth quarter service performance scores covering July 1 through July 8 included: *First-Class Mail: 94.0 percent of First-Class Mail delivered on time against the USPS service standard, an increase of .5 percentage points with performance from the fiscal third quarter. *Marketing Mail: 93.2 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of 1.4 percentage points from the fiscal third quarter. *Periodicals: 86.9 percent of Periodicals delivered on time against the USPS service standard, an improvement of .5 percentage point from the fiscal third quarter.

The Postal Service filed with the Postal Regulatory Commission (PRC) certain classification changes designed to enhance and expand the First-Class Package Service (FCPS) product. This will simplify three of the USPS ground shipping options into one. USPS Retail Ground and Parcel Select Ground will be incorporated into one enhanced FCPS product. “We are improving service and simplifying product offerings for our customers,” said Postmaster General Louis DeJoy. “By upgrading the customer experience and optimizing our package processing and surface transportation networks, we are becoming the best option in the industry.” The changes are in keeping with the Delivering for America 10-year plan to achieve financial stability and service excellence, defined as meeting or exceeding 95 percent on-time delivery across all product categories.

Print publications are facing many challenges, not the least of which is one caused by that old partner: The U.S. Postal Service. The USPS has issued a rule that allows it to revoke an audit bureau’s authority to validate requesters, according to the National Newspaper Association (NNA). Requester newspapers are those that have more than 50% of their circulations paid or requested. That includes paid single-copy sales. The USPS can withdraw the audit bureau’s authority if it finds that its procedures are inadequate.

USA TODAY announced the launch of the ‘To the point’ brand campaign, in recognition of the 40th anniversary of USA TODAY which was first published on September 15, 1982. ‘To the point’ pays homage to the publication’s signature style of concise, approachable, and expert-driven journalism that serves as the nation’s source of clarity, empowering audiences. USA TODAY introduced color to the newspaper industry along with infographics and popular culture stories reflecting the people, places and perspectives of the nation. The brand has continued the legacy of innovation on digital platforms with immersive experiences and Augmented Reality (AR) reaching approximately 100 million people monthly.

ACMA Postal Committee Chairwoman Deborah Damore from printer LSC Communications posted this blog today, which we urge you to follow up on. In brief, in late May the Postal Regulatory Commission (PRC) urged all mail stakeholders to submit comments concerning the impact of the size and timing of the August 2021 postage rate increase, which was allowed since the PRC's November 2020 ruling allowing for greater pricing flexibility for the USPS. The deadline for submissions is July 31, 2022. The ACMA urges you to review the full blog and PRC letter and is happy to assist in your efforts. Simply email staff@catalogmailers.org for assistance. read the blog post at: https://blog.lsccom.com/call-to-action-for-all-mailers?utm_medium=email&_hsmi=219401895&_hsenc=p2ANqtz-_84hROQTOX2kQ-NX0e3benhIjt9cL1J3HVnNzlU4lI7pXjwTMJVEysNyZn-TTX5kMfjJJDX4tDGnR6pMmUV_mfqHWKBA&utm_content=219401895&utm_source=hs_email . read the PRC statement at: https://www.prc.gov/sites/default/files/Stakeholder%20input%20for%20appropriations%20act%20study.pdf

The Book Manufacturers’ Institute (BMI) is bringing back its industry event Book Manufacturing Mastered. The 2022 version will be held Thursday September 15th at the Westin Chicago North Shore. The first event was held February 10–11, 2020 in New York City just prior to the pandemic. Book Manufacturing Mastered 2022 will feature a morning “Paper School” that will cover all things paper. As it is one of the, if not THE, top challenges facing the industry today, attendees will learn how it’s made to its different properties, to the impact it has on the environment. After a networking lunch, the afternoon panel featuring both publishers and manufacturers will give everyone a lay of the land as it stands today. Then attendees will have the chance for roundtable discussions with publishers, printers and suppliers about the top challenges facing the industry today and how they can be addressed. Lastly, the day will end with a networking cocktail reception that will feature tabletop exhibits from printers and suppliers to allow publishers in attendance to speak directly with those that help bring their ideas to print.

The Association of American Publishers (AAP) today released its StatShot report for April 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include Pre-K 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 April 2022 were down 12.6% as compared to April 2021, coming in at $788.3 million. Year-to-date revenues were down 2.3%, at $3.8 billion for the first four months of the year. Trade (Consumer Books) sales were down 8.9% in April, coming in at $685.7 million. eBook revenues were down 8.3% for the month as compared to April 2021 for a total of $84.3 million.

The United States Postal Service reported new preliminary delivery performance metrics for the fiscal third quarter ending June 30 showing continued service improvements across First-Class Mail, Marketing Mail and Periodicals. For the third quarter, the average time for the Postal Service to deliver a mailpiece or package across the nation was just 2.5 days. FY2022 third quarter service performance scores covering April 1 through June 30 included: *First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 94.7 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.5 percentage points from the fiscal second quarter. *Periodicals: 86.3 percent of Periodicals delivered on time against the USPS service standard, an improvement of 4.8 percentage points from the fiscal second quarter.

Bauer Publishing, the team behind many of the UK's favourite puzzle magazines including Take a Crossword and the Eclipse franchise, has launched a mixed puzzle magazine containing brain training and traditional puzzles produced exclusively for Asda in partnership with Alzheimer’s Society. Asda Brain Boost is a compilation of memory games, mindfulness pages and classic puzzles to engage both the left and right sides of the brain. The magazine aims to encourage readers to develop and improve their cognitive skills, with beat-the-clock challenges and puzzles with increasing levels of complexity. Exclusively sold in Asda, every Asda Brain Boost sale, priced at £3.50 each, will see 52p donated to Alzheimer’s Society. This magazine represents a real opportunity for readers to both boost their own mental fitness, and help to raise much-needed funds for Alzheimer’s Society’s fundamental work.

Hearst Magazines International today announced the launch of the print edition of Harper’s BAZAAR Italy, further expanding the iconic fashion brand’s digital, social and experiential presence in the Italian market. Daria Veledeeva, formerly the editor-in-chief of Harper’s BAZAAR Russia, has been appointed editor-in-chief and will oversee the content strategy and development of the magazine. The announcement was made today by Hearst Magazines International President Jonathan Wright and Hearst Italy CEO Giacomo Moletto. “The prestige and influence of the Harper’s BAZAAR brand in the U.S. and around the world is unmatched and the print expression is an important experience – our audience engages deeply and marketers can therefore connect with them in a more profound way,” Wright said. “With Daria’s leadership, vision, and deep connections in the fashion industry, Harper’s BAZAAR Italy will be a must-read for anyone who is passionate about fashion, culture and the issues that matter today.”

Yankee Publishing Inc. (YPI), which sold a minority interest to its Employee Stock Ownership Plan in 2012, sold the remaining shares to the ESOP on June 30 of this year, making it a 100% employee-owned company. Founded in 1935, the firm publishes Yankee, the Old Farmer’s Almanac, New Hampshire Magazine and Family Tree Magazine.

After soaring 18.9% in the first half of 2021 over the comparable period in 2020, unit sales of print books retreated in the first half of 2022, dropping 6.6% from 2021 levels. According to NPD BookScan, total first-half print sales were 362.6 million, down from 386.6 million a year ago. All the major categories except adult fiction had declines, with the largest drop coming in the industry’s biggest category, adult nonfiction, where print sales fell 10.3%. Sales at the midpoint of 2022 were still about 15% above the first six months of 2019, the last prepandemic year, which many in the industry are using as a benchmark, in light of the unexpectedly strong subsequent two years of the pandemic. The 6.6% decline is also an improvement over the first quarter, which saw an 8.9% drop in sales compared to last year’s first quarter.

Keep US Posted, an alliance consisting of consumer interests, industry groups, newspapers, nonprofits and businesses, applauds the U.S. House Committee on Appropriations for directing the Postal Regulatory Commission, which governs the U.S. Postal Service, to study the impact of planned postage increases. The Committee’s action, included in the 2023 spending package, is a direct response to Postmaster General Louis DeJoy’s announcement that stamp prices will increase July 31 and every six months thereafter, despite this year’s bipartisan postal reform law designed to fiscally stabilize the Postal Service and prevent unnecessary postage hikes. “It is destructive for Postal Service leadership to squeeze every last drop of revenue from the mail at the expense of the American people,” said Keep US Posted Executive Director and former Congressman Kevin Yoder (R-Kans.). “In just a decade, Americans could be paying well over $1 to mail a single letter. Using the mail will become unaffordable for American families, as well as newspapers, nonprofits, and businesses that depend on the Postal Service. These excessive postage increases will decrease volume and revenue so much that it will ultimately hurt the Postal Service’s 650,000 workers and their ability to keep delivering for our country. Projected mail decline will become a self-fulfilling prophecy.

Third quarter highlights: *Third quarter earnings per share (EPS*) from continuing operations decreased 73.8 percent to $0.33, compared with EPS of $1.27 in the year-ago quarter; continuing operations adjusted** EPS decreased 30.0 percent to $0.96, down 28.9 percent on a constant currency basis against strong growth of 93.6 percent in the year-ago quarter reflecting peak COVID-19 vaccine volumes *Year-to-date EPS from continuing operations increased 190.6 percent to $5.49, compared with EPS of $1.89 in the year-ago quarter; continuing operations adjusted EPS increased 13.3 percent to $4.23, up 13.9 percent on a constant currency basis *Third quarter sales from continuing operations decreased 4.2 percent over the year-ago quarter to $32.6 billion, down 2.8 percent on a constant currency basis including a 720 basis point impact from AllianceRx Walgreens as anticipated *Third quarter operating income from continuing operations decreased to a loss of $320 million, compared to operating income of $1.1 billion in the year-ago quarter; adjusted operating income from continuing operations was $1.0 billion, down 33.5 percent on a constant currency basis *WBA sold 6.0 million shares of AmerisourceBergen common stock, with proceeds of $900 million *Completion of Boots strategic review, with decision to retain the business

The largest US newspaper circulations fell 12% in the year to March 2022, new figures obtained by Press Gazette show. Our top 25 ranking, based on figures shared by the Alliance for Audited Media (AAM), shows that The Wall Street Journal and New York Times retain the largest daily print circulations in the US. Gannett’s USA Today keeps third place, but is close to seeing its print circulation fall below Jeff Bezos’s Washington Post.

Savvas Learning Company is pleased to announce that CEO Bethlam Forsa has been selected for membership in the Newsweek Expert Forum, an invitation-only community for pioneering thinkers and cross-industry business leaders. As a member, Forsa will regularly contribute original articles for Newsweek.com on a diverse range of topics impacting the world of education. “I am excited by the many opportunities the Newsweek Expert Forum will provide to share my perspectives on the most pressing challenges, emerging trends and urgent issues facing education today,” said Forsa. “I look forward to fostering conversations about how to address those challenges, support educators, students and families, and build better, more engaging and impactful education solutions in the future.”

July 1. That’s the expiration date for the contract that covers the International Longshore and Warehouse Union’s more than 22,000 workers at the 29 ports along the West Coast. Negotiations are ongoing, but experts think it is unlikely a deal will be reached before July 1. (In the past, contract talks have run beyond the expiration date and led to major disruptions to port operations.) The stakes are especially high this time around, however, as the negotiations are playing out amid a backdrop of global supply chain disruptions. Chain Store Age spoke with Spencer Shute, senior consultant at procurement and supply chain consultancy Proxima, part of Bain & Company, about the possibility of a shutdown and its impact on retailers.

The ballots have today (28 June) began landing at the homes of members of the Communication Workers Union (CWU), which represents postal workers, and the result will be known on 19 July. The union is demanding that Royal Mail Group negotiates with it to secure a “straight, no strings pay increase” for employees. At the time of writing, management intends to impose a 2% pay rise by executive action. The CWU said that in an economic climate where inflation has already soared to 11.7% by May, this would mean “a dramatic real-terms wage cut of Royal Mail employees, who were key workers during the height of the pandemic”. A CWU spokesperson said: “Britain’s postal workers are being forced into accepting a massive pay cut by the same people they have generated incredible profits for.

Savvas Learning Company is proud to announce that it has been named “LMS Solution Provider of the Year'' by the 2022 EdTech Breakthrough Awards program. The award honors the K-12 learning solutions provider for its popular Savvas Realize learning management system (LMS), recognizing the company as an innovator and leader “driving the global digital transformation of the education industry.” An award-winning platform since its inception, Savvas Realize is the publishing industry's most versatile LMS and the digital home to more than 1,000 high-quality, engaging Savvas programs. The single sign-on Realize platform allows educators to access a vast array of standards-aligned content, customize materials, monitor student progress, and create lesson plans and activity playlists. It also provides data-driven insights to help teachers differentiate instruction and personalized, real-world learning experiences to increase student engagement — all on one easy-to-use platform. Winners of this year’s EdTech Breakthrough Awards, which showcase technologies and companies that drive innovation and exemplify the best in edtech solutions, were selected from more than 2,250 nominations based on innovation, design, user experience, and overall technological advancement.

Magazine publisher Dotdash Meredith has temporarily stopped sending print editions of People and Better Homes & Gardens to some subscribers, citing a tight paper market. The New York-based company, which maintains an office campus in downtown Des Moines' Western Gateway, sent postcards to some readers this week, telling them they would not receive print editions of the magazines in the coming months. The company has offered those readers free subscriptions to digital editions of the magazines. A company spokesperson said in an email Friday that Dotdash Meredith stopped some distribution to "a limited number" of People and Better Homes & Gardens subscribers because of a "temporary global paper shortage." The subscribers involved represent about 7% of the company's total print subscriber base, the spokesperson said. The spokesperson did not answer a question from the Des Moines Register about whether the impact is concentrated in certain parts of the country.

Third quarter service performance scores covering April 1 through June 17 included: *First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 94.8 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.6 percentage points from the fiscal second quarter. *Periodicals: 86.3 percent of Periodicals delivered on time against the USPS service standard, an improvement of 4.8 percentage points from the fiscal second quarter.

FedEx Express operating results improved in the fourth quarter driven by revenue management actions, including increased fuel surcharges. Global volume softness, driven by COVID lockdowns, geopolitical uncertainty, and slower economic growth, partially offset the year-over-year improvement. FedEx Ground operating results declined primarily due to higher self-insurance accruals and increased purchased transportation and wage rates. These costs were partially offset by higher revenue per package, including increased fuel surcharges. Average daily volume declined primarily due to yield management actions affecting the FedEx Ground Economy service. FedEx Freight operating results sharply increased, with operating margin improving 570 basis points to 21.8%. The improved results were driven by a 28% increase in revenue per shipment from the continued focus on revenue quality and profitable growth.

The Postal Service announced it will implement upgraded service standards for its USPS Retail Ground (RG) and Parcel Select Ground (PSG) products effective Aug. 1, 2022. Within the contiguous United States, service standards for these products will be accelerated from two- to eight-days to two- to five-days for the same affordable price. Items containing hazardous materials or live animals are not eligible for the upgraded service standards. RG is a ground shipping product for packages, thick envelopes and tubes (with a maximum weight of 70 pounds) that are not required to be mailed via First-Class Mail service and are available only through retail channels. PSG is an economical ground delivery service similar to RG for commercial shippers. The Postal Service is aligning the RG and PSG service standards with the current First-Class Package Service (FCPS) standards within the contiguous US. Processing this mail with FCPS packages will enhance customer service and better optimize the Postal Service’s package processing and surface transportation networks.

The startup publisher Troo Media this week launched what it describes as the first editorial platform built for the metaverse: a brand called TrooVRS, which delivers content focused on self-care for modern male audiences.The new brand was previewed at Cannes Lions, the festival in Cannes, France, that celebrates creativity in the field of branded communications. Content will target the interests and needs of men from all backgrounds, featuring topics like relationships, work, and physical and mental health. The launch of TrooVRS coincides with Men’s Health Month in June, a designation established by Congress in 1994 and sponsored by the Men’s Health Network, a consortium of health organizations.

FedEx Corp. announced it has received its first 150 electric delivery vehicles from BrightDrop, the technology startup from General Motors (GM) decarbonizing last-mile delivery. This marks a critical milestone for FedEx as the company plans to transform its entire parcel pickup and delivery (PUD) fleet to all-electric, zero-tailpipe emissions by 2040, and comes just months after BrightDrop’s commercialization of the Zevo 600 as the fastest vehicle to market in GM’s history.

N2, a local magazine company, will rebrand next week as “Stroll,” bringing all of its 650+ local print magazines under the same branding, executives tell Axios. Why it matters: The rebrand marks a major milestone for the company, which has grown to bring in more than $131 million in annual revenue. "The feedback from our readers is still overwhelming. If you produce unique content that people want to read about, they will read it. And in a very digital world, print is now cool again," said Duane Hixon, co-founder & CEO. The rebrand represents a shift in focus from delivering community news to finding ways to help neighborhoods build stronger connections. "Stroll" references casual neighborhood walks where people can get together. Stroll's logo is a mailbox.

USPS postage rates are set to increase on July 10, 2022. This is a large increase. Our last postage rate increase was in August of 2021, which was also a historic rate increase. It’s not all bad news in that direct mail still is very effective and driving response, we just have to get more creative to save on postage. So, what do the new rates that mean for you? The biggest takeaway from these rate changes is that presorted first class mail and flats are growing more and more expensive. Flats do have better ROI than letter size pieces even at increased postage though, so make sure you take that into consideration before you choose to no longer send flat size mail.

The Book Manufacturers’ Institute (BMI) released the June results for its monthly survey on capacity and lead times for soft cover and hard cover books. As demand has skyrocketed and supply chain woes continue to hamper all segments of manufacturing, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. According to responses regarding hard cover books, the average manufacturer was running at 90% of their capacity, a slight drop from May’s 91%. The average lead time for completed hard cover books was up from 91 days, to 104 days. For soft cover books, capacity usage went from 92% down to 91% and the average lead time was up to 84 days, based on 15 responses.

For the third quarter to date, more than 93 percent of First-Class Mail was delivered on-time each week. For the past fifteen weeks, more than 93 percent of Marketing Mail was delivered on-time. Through the first eleven weeks of the third quarter, the average time for the Postal Service to deliver a mailpiece or package across the nation was 2.4 days. Third quarter service performance scores covering April 1 through June 10 included: *First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.7 percentage points from the fiscal second quarter. *Marketing Mail: 94.8 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.6 percentage points from the fiscal second quarter. *Periodicals: 86.5 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.1 percentage points from the fiscal second quarter.

Second Quarter Fiscal Year 2022 Financial Highlights: *Adobe achieved record revenue of $4.39 billion in its second quarter of fiscal year 2022, which represents 14 percent year-over-year growth or 15 percent in constant currency. Diluted earnings per share was $2.49 on a GAAP basis. *GAAP operating income in the second quarter was $1.53 billion. GAAP net income was $1.18 billion. *Cash flows from operations were $2.04 billion. *Remaining Performance Obligations (“RPO”) exiting the quarter were $13.82 billion. *Adobe repurchased approximately 1.9 million shares during the quarter.

The Association for PRINT Technologies (APTech) announced that it has made a strategic investment to acquire the printing industry’s leading independent media organization, WhatTheyThink. The move was unanimously approved by the APTech board and signals a continuing effort to help print businesses grow by providing a platform for education, inspiration, and connection. “We began a Strategic Business Plan in 2017, and this move is aligned with that plan and our efforts to continue to evolve as an association. We are really happy to be working more closely with an organization like WhatTheyThink that we’ve watched grow and evolve into the most important media company in the industry,” said Thayer Long, President of the Association for PRINT Technologies. “This investment signals both our commitment to our long-term business plan as well as a great deal of excitement for how aligned it is with the strategies and market position of WhatTheyThink.”

The Simon & Schuster adult trade imprint is pleased to announce the second annual BOOKS LIKE US First Novel Contest to facilitate accessibility to underrepresented writers and celebrate the diversity of readers across the United States. As the nation continues to strive for progress, Simon & Schuster aims to help catalyze that change by amplifying voices that represent us, by publishing books like us. Previously administered in 2021 by Gallery Books, the Books Like Us First Novel Contest will rotate among the various adult imprints at Simon & Schuster. A two-week entry period will begin on Tuesday, July 12, 2022.

A new Stora Enso survey among 2,400 book readers of all ages in the UK, France, Germany, and the US found that people still overwhelmingly prefer physical books for their look, their feel and even their smell. The study, rolled out during March 2022, showed 65% of respondents wanting physical books, versus 21% who preferred e-books and 14% audiobooks. The French showed the strongest preference for physical books of any nation. And most said they preferred to read or listen to fiction books for leisure and to get quality time alone. “These results confirmed our expectations that the market for physical books is set to stay strong, which is good news for our printer and publishing customers,” said Stora Enso’s Jonathan Bakewell, VP, Head of Segment Office and Book Papers. But there were some surprise results from the youngest group (16 to 24 years) polled, where 70% said they preferred physical books over e-books.

“Bloomsbury achieved its highest ever results with sales up 24% to £230.1 million and profits up 40% to £26.7 million. Sales were up 41% and profits up 70% from two years ago. Both the Consumer and Non-Consumer divisions gave outstanding and resilient performances, highlighting Bloomsbury’s unique strength in combining general and academic publishing. The Consumer division revenue grew by 25%, continuing the momentum of last year, and achieved a 25% increase in profit before tax and highlighted items1 to £17.8 million. The Non-Consumer division saw 23% revenue growth and a 68% increase in profit before tax and highlighted items1 to £9.1 million. Consumer revenue was 53% higher and Non-Consumer revenue 24% higher than two years ago. Bloomsbury Digital Resources (“BDR”) outperformed the target set six years ago of £15 million of sales and £5 million of profit, with sales of £18.6 million, up 50% on last year, and profit of £6.8 million, up £3.9 million on last year. Following this success, we have set ambitious new growth targets for BDR. Supporting our strong organic growth, we made three acquisitions during the year of ABC-CLIO LLC, the Red Globe Press list and Head of Zeus Limited.

Fourth Quarter Summar: *GAAP Results: Revenue of $546 million (+2%), Operating Income of $58 million (+14%), and EPS of $0.76 (+4%). Full Year Summary: *GAAP Results: Revenue of $2,083 million (+7%), Operating Income of $219 million (+18%), EPS of $2.62 (-0.4%), and Cash Provided by Operating Activities of $339 million (-6%) *Free Cash Flow of$223 million, down 13% due to one-time items in prior year *Digital Products and Tech-Enabled Services: 83% of total revenue *Recurring Revenue: 58% of total revenue

Pearson and TC Media announce the sale of ERPI (‘Éditions du renouveau pédagogique inc.’) by Pearson to TC Media. ERPI is a Québec educational publisher founded in Montréal in 1965 and acquired by Pearson in 1989. "We are proud to acquire ERPI, a long-standing educational publisher", said Patrick Lutzy, President of TC Media. "This acquisition fits perfectly with our growth strategy as it complements TC Media’s educational products offering, both print and digital, and provides an opportunity to further grow ERPI’s brand alongside our brands such as Chenelière Éducation, Beauchemin and Modulo. I wish a very warm welcome to ERPI’s team."

For the third quarter to date, more than 93 percent of First-Class Mail was delivered on-time each week. For the past 14 weeks, more than 93 percent of Marketing Mail was delivered on-time. Through the first nine weeks of the third quarter, the average time for delivery of mail and packages across the postal network remained just 2.4 days. Third quarter service performance scores covering April 1 through June 3 included: *First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 94.8 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.7 percentage points from the fiscal second quarter. *Periodicals: 86.5 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.1 percentage points from the fiscal second quarter.

The New York Times Company will present its digitally-focused growth strategy to achieve its midterm operating and financial targets at its first Investor Day in many years. Executives will detail how The Times plans to achieve attractive, sustainable revenue and adjusted operating profit growth by adding subscribers to its differentiated portfolio of leading news and lifestyle products. The Times will also discuss the opportunity ahead for The Athletic. “Over the past five years, we have transformed The Times into a digital-first, subscription-first definitive market leader with more than 9 million subscribers and a goal of 15 million by year-end 2027,” said Meredith Kopit Levien, president and chief executive officer, The New York Times Company. “We believe we can become the essential subscription for every curious, English-speaking person seeking to understand and engage with the world. With this strategy, there is a tremendous long-term growth opportunity to attract and retain a larger audience driven by an expansive and connected product experience that makes us indispensable to millions of people in their daily lives.”

The bookselling team selected these ten titles, spanning fantastical debuts, deeply moving novels from literary powerhouses, timely works of ambition set in Ukraine, epic fantasies and book-loving rom-coms, as the best new releases so far this year. “All readers will find a book to love on our Best Books of 2022 (So Far) list,” said Jackie De Leo, Chief Merchandising Officer, Barnes & Noble. “It’s wonderful to see the mix of many debut authors alongside well-established literary darlings. The books are as different as the authors who penned them, yet their engaging narrative and their impact on the booksellers at Barnes & Noble is the common thread that weaves them together.” See the list at: https://www.barnesandnobleinc.com/press-release/barnes-noble-announces-best-books-2022-far/

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

Since physical retailers started seeing a rebound in business after the plunge in sales in the early days of the pandemic, Barnes & Noble CEO James Daunt has often said that stores in urban areas are having the toughest time recovering. It turns out B&N is not alone in that regard. Kristen McLean, executive director of business development and industry analyst for NPD Books & Entertainment, noted that sales in most retail segments in big cities are having a difficult time making up the ground lost since 2019. Looking at books in particular, eight of the country’s 10 biggest book markets have seen their sales performances this year through May 14 trail the 15% increase in the overall market compared to the similar period in 2019, while many midsize markets have seen substantial gains, according to BookScan data. BookScan analyzed print unit sales from two vantage points: actual changes in sales in 2022 vs. 2019, and how sales in different DMAs (designated market areas) in 2022 vs. 2019 compare to the 15% increase posted by the overall market.

Kohl’s Corporation announced that following the receipt of final proposals, the Kohl’s Board of Directors has entered into exclusive negotiations with Franchise Group, Inc. (“FRG”), a holding company of a collection of market-leading and emerging brands, for a period of three weeks in relation to FRG’s proposal to acquire the Company for $60.00 per share. The purpose of the exclusive period is to allow FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation. The transaction remains subject to approvals of the Boards of Directors of both companies. There can be no assurances that any agreement will be reached or that a transaction will be agreed or completed on the terms set forth above or otherwise. The Company will have no further comment until an agreement is reached or the discussions are terminated.

For eight consecutive weeks, more than 93 percent of First-Class Mail was delivered on-time. For the past 13 weeks, more than 94 percent of Marketing Mail was delivered on-time. Through the first eight weeks of the third quarter, the average time for delivery of mail and packages across the postal network remained just 2.4 days. Third quarter service performance scores covering April 1 through May 27 included: *First-Class Mail: 93.4 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 95 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. *Periodicals: 86.4 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5 percentage points from the fiscal second quarter.

Fiscal 2022 First Quarter Operating Results Overview *Total net sales were $145.8 million, a decrease of $(17.4) million or (10.7)%, compared to a Company first quarter record of $163.2 million last year. Total comparable net sales, including both physical stores and e-commerce, decreased by (13.0)%. *Gross profit was $43.8 million, or 30.1% of net sales, compared to $54.8 million, or 33.6% of net sales, last year. *Operating income was $1.1 million, or 0.8% of net sales, compared to $14.9 million, or 9.1% of net sales, last year. *Net income was $0.8 million, or $0.03 per diluted share, compared to a Company first quarter record of $11.0 million, or $0.36 per diluted share, last year.

The United States Postal Service announced it will soon publish a Notice of Intent to supplement its environmental impact statement (EIS) related to its Next Generation Delivery Vehicles (NGDV) plan. The decision comes as the Postal Service accounts for expected changes following a recently announced plan to improve the Postal Service’s delivery network. The plan to modernize and aggregate delivery operations will make delivery routes more efficient, which may affect the appropriate mix of vehicles to be procured for the Postal Service’s delivery fleet, including NGDV. “As I noted when we placed our initial NGDV delivery order, the Postal Service would continue to look for opportunities to further increase the electrification of our fleet in a responsible manner, as we continue to refine our operating strategy and implement the Delivering for America plan,” said DeJoy. “A modernized network of delivery facilities provides us with such an opportunity. This is the right approach —operationally, financially, and environmentally.”

Gannett Co., Inc. announced a strategic organizational restructuring with the creation of two new U.S. operating business units, Gannett Media and Digital Marketing Solutions (DMS), which will be led by Maribel Perez Wadsworth and Kris Barton as Presidents of each business respectively. The evolved corporate structure is designed to align Gannett’s subject matter expertise and resources with favorable growth opportunities. As President of Gannett Media, Wadsworth will oversee an expansive organization that prioritizes content, news, business-to-business (B2B) and commitment to subscribers while continuing to accelerate Gannett’s digital subscriber growth. As President of Digital Marketing Solutions, Barton brings a unique mix of business, design and technical acumen to the position. He is dedicated to growing DMS offerings as a differentiated marketing platform. He and his team will further the transformation of the DMS business to ensure loyalty from existing customers who value the platform while attracting new customers to engage with the available digital solutions.

S&P Global is suspending financial guidance for the full year 2022. Macroeconomic conditions have deteriorated since S&P Global Inc. last provided financial guidance on May 3, 2022, negatively impacting the Company's expectations for GDP growth and debt issuance volumes. Given the volatility and uncertainty in the issuance environment, the Company cannot affirm its previously issued guidance and expects to reintroduce formal financial guidance in conjunction with its second quarter 2022 earnings results. Debt issuance volumes have been extraordinarily weak year-to-date. Should similar trends continue through the end of 2022, market issuance could see year-over-year declines in the high teens. Rated, or billed, issuance could be approximately 30-35% lower than the previous year, and leveraged loan volumes could be approximately 40% lower. In such a scenario, Ratings revenue could be negatively impacted by as much as $600 million relative to previous revenue guidance and the Company would expect Ratings adjusted operating margin in the high 50s range.

The Association of American Publishers (AAP) today released its StatShot report for March 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include Pre-K 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 March 2022 were down 4.2% as compared to March 2021, coming in at $804.4 million. Year-to-date revenues were up 1.1%, at $3.0 billion for the first three months of the year.

Through the first seven weeks of the third quarter, the average time for delivery of mail and packages across the postal network remained just 2.4 days. Third quarter service performance scores covering April 1 through May 20 included: *First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 95 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. *Periodicals: 86.5 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5 percentage points from the fiscal second quarter.

First Quarter Fiscal 2022 - Financial Results: *Net sales of $3.5 billion, down 13% compared to last year. *Net sales growth in the first quarter fiscal 2022 was negatively impacted by an estimated 5 percentage points related to lapping the benefit of stimulus last year and approximately 3 percentage points from divestitures, store closures, and the transition of the company’s European business to a partnership model. *Comparable sales were down 14% year-over-year. *Store sales declined 10% compared to last year. The company ended the quarter with 3,414 store locations in over 40 countries, of which 2,825 were company operated. *Gross margin was 31.5%, 930 basis points lower than last year. *Operating loss was $197 million in the quarter; operating margin of negative 5.7%. *Net loss of $162 million

*Comparable sales up 12.8% on an owned basis and up 12.4% on an owned-plus-licensed basis *Diluted EPS of $0.98 and Adjusted diluted EPS of $1.08 *Increased financial flexibility through a number of financing transactions *Repurchased $600 million of shares under $2 billion share repurchase program *Reaffirmed annual sales guidance and raised Adjusted diluted EPS guidance

Ogden Newspapers is acquiring KPC Media, the publisher of numerous publications in northeast Indiana, the firm has announced. Terms were not disclosed. Conducted in partnership with Journal Gazette Co. and its Fort Wayne Newspapers, the purchase follows Ogden’s acquisition last year of Swift Communications, publisher of newspapers in Colorado, Utah and California markets. The KPC purchase includes three dailies: The News Sun, Kendallville; The Herald Republican, Angola; and The Star, Auburn.

Kohl’s is deeply committed to its retail footprint and is evolving its real estate approach to match the changing industry landscape and customer needs. Over the next three years, Kohl’s will increase its investment in store strategies that will improve the store experience for customers and associates, and over the next four years, about 100 new, smaller format stores will open in markets previously untapped by Kohl’s physical presence. “Kohl’s began with roots as a brick-and-mortar company, and these 60 years of experience have set the company up to become a leading omnichannel retailer,” said Mark Griepentrog, Kohl’s chief property officer. “Our strong and productive off-mall store base can continuously evolve with our customer’s expectations and demand, and we see substantial opportunities to leverage our real estate in producing long-term growth.”

For the first quarter, net sales increased 18.7 percent versus the same period in fiscal 2021, exceeding pre-pandemic sales levels, and gross merchandise value ("GMV") increased 19.6 percent. During the quarter, Nordstrom banner net sales increased 23.5 percent and GMV increased 24.8 percent. Net sales for Nordstrom Rack increased 10.3 percent and continued to show sequential improvement towards pre-pandemic sales levels.

Urban Outfitters, Inc. announced net income of $32 million and earnings per diluted share of $0.33 for the three months ended April 30, 2022. Total Company net sales for the three months ended April 30, 2022, increased 13.4% over the same period last year to a record $1.05 billion. Total Retail segment net sales increased 12%, with comparable Retail segment net sales increasing 11%. By brand, comparable Retail segment net sales increased 18% at the Anthropologie Group, 15% at the Free People Group and 1% at Urban Outfitters. Wholesale segment net sales increased 6%, driven by a 9% increase in Free People Group wholesale sales. Nuuly segment net sales increased by $15.0 million driven by a significant increase in our subscriber base. “We are pleased to announce record Q1 sales driven by an 11% Retail segment ‘comp’,” said Richard A. Hayne, Chief Executive Officer. “Unfortunately, the impact of inflation on our costs of doing business more than offset the benefit of record revenues,” finished Mr. Hayne.

A summary of results for the first quarter ended April 30, 2022 as compared to the first quarter ended May 1, 2021: *Net sales of $813 million, up 4% as compared to last year. *Gross profit rate of 55.3%, down approximately 810 basis points as compared to last year. The year-over-year decline is driven by approximately $80 million of higher freight costs, partially offset by higher average unit retail on lower promotions. *Operating expense, excluding other operating income, net, was up 5% compared to last year. Approximately half of the increase was due to the lapping of COVID-related rent abatements and payroll credits last year, and the other half due to an increase in marketing and digital fulfillment expenses. Operating expense as a percentage of sales increased to 56.9% from 56.2% last year. *Operating loss of $10 million and $6 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $57 million and $60 million last year, on a reported and adjusted non-GAAP basis, respectively.

Domestic revenue of $9.89 billion decreased 8.7% versus last year primarily driven by a comparable sales decline of 8.5%. Domestic gross profit rate was 21.9% versus 23.3% last year. The lower gross profit rate was primarily due to: (1) lower services margin rates, including pressure associated with the Best Buy Totaltech membership offering; (2) lower product margin rates, including increased promotions; and (3) higher supply chain costs. These pressures were partially offset by higher profit-sharing revenue from the company’s private label and co-branded credit card arrangement. Domestic GAAP SG&A was $1.74 billion, or 17.6% of revenue, versus $1.84 billion, or 16.9% of revenue, last year. International revenue of $753 million decreased 5.4% versus last year. This decrease was primarily driven by the exit of operations in Mexico in FY22 and a comparable sales decline of 1.4% in Canada. International GAAP gross profit rate was 24.3% versus 23.7% last year.

We continue to expand our delivery operations to help customers get the items they need when they need them, and it’s been an exciting journey. From Express delivery, where customers can have items delivered to their doorsteps in as little as two hours, to InHome, where they can get those orders placed right into their refrigerators, we’re proud to offer customers multiple options that help them save time and money. One solution we’ve been working on over the last year is delivery via drone. Today we’re announcing we’ll be expanding our DroneUp delivery network to 34 sites by the end the year, providing the potential to reach 4 million U.S. households across six states – Arizona, Arkansas, Florida, Texas, Utah and Virginia. This provides us the ability to deliver over 1 million packages by drone in a year.

Through the first six weeks of the third quarter, the average time for delivery of mail and packages across the postal network remained just 2.4 days. Third quarter service performance scores covering April 1 through May 13 included: *First-Class Mail: 93.4 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 95.0 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. *Periodicals: 86.7 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.2 percentage points from the fiscal second quarter.

In its full-year results for the 52-week period ended March 2022, the postal operator achieved revenue of £12.71bn, up 0.6% on the £12.64bn it achieved a year earlier. This included sales from its overseas parcels business GLS. On a reported basis, the company recorded a pre-tax profit of £662m, down 8.8% on last year, and an operating profit of £577m, down 5.6%. Its adjusted operating profit was up 8% at £758m while its adjusted pre-tax profit figure was up 6.5% at £707m. The business said that while the pandemic had resulted in an increase in parcel volumes, some of the tailwinds it experienced in the last year have subsided, and while it has seen a recovery in letter volumes, “parcel volumes and shifts in mix continue to be volatile”.

Average student spending on college course materials, including textbooks and digital materials, declined 22% during the 2021-2022 academic year according to new data reported today by independent research firm Student Monitor. The trend continues a decade long decline according to the research firm, with student spending on the category dropping a dramatic 44% between the 2011-12 and 2021-22 academic years. “Course materials are more affordable now than at any time in the past decade,” commented Eric Weil, Managing Partner, Student Monitor. “Student spending dropped 22% during the most recent year, coming in at an average of just $314, in large part because Students are tailoring their purchases to the requirements of their individual courses, and taking full advantage of some of the new affordable options.”

In FY 2021, the Postal Service had a net loss from operations of $2.7 billion, a $0.9 billion improvement from FY 2020. The decrease in net operating losses for FY 2021 was primarily due to $4.0 billion more revenue than in FY 2020. When non-operating expenses are included, the Postal Service had a total net loss of $4.9 billion in FY 2021—an improvement of $4.2 billion compared to FY 2020. While the Postal Service realized an overall improvement in total net losses in FY 2021, continued losses have expanded the gap between the Postal Service’s assets and liabilities. Total assets at the end of FY 2021 were $46.4 billion versus total liabilities of $122.1 billion. A significant portion of the Postal Service’s liabilities was driven by unpaid retiree health benefit (RHB) liabilities totaling $57.0 billion at the end of FY 2021. The recent enactment of the Postal Service Reform Act removes this $57.0 billion liability of past due RHB obligations and eliminates annual payments for the RHB normal costs and the Retiree Health Benefits Fund amortization. Market Dominant revenue decreased in FY 2021 by $97 million or 0.2 percent from FY 2020. Increases in revenue per piece for overall Market Dominant products were not enough to offset declines in volume and fluctuation in mail mix and signal the severity of the effects of the pandemic during that time. In FY 2021, Market Dominant volume declined while package volumes rose as a result of continued growth in e-commerce that included record holiday volume. These changes in volume affected overall revenues and cost in addition to workforce and workhour changes in response to pandemic-related labor costs.

*Comparable sales grew 3.3 percent, on top of 22.9 percent growth last year. **Comparable sales growth reflected traffic growth of 3.9 percent. **Store comparable sales increased 3.4 percent, on top of 18.0 percent growth last year. **Digital comparable sales grew 3.2 percent, following growth of 50.2 percent last year. **Same-day services (Order Pickup, Drive Up and Shipt) grew 8 percent this year, led by Drive Up, which grew in the mid-teens on top of more than 120 percent last year. **More than 95 percent of Target's first quarter sales were fulfilled by its stores. *Sales growth was led by frequently-purchased categories, including Food & Beverage, Beauty, and Household Essentials. *Operating margin rate of 5.3 percent was well below expectations, driven primarily by gross margin pressure reflecting actions to reduce excess inventory as well as higher freight and transportation costs.

*Total revenue was $141.6 billion, up 2.4%, negatively affected by $5.0 billion due to divestitures. *Walmart U.S. Q1 comp sales1 grew 3.0% and 9.0% on a two-year stack. *Walmart U.S. eCommerce sales grew 1% or 38% on a two-year stack. *Sam’s Club comp sales1 increased 10.2%, and 17.4% on a two-year stack. Membership income increased 10.5%. *Walmart International net sales were $23.8 billion, a decrease of $3.5 billion, or 13.0%, negatively affected by $5.0 billion due to divestitures. *Consolidated operating income was $5.3 billion, a decrease of 23.0%, negatively affected by $0.3 billion from divestitures.

Through the first five weeks of the third quarter, the average time for delivery of mail and packages across the postal network remained just 2.4 days. Third quarter service performance scores covering April 1 through May 6 included: *First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 95.0 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.9 percentage points from the fiscal second quarter. *Periodicals: 86.8 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.3 percentage points from the fiscal second quarter.

After a successful launch last year, the U.S. Book Show returns with a full menu of programming for professional bibliophiles of all stripes. Highlights include PW Editors’ Picks panels, author chats, and Book Buzz panels done in cooperation with publishers. Check out the schedule here for a taste of what’s on offer and when it’s happening. On the pages that follow, you’ll find in-depth information on the discussions and meetup opportunities you won’t want to miss. Once again, there’s no need to head across town or fly across the country to participate. You’ll find everything at the U.S. Book Show website, usbookshow.com. All times given are in Eastern Time. see details at: https://www.publishersweekly.com/pw/by-topic/industry-news/bea/article/89326-the-u-s-book-show-returns.html

Postmaster General Louis DeJoy said the U.S. Postal Service will be forced to initiate “uncomfortable” price increases for market dominant USPS products such as first-class mail, marketing mail and periodicals, while shippers using Parcel Select Ground can benefit from use of cubic pricing. The USPS’s new pricing schedule goes into effect July 10, with the agency warning that twice-yearly pricing adjustments will be the norm going forward, even as the delivery service standard has slowed. The USPS delayed implementation of the service slowdown until after the peak holiday season. The recent Postal Reform Act’s undoing of mandated prefunding of retiree healthcare benefits will save $50 billion over 10 years by switching pensioners to Medicare – which many argue causes other economic liability issues. But DeJoy said that still leaves a projected $110 billion dollar USPS loss over that period.

The Book Manufacturers’ Institute (BMI) released the May results for its monthly survey on capacity and lead times for soft cover and hard cover books. As demand has skyrocketed and supply chain woes continue to hamper all segments of manufacturing, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. May is the third month of the survey. According to responses regarding hard cover books, the average manufacturer was running at 91% of their capacity, up from April’s 85%. The average lead time for completed hard cover books dropped to 91 days, down from 103 in April. For soft cover books, capacity usage went from 94% down to 92% and the average lead time went back to March’s 70 days, based on 15 responses. See more at: https://www.bmibook.com/news/bmi-releases-industry-barometer-survey-results-for-may

For the Three Months Ended April 2, 2022: Sales increased 19% to $293.6 million, compared to $247.6 million during the same period last year. Gross profit increased 7% to $154.9 million, or 52.7% of sales, compared to $145.2 million, or 58.6% of sales, in the first quarter of 2021. The 590 basis point decrease in gross margin was primarily driven by higher inbound freight, including a 220 basis point impact of a non-recurring true-up of prior year freight costs, and an unfavorable impact of the non-renewal of the Global System of Preferences (“GSP”) program on import duties, partially offset by price increases and a favorable mix shift to our DTC channel. Operating income decreased 17% to $33.3 million, or 11.3% of sales, compared to $40.0 million, or 16.2% of sales during the prior year quarter. Net income decreased 16% to $25.7 million, or 8.7% of sales, compared to $30.5 million, or 12.3% of sales in the prior year quarter.

On June 2, Queen Elizabeth II of Great Britain will celebrate the 70th anniversary of her reign. To mark the occasion, the British government has commissioned the DK publishing house to produce an anniversary book. “Queen Elizabeth: A Platinum Jubilee Celebration” has a print run of more than 4.5 million copies and will be distributed free of charge to students at British primary schools from the middle of the month. For the first time in British history, a regent, Queen Elizabeth II, is celebrating the 70th anniversary of her reign, known as a Platinum Jubilee – and the whole country has been preparing for this extraordinary celebration for months. The Queen ascended the throne on June 2, 1952, and for this reason the government of the United Kingdom has proclaimed June 2 of this year, a Thursday, and the following Friday, a public holiday, giving Britons four full days, June 2 to 5, to celebrate the Platinum Jubilee. Alongside the many festivities, the official book to accompany the occasion, “Queen Elizabeth: A Platinum Jubilee Celebration,” will be distributed free of charge to British elementary schools. The book was produced by the DK publishing house, which secured the prestigious contract with Britain’s Department for Education following a tendering process last year.

A May 4 webinar hosted by Ingram Content Group addressed supply chain challenges, logistic delays, inflation, the role environmental impacts play on consumer shopping preferences, as well as how accessibility is increasing the reach for e-books and audiobooks. Participants included Rob Grindstaff, director of sales operations and product development for Ingram's Lightning Source; Ruth Jones, director of global sales and digital services at Ingram Content Group UK; and Gina Walpole, the senior services manager for Ingram Content Group UK. Panelists noted that troubles with the supply chain persist. Problems include a shortage of materials, increased freight prices, and port congestion. All of this is putting a strain on publishers as it becomes more difficult for them to accurately predict demand and, consequently, supply for a given title. It was pointed out that paper mills are operating at full capacity while some are shifting production from producing paper to packaging. Labor shortages persist across the logistics supply chain—and are predicted to carry into 2023. All this is resulting in rising costs.

* Dotdash Meredith revenue increased 665% year-over-year to $500 million, benefitting from the Meredith acquisition. o Digital revenue was $216 million and Print revenue was $290 million. o Operating loss of $56 million and Adjusted EBITDA of $9 million reflect $26.5 million of restructuring charges incurred and transaction-related items associated with the acquisition of Meredith incurred in Q1 2022. * Angi Inc. revenue increased 13% year-over-year to $436 million, the 6th consecutive quarter of double-digit growth. * Emerging & Other revenue increased 9% to $167 million.

The U.S. Postal Service today announced its financial results for the second quarter of its fiscal year 2022 (Jan. 1, 2022 - March 31, 2022), reporting an adjusted loss of approximately $1.7 billion for the quarter, essentially flat compared to the same quarter last year. Adjusted loss excludes non-cash workers' compensation adjustments for the impacts of actuarial revaluation and discount rate changes, which are outside of management's control. On a U.S. generally accepted accounting principles ("GAAP") basis, the Postal Service had a net loss of $639 million for the quarter, compared to a net loss of $82 million for the same quarter last year. The Postal Service's operating revenue was approximately $19.8 billion for the quarter, an increase of $896 million, or 4.7 percent, on volume growth of 886 million pieces, or 2.9 percent, compared to the same quarter last year.

Through the month of April, the average time for delivery of a mailpiece across the postal network held steady at 2.4 days. Third quarter service performance scores covering April 1 through April 29 included: First-Class Mail: 93.5 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. Marketing Mail: 95.0 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. Periodicals: 86.8 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.3 percentage points from the fiscal second quarter.

Fiscal 2022 Third Quarter Key Financial Highlights *Revenues in the quarter were $2.49 billion, a record for third quarter revenue and a 7% increase compared to $2.34 billion in the prior year *Net income in the quarter was $104 million, an 8% increase compared to $96 million in the prior year *Total Segment EBITDA in the quarter was $358 million, a 20% increase compared to $298 million in the prior year, and includes $15 million of one-time transaction costs

First Quarter 2022 Financial Highlights: • Total revenues of $748.1 million decreased 3.7% compared to the first quarter of 2021 ◦ Same store revenues(1) decreased 2.5% compared to the first quarter of 2021 • Total digital revenues were $251.1 million or 34% of total revenues, up 9.7% over the same period in the prior year on a same store(1) basis • Net loss attributable to Gannett of $3.0 million and margin loss of 0.4% • Cash provided by operating activities of $32.4 million • Free cash flow(1) of $21.7 million

Deluxe has entered into an agreement with BillGO, one of the industry’s largest bill payment platforms and fintech trailblazer, to provide digitized check delivery of payments through the Deluxe Payment Exchange Network. The Deluxe Payment Exchange (DPX) is a digital payment platform for businesses of all sizes that allows payers options in how payments are made – digitally through a direct feed to a lockbox, through the issuance of an eCheck, or printed and mailed. The DPX platform also provides the recipient options to receive the payment. Deluxe and BillGO have leveraged the power of their respective networks and by linking their innovative technologies to identify payment preferences and electronic delivery addresses, have developed a “network-of-networks,” opening the door to other faster payment methods for customers of both companies.

The New York Times Company announced first-quarter 2022 diluted earnings per share from continuing operations of $.03 compared with $.24 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.19 in the first quarter of 2022 compared with $.26 in the first quarter of 2021. Operating profit decreased to $6.3 million in the first quarter of 2022 from $51.7 million in the same period of 2021 largely as a result of one-time costs related to the acquisition of The Athletic Media Company (“The Athletic”), which occurred in the first quarter of 2022, as well as a result of operating losses at The Athletic. Adjusted operating profit (defined below) decreased to $60.9 million from $68.1 million in the prior year, as a result of operating losses at The Athletic. Adjusted operating profit at The New York Times Group was largely unchanged at $67.7 million as digital subscription and advertising revenue growth was offset by higher costs.

*Total reported sales of $2.2 billion, flat versus last year; higher sales in our BSD division, partially offset by lower sales in our Retail division driven by 114 fewer retail locations in service compared to the prior year as a result of planned store closures *GAAP operating income of $76 million and net income from continuing operations of $55 million, or $1.09 per diluted share, versus $69 million and $63 million, or $1.12 per diluted share, respectively in the prior year *Operating cash flow from continuing operations of $30 million and adjusted free cash flow of $16 million, versus $103 million and $96 million, respectively in the prior year *$1.4 billion of total available liquidity including $557 million in cash and cash equivalents

“USPS Connect™ eCommerce makes it easier for online marketplaces and shipping platforms to work directly with the Postal Service and offer their customers access to discounted rates,” said Jacqueline Krage Strako, Chief Customer and Business Solutions Officer for the United States Postal Service. As small and medium businesses grow and their shipping needs become more complex, they look to online marketplaces and shipping platforms for solutions. Through USPS Connect™ eCommerce, the Postal Service will best serve this growing customer base by offering them discounted rates.

*Reported Revenue Increased 18%; *Diluted EPS Increased 43% to $4.47; *Reported Operating Profit Margin Increased 2,560 Basis Points to 79.2% *Revenue Growth was Driven by Strength Across Five of Six Divisions, Offset by a Sharp Decline in Revenue Related to Debt Issuance *Merger-Related Divestitures Announced or Completed

Through the first three weeks of the third quarter, the average time for delivery of a mailpiece across the postal network was 2.4 days. Third quarter service performance scores covering April 1 through April 22 included: *First-Class Mail: 93.4 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.5 percentage points from the fiscal second quarter. *Marketing Mail: 94.9 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. *Periodicals: 87.0 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.5 percentage points from the fiscal second quarter.

In Texas, libraries are a political battleground. On the same day that the Texas Library Association convened its annual convention in person for the first time since 2019, attendees learned that residents of Llano, a rural county outside Austin, were fighting back against efforts by Republican politicians to censor local libraries. It was, perhaps, a sweeter irony that the TLA’s conference, which ran April 25–28, was held in Fort Worth, in the district of state representative Matt Kraus. Kraus started a campaign to ban books in Texas last October, when he sent a letter to the Texas Education Agency asking school districts to investigate the presence of more than 850 diverse and inclusive books in school libraries. Remarking on the news from Llano, Darryl Tocker, executive director of the Tocker Foundation, the state’s most prominent charity involved in supporting rural public libraries, told PW, “It’s wrong what is happening in public libraries. There’s no other word for it.”

*Operating cash flow decreased 41% to $39.3 billion for the trailing twelve months, compared with $67.2 billion for the trailing twelve months ended March 31, 2021. *Free cash flow decreased to an outflow of $18.6 billion for the trailing twelve months, compared with an inflow of $26.4 billion for the trailing twelve months ended March 31, 2021. *Free cash flow less principal repayments of finance leases and financing obligations decreased to an outflow of $29.3 billion for the trailing twelve months, compared with an inflow of $14.9 billion for the trailing twelve months ended March 31, 2021. *Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations decreased to an outflow of $22.3 billion for the trailing twelve months, compared with an inflow of $16.8 billion for the trailing twelve months ended March 31, 2021. *Common shares outstanding plus shares underlying stock-based awards totaled 523 million on March 31, 2022, compared with 519 million one year ago. *Net sales increased 7% to $116.4 billion in the first quarter, compared with $108.5 billion in first quarter 2021. Excluding the $1.8 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 9% compared with first quarter 2021. *Net loss was $3.8 billion in the first quarter, or $7.56 per diluted share, compared with net income of $8.1 billion, or $15.79 per diluted share, in first quarter 2021. First quarter 2022 net loss includes a pre-tax valuation loss of $7.6 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc.

The Association of American Publishers (AAP) welcomes the release of the 2022 Special 301 Report by the Office of the U.S. Trade Representative (USTR). The Special 301 Report serves the critical function of identifying continuing impediments to the ability of U.S. copyright owners to compete successfully in foreign markets, including markets of importance to the U.S. publishing industry. China remains on the Priority Watch List, with the Report again noting the prevalence of online piracy and the significant obstacles to releasing legitimate content into the market, given China’s stringent content review requirements. While Canada has made progress with respect to the certain IP and enforcement issues, per its obligations under the U.S.-Mexico-Canada Agreement, the country continues on the Watch List, given the U.S government’s continuing concerns with the “ambiguous education-related exception added to the copyright law in 2012,” and “high levels of online piracy.”

*Total net revenues for the quarter were $469.6 million, down 1.0 percent compared with $474.2 million in the prior year period. Compared with the Company’s fiscal 2020 third quarter, prior to the pandemic, revenues were up 68.4 percent. *Net loss for the quarter was $23.4 million, or a loss of $0.36 per share compared with net income of $1.4 million, or $0.02 per diluted share, in the prior year period, primarily reflecting significant year-over-year cost increases for inbound and outbound shipping, labor, and digital marketing. Adjusted net loss1 for the quarter was $21.0 million, or a loss of $0.32 per share, compared with adjusted net income1 of $1.5 million, or $0.02 per diluted share, in the prior year period.

First Quarter Highlights *Delivered sales of $3.6 billion, up 18.2%, compared to the first quarter of 2021; up 17.9% on a daily, constant currency basis *Expanded gross margin by 245 bps compared to the first quarter of 2021 *Operating earnings of $534 million, up 49.2%, resulting in EPS of $7.07, an increase of 57.8% versus the first quarter of 2021 *Produced operating cash flow of $343 million, up 16.7%; returned $163 million to shareholders through dividends and share repurchases

Bonnier LLC, a media company respected for its iconic publications in the marine category, has restructured its business across all operations to prioritize experiential events as its growth engine for the future. The Florida-based company is harnessing the power of media as a means to accelerate consumer interactions across a wide spectrum of outdoor activities. With its new mission to fuel the passion of outdoor enthusiasts, Bonnier is reshaping itself to become the nation’s leading outdoor adventure company. “We see ourselves almost back in startup mode,” said Dr. Jens Mueffelmann, Executive Chairman. “We’re taking on the mindset of a new company with a new mission and branding, a new leadership team and investors, a new structure and way of working, and a new future. We are now fully focused on growth. Game time!” In adopting its new “We Are Outdoor Adventure” branding, Bonnier is doubling down on its core mission: to fuel passion for fishing, boating, sailing, motorsports, hunting and travel. This mission is also reflected in the company’s new corporate website, bonniercorp.com, launched this month, which showcases Bonnier’s integrated brands and category dominance.

The U.S. Postal Service Board of Governors will meet May 5, 2022, 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. The Board is expected to discuss the following items: 1.Remarks of the Chairman of the Board of Governors 2.Remarks of the Postmaster General and CEO 3.Approval of the Minutes 4.Committee Reports 5.Quarterly Financial Report 6.Quarterly Service Performance Report 7.Approval of Tentative Agenda for Aug. 9 Meeting 8.Adjournment

The United States Postal Service reported new delivery performance metrics through the first two weeks of the fiscal third quarter. For the week ending April 15 and the third consecutive week, First-Class Mail on-time delivery performance was nearly 94 percent. Through the first two weeks of the third quarter, the average time for delivery of a mailpiece across the postal network was 2.4 days. Third quarter service performance scores covering April 1 through April 15 included: *First-Class Mail: 93.6 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.7 percentage points from the fiscal second quarter. *Marketing Mail: 95.4 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. *Periodicals: 87.7 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5.8 percentage points from the fiscal second quarter.

Digital ad revenue in the U.S. rose 35% to $189 billion last year as marketers spent more to reach consumers, according to a report from the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers (PwC) released Tuesday. David Cohen, CEO at IAB, believes that an increase in consumer use of online services and growth of small and mid-sized businesses during the pandemic fueled the increase in digital spending — specifically in digital audio and video. “We expect this digital migration to drive the continued growth of a healthy and competitive digital marketplace driven by innovation and entrepreneurship,” he stated.

Kohl’s Corporation mailed a letter to shareholders detailing their highly qualified Board of Directors that has the necessary skills to oversee Kohl’s evolving strategy. Kohl’s urges shareholders to protect the value of their investment by voting the BLUE proxy card today FOR ALL 13 of Kohl’s highly qualified nominees. The Company’s Annual Meeting of Shareholders (the “Annual Meeting”) is scheduled to be held on May 11, 2022. Kohl’s shareholders of record as of the close of business on March 7, 2022 will be entitled to vote at the Annual Meeting.

HH Global are pleased to announce that we have been awarded a multi-year contract with Samsung to provide artworking services across the UK and Ireland The award follows a highly competitive tender process, in which we pitched directly against multiple agencies to provide a solution for Samsung’s studio and artworking requirements. Feedback from Samsung confirms that our solution, presentation, and creative delivery was superior to all other agencies invited to bid.

We're excited to formally open up registration and make the complete agenda available for the 15th Annual National Forum in Washington June 13-15, 2022. Please see the links below. In brief, here are some reasons you can't afford to miss this event: • Consumer privacy legislation continues to pop up state by state. • The Supreme Court's decision in South Dakota v. Wayfair was four years ago, but the aftereffects continue to hinder many e-commerce and catalog businesses and it’s getting worse. • Heavy focus on the significant Supply Chain Challenges. • After years of aggressive lobbying by the ACMA, the recent passage of the Postal Service Reform Act is a great first step toward ensuring your future ability to use the mail to promote your business but that alone is not enough. And More! Conference Registration - First Come First Served at https://catalogmailers.org/product/15th-annual-national-catalog-forum-registration-page/

The United States Postal Service reported new delivery performance metrics for the fiscal second quarter dating through the month of March. Through the second quarter, the average time for delivery of a mailpiece across the postal network was 2.7 days. First-Class Mail performance showed steady improvements over the past five consecutive weeks, reaching 93.9 percent for the week ending April 1. The latest performance scores for Marketing Mail reflect the two best consecutive quarters since measurement began in FY 2011. Second quarter service performance scores covering Jan.1 through April 1 included: *First-Class Mail: 87.9 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.3 percentage points from the fiscal first quarter. *Marketing Mail: 92.6 percent of Marketing Mail deliver ed on time against the USPS service standard, consistent with performance from the fiscal first quarter.*Periodicals: 81.9 percent of Periodicals delivered on time against the USPS service standard, an improvement of 1 percentage point performance from the fiscal first quarter.

Unit sales of print books fell 8.9% in the first quarter, which ended April 2, from the same period in 2021, at outlets that report to NPD BookScan. The decline was expected, as first-quarter sales in 2021 soared 29.2% over the first period in 2020. Unit sales were 183.9 million in the most recent quarter, down from 201.9 million a year ago, but they were still up about 16% over the first quarter of 2020, when sales began to soften due to pandemic-related lockdowns. The only category to post a meaningful increase in the quarter was adult fiction. Colleen Hoover and fellow BookTok favorite Taylor Jenkins Reid were the big winners. Hoover’s It Ends with Us sold more than 400,000 copies in the first quarter, making it #1 on the category list, while Verity, with 312,000 copies sold, and Reminders of Him, with about 235,000 copies sold, were in second and fifth place, respectively, on the adult fiction chart.

The U.S. Postal Service today released a First-Year Progress Report on Delivering for America (DFA), its 10-year plan to return the organization to financial sustainability and achieve service excellence while maintaining universal six-day mail delivery and expanding seven-day package delivery. “We have made significant progress in the first year of our Delivering for America plan, but our work is far from over,” said Postmaster General and Chief Executive Officer Louis DeJoy. “Our employees are playing an integral role in the advancement of the plan. As we continue to implement components of the plan, we expect to significantly improve on-time delivery performance, operational capacity, precision and efficiency, and to do so in a financially sustainable manner over the coming decade. Delivering for America is helping to drive a new sense of purpose and focus across all levels in the organization.” Key milestones in the first year of DFA include: Reversing decades of losses; Improvements in on-time national service performance; Streamlined organizational functions; Conversion of nearly 63,000 pre-career employees into career positions; New standards to provide service reliability for customers and more

The United States Postal Service filed notice with the Postal Regulatory Commission (PRC) of price changes to take effect July 10, 2022. The new prices, if favorably reviewed, include a two-cent increase in the price of a First-Class Mail Forever stamp from 58 cents to 60 cents. The proposed prices, approved by the Governors of the U.S. Postal Service, would raise First-Class Mail prices approximately 6.5 percent which is lower than the Bureau of Labor Statistics annual inflation rate of 7.9 percent as of the end of February. The price changes reflect a judicious implementation of the Postal Service’s pricing authority provided by the Postal Regulatory Commission. If favorably reviewed by the PRC, the single-piece letter additional ounce price would increase to 24 cents, the metered mail 1-ounce price would increase to 57 cents and the price of a postcard stamp would increase to 44 cents. A one-ounce letter mailed to other countries would increase to $1.40 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.

Costco Wholesale Corporation reported net sales of $21.61 billion for the retail month of March, the five weeks ended April 3, 2022, an increase of 18.7 percent from $18.21 billion last year. For the thirty-one weeks ended April 3, 2022, the Company reported net sales of $130.00 billion, an increase of 16.7 percent from $111.37 billion during the similar period last year.

The Arena Group on Monday announced it has finalized the acquisition of the multimedia content company AMG/Parade, whose brands include the iconic Sunday-newspaper magazine, Parade, as well as Relish and Spry Living. They will anchor The Arena Group’s new Lifestyle vertical and expand the Company’s Sports vertical. The Parade Media titles join Arena Group’s portfolio of 13 brands, including Sports Illustrated, TheStreet, HubPages, Fashionista, and Pet Helpful.

Maryland Congressman Jamie Raskin, chairman of the Subcommittee on Civil Rights and Civil Liberties, plans to hold a hearing to examine the wave of attempted book bannings in schools and libraries across the country. The hearing is set for April 7 at 10:00 a.m. ET. A livestream will be available on YouTube and the Committee on Oversight and Reform website. The hearing comes during National Library Week, and after the American Library Association announced on Monday that it counted some 729 challenges to remove nearly 1,600 books from school and public libraries in 2021—a striking uptick and the highest number of attempted book bans in the 20 years that the ALA has tracked this data.

MIDLAND, one of the nation’s largest independent packaging and paper distributors, today announced the acquisition of J.Schmid, a full-service branding and creative agency headquartered in Kansas City. Though it’s widely known as a leader in sustainable packaging, e-commerce packaging, distribution automation, and publishing and printing paper supply, MIDLAND is also growing in the area of performance – specifically, direct-to-consumer marketing and strategic consulting. MIDLAND’s commitment to strategic consulting began in 2019 with the acquisition of CohereOne, a Californiabased multichannel consulting and strategic services firm. “We always had a vision to expand our services beyond paper and packaging products, so we made the bold move of acquiring CohereOne to complement our core product offering. Our goal was, and is, to ensure a client’s message reaches the right people in the right places with strategic planning, campaign execution, digital integration and analytics. MIDLAND is thrilled with the performance of CohereOne, and excited to take our strategic consulting business to the next level by bringing J.Schmid onboard,” said MIDLAND’s Co-Owner and Executive Vice President of Publishing & Consulting, Jim O’Toole.

S&P Global announced it has entered into an agreement to sell its Leveraged Commentary and Data (LCD) business and its related family of leveraged loan indices to Morningstar Inc. Morningstar has agreed to purchase LCD for $650 million in cash, comprised of $600 million paid at closing, subject to adjustment, and a contingent payment of up to $50m of which is payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. The transaction is subject to customary closing conditions, including antitrust approvals. LCD is a leading research group that provides highly differentiated and proprietary research on the U.S. and European leveraged loan, high-yield bond, collateralized loan obligation (CLO) and mid-market/direct lending markets.

The United States Postal Service reported new delivery performance metrics for the fiscal second quarter dating from Jan. 1 through Mar. 25. Weekly service performance scores have improved for consecutive 4 weeks as the Postal Service continues its top-down focus on operational precision across the postal network to improve delivery reliability. For the week ending Mar. 25, service performance scores for First-Class Mail, Marketing Mail and Periodicals rose to the highest levels since pre-2021 peak holiday season. Second quarter service performance scores covering Jan.1 through Mar. 25 included: *First-Class Mail: 87.2 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.9 percentage points from the fiscal first quarter. *Marketing Mail: 92.4 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.8 percent of Periodicals delivered on time against the USPS service standard, an improvement of .9 percentage point performance from the fiscal first quarter.

Paper, in any form, is in short supply across the world - caused by disrupted supply chains, labor shortages, logistical problems and the insufficient acceptance of digital publications. How is all of this affecting businesses in the US? When I first got into the paper industry, in the mid-90s, paper was arguably at its peak in production and demand,” Bill Rojack says. "Ever since, there's been a steady decline in demand." Rojack is the vice president of the National Division of MIDLAND, one of America's biggest independent paper and packaging distributors . This steady downward trend had led many paper manufacturers either to close their plants or repurpose their equipment. “ Paper mills are incredibly expensive,” Rojack explains. “To start a paper mill costs about $2 billion (€1.8 billion). It takes about five years to build a mill. It's the third most energy-intensive business in the US” These high costs mean that manufacturers are under extreme pressure to ensure that adequate profits are made.

Second quarter highlights: *Second quarter earnings per share (EPS*) from continuing operations was $1.02, a decrease compared with an EPS of $1.06 in the year-ago quarter; continuing operations adjusted** EPS increased 25.9 percent to $1.59, up 26.5 percent on a constant currency basis *Second quarter sales from continuing operations increased 3.0 percent over the year-ago quarter to $33.8 billion, up 3.8 percent on a constant currency basis *Second quarter operating income from continuing operations increased to $1.2 billion, compared with operating income of $832 million in the year-ago quarter; adjusted operating income from continuing operations increased to $1.7 billion, up 35.9 percent on a constant currency basis

Kohl’s Corporation mailed a letter to shareholders detailing the steps the Board has taken to maximize shareholder value, including the robust and intentional process to evaluate potential bids. The letter also summarizes Macellum’s shifting narrative and short-term focus on a sale of the Company at any price.

Pearson notes the March 29, 2022 announcement from Apollo that it is no longer evaluating a possible cash offer for the Company and that it is consequently bound by the restrictions under Rule 2.8 of the City Code of Takeovers and Mergers. The Board of Pearson confirms that, on 28 March 2022, it received a third proposal from Apollo regarding a possible cash offer for the entire issued and to be issued share capital of the Company at 870 pence per share. Under Apollo's proposal, eligible Pearson shareholders would also be entitled to receive the previously announced FY 2021 dividend of 14.2 pence per share which, when taken together with the Proposal Price, represents a total value of 884.2 pence per share. The Third Proposal followed two previous proposals from Apollo which were unanimously rejected by the Board of Pearson, as detailed in Pearson's 11 March 2022 announcement.

Bloomsbury Publishing Plc announces a further year-end trading update for the 12 months ending 28 February 2022. Revenue is expected to be comfortably ahead and profit materially ahead of upgraded market expectations for the year ended 28 February 2022, surpassing the guidance provided in our statement on 26 January 2022*. Nigel Newton, Chief Executive, said: “Bloomsbury excellent performance demonstrates the strength and resilience of our business and the successful execution of our digital and acquisition strategy. In February, the final month of our financial year, Bloomsbury delivered exceptional sales, in part driven by Sarah J. Maas’ new title, Crescent City: House of Sky and Breath, which was a global number one bestseller.

The Postal Regulatory Commission issued its FY 2021 Annual Compliance Determination (ACD) assessing the Postal Service’s compliance with rates and service standards. The Commission is required to issue its ACD 90 days after the filing of the Postal Service’s Annual Compliance Report (39 U.S.C. Section 3653). This ACD is the first compliance review by the Commission following its implementation of new pricing rules for Market Dominant products in FY 2021. Those rules included new rate authority mechanisms, new requirements for workshare discounts and non-compensatory products, and several procedural changes. The Commission’s primary areas of review, its findings, as well as recommendations and directives, include: MARKET DOMINANT RATES AND FEES; COMPETITIVE PRODUCTS RATES AND FEES; SERVICE PERFORMANCE; FLAT-SHAPED MAIL

The publishing industry faces continuing supply chain issues and paper shortages while another set of challenges have appeared in early 2022, employee resignations and work/life balance. These challenges were the focus of the webinar, “Publishing Now '22: Driving Business Forward,” presented by PW with support from Westchester Publishing Services on March 22. After two years in which book sales did surprisingly well despite problems posed by the pandemic, the industry faces more uncertainties in 2022 because of inflation and rising costs that are eating into companies’ operating margins, said Jim Milliot, editorial director of PW: “It’s safe to say things are a little more complicated.” Jim Fetherston, president and CEO at the printer Worzalla, was quick to point to the root cause of printing delays—the steady closing of printing plants has resulted in “North American print capacity being at historic low levels,” while demand for books remains extremely high.

FedEx Corp. announced that, effective June 1, 2022, Frederick W. Smith, Chairman and Chief Executive Officer, will become Executive Chairman, and Raj Subramaniam, President and Chief Operating Officer, will be promoted to President and CEO. In addition, R. Brad Martin, Chair of the Board’s Audit Committee, is now non-executive Vice Chairman of the Board. As Vice Chairman of the Board, Martin is the Board’s designated successor to serve as Chairman of the Board. David P. Steiner, Chair of the Board’s Governance, Safety, and Public Policy Committee, will continue to serve as Lead Independent Director. Smith and Subramaniam will both report directly to the Board, and the Chief Operating Officer position will not be backfilled. As part of the transition, Subramaniam has been named President and CEO-elect of FedEx Corp. effective immediately.

The United States Postal Service reported new delivery performance metrics showing the average time to deliver a mailpiece across the postal network continues is 2.7 days. Through March 18, Marketing Mail and Periodicals performance was consistent with the fiscal first quarter. The Postal Service continues its top-down focus on operational precision across the postal network to improve First-Class Mail performance evident in week over week performance to date in March. Second quarter service performance scores covering Jan.1 through March 18 included: *First-Class Mail: 86.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.4 percentage points from the fiscal first quarter. *Marketing Mail: 92.1 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.4 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.

The Postal Service announced today that it placed its initial Next Generation Delivery Vehicle (NGDV) delivery order with Oshkosh, WI, based Oshkosh Defense at a cost of $2.98 billion. The first order is for 50,000 vehicles – a minimum of which will be for 10,019 battery electric vehicles (BEVs). “We are pleased to be moving forward with this much needed investment in our fleet,” said Postmaster General and USPS Chief Executive Officer Louis DeJoy. ”Since I came on board a year and a half ago, we have continuously evaluated and adjusted our vehicle purchase strategy based on our future network initiatives, ongoing review of BEV application to our operational strategy, and our financial outlook as we undertake our ongoing implementation of the Delivering for America plan. Based upon this work and our improving outlook, we have determined that increasing our initial electric vehicle purchase from 5,000 to 10,019 makes good sense from an operational and financial perspective.

The Association of American Publishers (AAP) today released its StatShot report for January 2022 reflecting reported revenue for all tracked categories, including Trade (Consumer Books), K-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses. Total revenues across all categories for January 2022 were up 3.7% as compared to January 2021, coming in at $1.3 billion.

First Quarter Fiscal Year 2022 Financial Highlights *Adobe achieved record revenue of $4.26 billion in its first quarter of fiscal year 2022, which represents 9 percent year-over-year growth or 17 percent adjusted year-over-year growth1. Diluted earnings per share was $2.66 on a GAAP basis and $3.37 on a non-GAAP basis. *GAAP operating income in the first quarter was $1.58 billion, and non-GAAP operating income was $1.99 billion. GAAP net income was $1.27 billion, and non-GAAP net income was $1.60 billion. *Cash flows from operations were $1.77 billion. *Adobe repurchased approximately 3.8 million shares during the quarter.

The United States Postal Service reported new delivery performance metrics showing the average time to deliver a mailpiece across the postal network continues to average 2.7 days. Through March 11, performance for Marketing Mail and Periodicals was consistent with performance from the fiscal first quarter. The Postal Service continues to focus on operational precision across the postal network to improve First-Class Mail performance. Second quarter service performance scores covering Jan.1 through March 11 included: *First-Class Mail: 86.3 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.8 percentage points from the fiscal first quarter. *Marketing Mail: 91.9 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.0 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.

Kohl’s Corporation provided the following update regarding the Board of Directors’ ongoing review of expressions of interest in acquiring the Company. The Board acknowledged receipt of multiple preliminary indications of interest. The proposals received are non-binding and without committed financing. The Board has authorized Goldman Sachs to coordinate with select bidders who have submitted indications of interest to assist with further due diligence so that they have the opportunity to refine and improve their proposals and include committed financing and binding documentation.

Kohl’s Corporation mailed definitive proxy materials previously filed with the Securities and Exchange Commission in connection with the Company’s Annual Meeting of Shareholders, which is scheduled to be held on May 11, 2022. Kohl’s shareholders of record as of the close of business on March 7, 2022 will be entitled to vote at the Annual Meeting. In conjunction with the definitive proxy mailing, Kohl’s is providing the following letter from the Company’s Board of Directors to shareholders: PROTECT THE VALUE OF YOUR INVESTMENT IN KOHL’S – VOTE THE BLUE PROXY CARD TODAY FOR ALL OF KOHL’S HIGHLY QUALIFIED DIRECTOR NOMINEES

Third quarter operating income improved due to higher revenue per shipment and a net fuel benefit at all transportation segments. The quarter's results also benefited from lower variable compensation expense and less severe winter weather, resulting in favorable year-over-year comparisons. The improved results were partially offset by the effects of the Omicron variant, as well as higher purchased transportation costs and wage rates. FedEx Ground operating results declined primarily due to increased rates for purchased transportation and employee wages, network inefficiencies, and expansion-related costs. These costs were partially offset by higher revenue per package, a boost from two additional ground commercial operating weekdays, and a net fuel benefit. Average daily volume was flat, as Ground Economy declined and growth in commercial and FedEx Home Delivery services was constrained by the effects of the Omicron variant. FedEx Freight third quarter operating income nearly tripled, driven by a continued focus on revenue quality and profitable growth. Revenue per shipment increased 19% and average daily shipments grew 2% during the quarter, while the operating margin increased 850 basis points to 15.0%.

Canon Solutions America, Inc. provides industry leading enterprise, production and large format printing solutions, supported by exceptional professional service offerings. The Production Print Solutions group specializes in high-speed, high-volume printing and is best known for its industry leading production inkjet portfolio. The company strives to protect the environment throughout the entire life cycle of its products, from its energy efficient product design and manufacturing processes to its large format ink cartridge collection/recycling program and the elimination of hazardous substances from its products and services wherever possible. Canon’s enthusiastic support of Two Sides is yet another way the company demonstrates its sustainability commitment. “Canon is proud to be a Two Sides member as both organizations work to promote the sustainable narrative of print,” says Ed Jansen, Canon Solutions America Vice President of Marketing and Two Sides Board Member. “Working together, we are dispelling common environmental misconceptions by providing consumers with verifiable information on why print on paper is an attractive, practical and sustainable communications medium.”

Barnes & Noble announces the shortlists for the Barnes & Noble Children’s & Young Adult Book Awards. These annual awards give a national platform to new and emerging talent in Children’s Publishing. The shortlist in each category of Picture Books, Young Readers and Young Adult is selected by the booksellers at Barnes & Noble who specialize in Children’s bookselling in stores across the country. Barnes & Noble has an astonishing track record for discovering, establishing and championing the careers of many authors with its Book Clubs, Monthly Picks and Book of the Year, and the Children’s & YA Book Awards play a similar role, launching hitherto little-known authors that will shape children’s literature for years to come. Last year, for its inaugural Overall Winner, B. B. Alston’s debut, Amari and the Night Brothers, enchanted the hearts of Barnes & Noble booksellers from coast to coast and went on to achieve extraordinary success.

Dear Industry Member: While we wait for President Biden to sign the Senate-passed Postal Service Reform Act (and our intel says this will happen soon), now is an ideal time to reach out to your senators if you heeded to our call to request their support of the bill. Why Bother? As an industry stakeholder, your advocacy has been critical in driving the legislation forward and it's important that legislators and staff hear from you, especially when signature pieces of legislation are enacted that will help the industry. As importantly, expressing your company's recognition and appreciation to Congressional staffs for their hard work is an essential component to relationship-building in Washington. Please try to get this done early this week by following these simple steps: • The ACMA has prepared this template for you to use. Just be sure to add your company's own information where indicated. • Click here to see which senators voted in favor of the bill - obviously, make sure you're only thanking those who voted YEA. • Click here for a list of all Senate legislative directors, which contains their email addresses and phone numbers. It's advised that you simply email them your thank-you notes.

Tilly’s, Inc. announced that its Board of Directors has authorized a share repurchase program, pursuant to which the Company may repurchase up to two million shares of the Company’s Class A common stock over the next twelve months through March 14, 2023. Repurchases of Class A common stock by the Company pursuant to the Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company is not obligated to repurchase any specific number or amount of shares of Class A common stock pursuant to the Program, and it may modify, suspend or discontinue the Program at any time. The Company will determine the timing and amount of repurchased shares, if any, in its discretion based on a variety of factors, such as the market price of Class A common stock, corporate requirements, general market economic conditions and applicable legal requirements.

Consistent with the rest of the shipping industry, USPS experienced delays in both ground and air transportation during the month of February due to inclement weather events including winter storms in the Midwest, South and Northeast regions. The Postal Service continues to implement mitigation plans to move mail and packages effectively across the nation. Additional second quarter service performance scores covering Jan.1 through March 4 included: *First-Class Mail: 86.9 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.3 percentage points from the fiscal first quarter. *Marketing Mail: 91.7 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .5 percentage point from the fiscal first quarter. *Periodicals: 80.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of .4 percentage point from the fiscal first quarter.

Gap Inc. and NEXT Plc announced the opening of the first Gap-branded shop-in-shop within NEXT’s largest West End store on London’s Oxford Street, marking the first milestone of the joint venture franchise relationship between the two companies to manage Gap’s e-commerce business as well as Gap-branded shop-in-shops at NEXT locations. The location in central London cements Gap’s physical return to the British high street. As the largest brand shop within the store, covering over 4,000 square feet of retail space, the Gap store embodies the brand’s reinvented approach to retail in the UK with an open, modern and minimal design. Customers can shop curated collections of elevated everyday essentials including denim, fleece, khakis, shirting and iconic logo product for women, men and kids. A customization shop offering embroidery, badging and monogramming will also be available to all Gap customers.

For the second year in a row, HH Global has completed a full assessment of the carbon footprint of our business and disclosed the results to CDP. CDP is a not-for-profit organization that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. Their aim is to see a thriving economy that works for both people and planet in the long term. We are proud to announce that we have increased our rating from a C to a B for our climate change disclosure, with A ratings given for the strength of our governance and emissions reduction initiatives.

For the Fourth Quarter of Fiscal 2021: *Net sales increased 24.1% to $2.7 billion compared to $2.2 billion in the fourth quarter of fiscal 2020 due to the favorable impact from stronger consumer confidence and fewer COVID-19 restrictions compared to the fourth quarter of fiscal 2020. *Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) increased 21.4% compared to a decrease of 4.8% in the fourth quarter of fiscal 2020, driven by a 10.4% increase in transactions and a 9.9% increase in average ticket. Compared to the fourth quarter of fiscal 2019, comparable sales increased 15.4%. *Gross profit increased to $1.0 billion compared to $771.0 million in the fourth quarter of fiscal 2020. As a percentage of net sales, gross profit increased to 37.6% compared to 35.1% in the fourth quarter of fiscal 2020, primarily due to leverage of fixed costs, favorable channel mix shifts, and improvement in merchandise margins. *Net income increased to $289.4 million compared to $171.5 million in the fourth quarter of fiscal 2020. Adjusted net income for the fourth quarter of fiscal 2020 was $193.4 million.

Fiscal 2021 Fourth Quarter Results Overview *Total net sales were $204.5 million, an increase of $26.6 million or 14.9%, compared to $177.9 million last year. Total comparable net sales, including both physical stores and e-commerce, increased by 12.5% compared to last year. *Net sales from physical stores were $152.2 million, an increase of $29.6 million or 24.2%, compared to $122.5 million last year. Comparable net sales from physical stores increased by 20.7%. Net sales from stores represented 74.4% of total net sales compared to 68.9% of total net sales last year. The Company ended fiscal 2021 with 241 total stores compared to 238 total stores at the end of fiscal 2020. *Net sales from e-commerce were $52.3 million, a decrease of $(3.1) million or (5.6)% compared to $55.4 million last year. E-commerce net sales represented 25.6% of total net sales compared to 31.1% of total net sales last year. Consumer behavior in 2021 favored stores over e-commerce relative to last year during which stores were more constricted in operating hours and customer occupancy limits than this year. *Gross profit was $70.4 million, an increase of $12.1 million or 20.8%, compared to $58.3 million last year. Gross margin, or gross profit as a percentage of net sales, was 34.4%, an improvement of 170 basis points compared to 32.7% last year. Total buying, distribution and occupancy costs improved by 190 basis points collectively, despite increasing by $1.9 million in total, due to leveraging these costs against higher net sales. Product margins decreased by 20 basis points as a percentage of net sales primarily due to an increase in sales return reserves and less favorable inventory shrink results than last year, the combination of which more than offset a lower markdown rate compared to last year. *Net income was $12.1 million, or $0.38 per diluted share, compared to $8.9 million, or $0.29 per diluted share, last year. Weighted average shares were 31.4 million this year compared to 30.1 million last year.