WBA had fiscal 2021 second quarter sales from continuing operations of $32.8 billion, an increase of 4.6 percent from the year-ago quarter, and an increase of 3.5 percent on a constant currency basis1, reflecting strong International segment growth, aided by the company's joint venture in Germany, and the United States segment. Operating income from continuing operations was $832 million in the second quarter, compared with $1.1 billion in the same quarter a year ago. Adjusted operating income from continuing operations was $1.2 billion, a decrease of 22.5 percent on a reported currency basis and a decrease of 22.9 percent on a constant currency basis. Total net earnings attributable to WBA, including discontinued operations, increased 8.4 percent compared with the same quarter a year ago to $1.0 billion, reflecting a gain from the sale of a portion of the company's equity method investment in Option Care Health and a lower effective tax rate driven by discrete items, partly offset by lower operating income. Net earnings from continuing operations in the second quarter increased 6.3 percent compared with the same quarter a year ago to $922 million. Adjusted net earnings from continuing operations decreased 12.1 percent to $1.1 billion, down 12.8 percent on a constant currency basis, compared with the same quarter a year ago.

Bertelsmann’s Group revenues declined moderately last year by 4.1 percent to €17.3 billion (previous year: €18.0 billion). The organic decline in revenues amounted to 1.7 percent. The advertising-financed businesses and print businesses in particular recorded corona-related revenue declines in the first half of the year. In the second half of the year, almost all divisions were back in the black, especially in the final quarter. The proportion of digital businesses was further expanded, and stood at 53 percent. Operating EBITDA reached a new record level of €3.1 billion (previous year: €2.9 billion). Thanks to a strong operating performance, especially from the Penguin Random House publishing group and the services subsidiary Arvato, as well as capital gains from real estate sales, the operating result rose above the €3 billion mark for the first time. Group profit increased by 34 percent to €1.5 billion (previous year: €1.1 billion) – its highest level since 2006, and above the billion-euro mark for the sixth consecutive year.

Learning technology company Houghton Mifflin Harcourt announced that it has entered into a definitive agreement to divest HMH Books & Media, its consumer publishing business, to HarperCollins Publishers, a division of News Corp for a cash purchase price of $349 million. The divestiture enables HMH to focus singularly on K–12 education and accelerate growth momentum in digital sales, annual recurring revenue and free cash flow while paying down a significant portion of its debt.

The Postal Regulatory Commission issued its 2020 Annual Compliance Determination assessing the pricing and service performance of the Postal Service in fiscal year 2020 (39 U.S.C. Section 3653). The Commission is required to issue its ACD 90 days after the filing of the Postal Service’s Annual Compliance Report (ACR). Key issues identified in the ACD include: *Ten Market Dominant products did not cover their costs in FY 2020, and two of the five Market Dominant classes (Periodicals and Package Services) were also non-compensatory. *Operational and financial problems with flat-shaped products persisted, as these products had a negative contribution of more than $1 billion, and despite previous Commission directives, the Postal Service does not have a satisfactory plan to correct this. *Due to a number of internal and external factors, 17 of 22 Market Dominant products failed to meet their service standards, the worst service performance results since the Postal Accountability and Enhancement Act of 2006 mandated the establishment of service standards and tracking of performance against those standards. more detail at: https://www.prc.gov/sites/default/files/pr/ACD%202020_FINAL.pdf

The United States Postal Service filed notice with the Postal Regulatory Commission (PRC) today seeking to transfer Bound Printed Matter (BPM) Parcels to the Competitive Product list, and simplifying the delivery time for Priority Mail Express (PME). The changes to PME will take effect no earlier than May 23, 2021. The BPM Parcel change will take effect on a date yet to be determined, and is subject to approval by the PRC. Currently, PME has three guaranteed delivery time windows within the 1 – 2 business day service standards: 10:30 a.m. (in select locations, for an extra fee), noon, or 3 p.m. The new single guaranteed delivery time will be 6 p.m. on the committed delivery day, regardless of package origin and destination. The price of using PME as a shipping option will not change. The current price for PME flat rate envelope starts at $26.35. Additional pricing information can be found on our website. BPM parcels contain advertising, promotional, directory or editorial material such as catalogs, books and other printed material, and can weigh up to 15 pounds. The contents must be securely bound by permanent fastening such as staples, spiral binding, glue, or stitching. The Postal Service has requested that the PRC change the classification of BPM parcels from a Market Dominant product to a Competitive product.

News Corp announced that it has entered into an agreement to acquire the Books & Media segment of Houghton Mifflin Harcourt (HMH Books & Media). The business will be operated by HarperCollins Publishers, a News Corp subsidiary. HMH Books & Media is home to one of the most extensive and successful backlists in the publishing industry, with a history of strong profitability. Backlists have proven to be a sustainable and growing source of revenues, high margins and cash flow for publishers, particularly evergreen properties with broad, enduring and global appeal. In calendar year 2020, over 60% of HMH Books & Media revenues were generated by its formidable backlist. Among the most popular of the more than 7000 titles in the HMH Books & Media backlist are: The Lord of the Rings trilogy and other titles by J.R.R. Tolkien; 1984 and Animal Farm by George Orwell; and All the King’s Men by Robert Penn Warren, among many others. HarperCollins currently has rights to J.R.R. Tolkien’s works in the British Commonwealth.

Lifestyle magazines Departures and Centurion, which went to high-income holders of American Express platinum and centurion cards, are the latest casualty in the print world as Meredith laid off most of the staff and halted publication of the seven-times-a-year print titles. Said an AmEx spokesperson, “We regularly evolve our premium card offerings and have made the decision to transition the Departures and Centurion US magazine benefits to a new digital-first editorial platform.” Departures’ May/June, Spring Home + Design issue and the quarterly Spring/Summer Centurion Magazine will be the final print issues in their current form published by Meredith Corporation.

Aligned to Gap Inc.’s Power Plan 2023, the company is focused on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and the power of its platform. With this, Gap Inc. has entered into an agreement to sell Janie and Jack, a leader in premium children’s fashion, to Go Global Retail, an investment platform in the fashion and consumer brand sector. Go Global Retail intends to acquire the entire Janie and Jack business, including the e-commerce platform, all store leases, and assets. Commenting on the transactions, Gap Inc. Head of Strategy, Sally Gilligan, said, “As part of Gap Inc.’s Power Plan 2023, and exemplified by this transaction, we are prioritizing strategic focus and resources behind the growth and potential of our billion-dollar brands in Old Navy, Gap, Banana Republic and Athleta.”

A fast-advancing Florida privacy bill that would give consumers the right to opt out of targeted advertising is drawing opposition from the ad industry. The Consumer Data Privacy bill (HB 969 and SB 1734), first unveiled in February, would broadly require companies to notify consumers about data collection, and allow consumers to opt out of the sale of their personal data, as well as its processing for purposes of targeted ads. The bill defines targeted advertising as ads based on people's predicted interests, as determined by data gathered from people's activities over time and across businesses, websites or other online applications.

To seek important public input, the Commission requires the Postal Service to hold at least one pre-filing conference and make a good faith effort to address the concerns of interested persons. The Postal Service must give at least ten day’s advance notice before the first scheduled pre-filing conference. *The Commission will publish notice of the pre-filing conference in the Federal Register and appoint a Commission employee (Public Representative) to represent the interests of the general public. *Following the conference, the Postal Service must file the formal request for an advisory opinion with the Commission at least 90 days before implementing any of the proposed changes. This formal request must certify that the Postal Service has made good faith efforts to address the concerns raised at the pre-filing conference and meet other content requirements. *After the Postal Service files its request for an advisory opinion with the Commission, the Commission will set forth a procedural schedule and provide further information in a notice and order that will be published in the Federal Register. *The Commission is required by law to consider the Postal Service’s request for an advisory opinion. Before issuing its advisory opinion, the Commission must provide an opportunity for a formal, on-the-record hearing, with the Commissioners sitting en banc. Due to the COVID-19 pandemic, the Commission is presently operating remotely and any hearing held in the near term would be virtual. *By law, the Commission’s final opinion is advisory in nature. The law does not give the Commission authority to veto service changes. As a result, the Postal Service is not required to implement or take any further action with regard to the Commission’s opinion. *Interested persons who do not want to formally participate in the proceedings may file comments with the Commission sharing their views.

The United States Postal Service today released its 10-year Plan, ‘Delivering for America’, to return the organization to financial sustainability and achieve service excellence while maintaining universal six-day mail delivery and expanding seven-day package delivery. “The need for the U.S. Postal Service to transform to meet the needs of our customers is long overdue,” said Postmaster General and Chief Executive Officer Louis DeJoy. “Our Plan calls for growth and investments, as well as targeted cost reductions and other strategies that will enable us to operate in a precise and efficient manner to meet future challenges, as we put the Postal Service on a path for financial sustainability and service excellence.” “The Board challenged Postal management to devise a Plan that was firmly rooted in our public service mission to bind the nation together,” said Ron Bloom, Chairman of the United States Postal Service Board of Governors. click read more below

“Recognizing that issues in certain facilities across the country continue to hamper service performance, we have come together to form a National Joint Task Force on Service Performance to identify and craft solutions to improve service at specific locations within the network. Members of the Joint Task Force will work together on making necessary changes to strengthen service reliability, share best practices and stay vigilant to any emerging issues. The National Task Force will also ensure resources are allocated, lines of communication are open and concerns that are not resolved locally are escalated quickly. Maintaining strong service performance is a process, not a destination; through weather, natural disasters and a holiday season in the midst of a pandemic. Mail never stops flowing through our system. If bottlenecks occur it can have a cascading impact on the network. Addressing issues early can make all the difference.” The National Task Force held their first meeting on March 22.

“I’m exceedingly proud of our FedEx team members, who are moving the world forward through the delivery of COVID-19 vaccines — the most important work in the history of FedEx,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “As reflected in this quarter’s results, continued execution of our strategies is producing strong earnings growth and margin improvement across our company. We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future.” Operating results increased primarily due to strong volume growth in U.S. domestic residential package and FedEx International Priority services and pricing initiatives across all transportation segments. These factors were partially offset by costs to support strong demand and expand services, variable compensation expense, higher labor rates, and one fewer operating weekday.

The United States Postal Service announced strong improvements in mail delivery service performance across all categories and regions as its third-party- operated air network and mail and package processing and delivery operations continued to stabilize from a historic peak holiday season and severe February storms throughout the country. For the week of March 6 through March 12, 2021, overall service performance recovered to pre-holiday levels with First-Class Mail reaching 83.69 percent of the Post Service’s national performance standard of one-to-three-day delivery. Mailing of Marketing Materials (90.84 percent) and Periodicals (77.64 percent) rebounded to levels of service performance on par with Postal Service deliveries before last year’s record-breaking peak holiday season, from mid-November through mid-January.

The following is a statement from Maria A. Pallante, President and CEO, Association of American Publishers: “The American Booksellers Association newly released whitepaper, American Monopoly: Amazon’s Anti-Competitive Behavior is in Violation of Antitrust Laws, provides a clear outline of the longstanding, anti-competitive behavior that has enabled Amazon to gain a dominant position in the publishing industry. As AAP noted in comments filed with the FTC in 2019, the fact is that no publisher can avoid distributing through Amazon and, for all intents and purposes, Amazon dictates the economic terms, with publishers paying more for Amazon’s services each year and receiving less in return. At the same time Amazon’s approach to its bookstore enables widespread counterfeiting, defective products, and fake reviews that both degrade the consumer experience and diminish the incentives of authors and publishers to create new works and bring them to the marketplace. We thank the American Booksellers Association for making a clear, concise, and powerful case for government officials to step in quickly and decisively to exercise corrective measures and appropriate governance of this dominant platform.”

Unit sales of print books hit a new high for the week ended March 13, 2021, compared to the similar week in 2020. According to NPD BookScan, units jumped 36.5% last week over the week ended March 14, 2020. A portion of the gain was due to some weakness in 2020 caused by the early impact of the pandemic; unit sales fell 6.2% compared to the similar week in 2019. But, for the most part, the unit sales gain was driven by continued solid demand for print books. Large unit gains, as has been the case for most of 2021, occurred in all the major segments, and the increase was also helped by the release of two adult nonfiction books that hit the top two slots on the overall bestseller list. Nicole Lepera’s How to Do the Work was #1, selling more than 53,000 copies, while Dana Perino’s Everything Will Be Okay was second, selling nearly 51,000 copies. A third new nonfiction title also had a solid first week, with The Code Breaker by Walter Isaacson landing in fifth place on the overall list, selling over 41,000 copies. Overall, print unit adult nonfiction sales increased 27.6% over the comparable week in 2020.

S&P Global announced its support for the principles outlined in the Say on Climate initiative, reinforcing the Company's existing pledges to support the transition to a global net-zero economy. The initiative is a disclosure-based plan focused on emissions with the goal of advocating for sustainable business practices and corporate climate action plans. It will be presented to shareholders for a vote in S&P Global's 2021 and 2022 proxy statements. "Say on Climate's principles complement our belief in the importance of transparency and disclosure as well as the market-leading steps we have taken towards becoming net-zero by 2040," said Ewout Steenbergen,Executive Vice President and Chief Financial Officer of S&P Global. "We are working collaboratively with organizations in the private, public and nonprofit sectors to ensure that S&P Global meets our science-based targets and emissions reductions goals."

Bookstore sales fell 16.6% in January compared to the first month of 2020, according to preliminary estimates released by the U.S. Census Bureau. Sales in the month were $797 million, down from $956 million in January 2020. The 16.6% drop was only a slight increase over the 15% decline bookstore sales posted in December compared to December 2019, and is another sign that sales declines could be levelling off. February is typically the slowest month for bookstore sales—in 2020, sales in the month were $573 million—and last year's sales began to tank in March as the pandemic set in. Bookstore sales finished 2020 with a 28% decline compared to 2019.

News Corp announced that it has reached a multi-year agreement to provide access to trusted news and information to millions of Facebook users in Australia through its Facebook News product. The agreement involves News Corp Australia and includes The Australian national newspaper, the news.com.au news site, major metropolitan mastheads like The Daily Telegraph in New South Wales, Herald Sun in Victoria and The Courier-Mail in Queensland and regional and community publications. In parallel Sky News Australia has also reached a new agreement with Facebook which extends and significantly builds on an existing arrangement. The three-year deal follows an agreement reached in October, 2019 in which News Corp publications in the United States receive payments in exchange for access to additional stories for Facebook News.

S&P Global announced that its shareholders overwhelmingly voted to approve the Company's proposed transaction with IHS Markit at a special meeting of the Company's shareholders. Approximately 99% of votes cast were in favor of the transaction. "We are pleased with the strong support of our shareholders for our planned combination with IHS Markit," said Douglas Peterson, President and Chief Executive Officer of S&P Global. "Today's shareholder approval is an important milestone in the process of bringing together our two world-class organizations to continue building on our respective strengths in information, data science, research and benchmarks. We are confident we will drive meaningful growth and create value for our customers, employees, shareholders and other stakeholders as one company."

Consumers’ spirits are getting a boost from the anticipation of COVID-19 stimulus checks and the growing number of vaccinations. The initial reading of consumer sentiment rose to 83 in early March from 76.8 in February according to an index produced by the University of Michigan. It was the index’s highest level in a year. “The gains were widespread across all socioeconomic subgroups and all regions, although the largest monthly gains were concentrated among households in the bottom third of the income distribution as well as those aged 55 or older,” said Richard Curtin, chief economist, Surveys of Consumers, University of Michigan.

Fueled by huge gains for a host of Dr. Seuss titles, as well as solid results for several new books, unit sales of print books soared 34.2% in the week ended Mar. 6, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. Unit sales jumped 57.9% in juvenile fiction over the week ended Mar. 8, 2020, as Dr. Seuss titles took eight of the top 10 spots on the category list. The Cat in the Hat led the way, selling about 105,000 copies in the week, compared to 22,000 copies in the first week of March last year. Green Eggs and Ham followed, selling about 90,000 copies, trailed by One Fish Two Fish Red Fish Blue Fish (88,000); Oh, the Places You’ll Go! (74,000); and Fox in Socks (64,000). Interest in these books was heightened by the announcement by Dr. Seuss Enterprises that it will stop printing six other Dr. Seuss titles written between 1937 and 1976 because of concerns that they “portray people in ways that are hurtful and wrong.”

For the Fourth Quarter of Fiscal 2020 *Net sales decreased 4.6% to $2.2 billion compared to $2.3 billion in the fourth quarter of fiscal 2019 due to the impact of COVID-19. *Operating income decreased to $224.3 million, or 10.2% of net sales, compared to $287.8 million, or 12.5% of net sales, in the fourth quarter of fiscal 2019. Adjusted operating income was $254.7 million, or 11.6% of net sales. *Net income was $171.5 million compared to $222.7 million in the fourth quarter of fiscal 2019. Adjusted net income was $193.4 million compared to $219.5 million in the fourth quarter of fiscal 2019. For the Full Year of Fiscal 2020 *Net sales decreased 16.8% to $6.2 billion compared to $7.4 billion in fiscal 2019 due to the impact of COVID-19. *Operating income decreased to $236.8 million, or 3.9% of net sales, compared to $901.1 million, or 12.1% of net sales, in fiscal 2019. Adjusted operating income was $352.5 million, or 5.7% of net sales. *Net income was $175.8 million compared to $705.9 million in fiscal 2019. Adjusted net income was $264.0 million compared to $688.3 million in fiscal 2019.

Following a thorough succession planning process, the company announced leadership changes to drive continuity and continued momentum, all effective in June. Dave Kimbell, president, will succeed Mary Dillon as chief executive officer and will be nominated to stand for election to the company’s board of directors at the 2021 annual stockholders meeting. Dillon will transition to the role of executive chair of the board of directors. Kecia Steelman, currently chief store operations officer, will be elevated to the role of chief operating officer.

Fiscal 2020 Fourth Quarter Results Overview *Total net sales were $177.9 million, an increase of $5.4 million or 3.2%, compared to $172.5 million last year. Total comparable net sales, including both physical stores and e-commerce, increased by 2.5% compared to last year. *Operating income was $14.1 million, or 7.9% of net sales, compared to $8.5 million, or 4.9% of net sales, last year. The $5.6 million increase in operating income was primarily due to the combined impact of the factors noted above. Fiscal 2020 Full Year Results Overview *Total net sales were $531.3 million, a decrease of $88.0 million or 14.2%, compared to $619.3 million last year primarily as a result of the various periods of store closures, reduced store operating hours, and restrictions on customer traffic into physical stores resulting from the COVID-19 pandemic. *Operating loss was $(3.0) million, or (0.6)% of net sales, compared to operating income of $28.5 million, or 4.6% of net sales, last year. The decrease in operating results was primarily attributable to the impacts of the COVID-19 pandemic on the Company's business as noted above.

Ah, the age old practice of letter writing. If you're a fan of putting pen to page, there's also a good chance you also enjoy sending postcards home whenever you travel. It might be a while before you can send postcards from far off places again, but that doesn't mean you can't keep in touch with friends and family via snail mail in the meantime, as many us remain separated by the pandemic. With that, I'm here to sing the praises of sending your loved ones postcards and greeting cards, both the artistic and the playful, whether it's to celebrate an occasion or just because. And luckily, there's no shortage of beautiful cards available to buy online. Although the pandemic has been lonely at times, it has inspired me to send more mail. In fact, I'd say that one of the best things I've done during the pandemic is starting to write to a pen pal. These days, the excitement of opening my mailbox to find a letter from a friend or note from my pen pal brings me joy in ways I might not have appreciated pre-pandemic.

Kohl’s Corporation released an updated investor presentation detailing progress on its strategy and initiatives to drive continued momentum. The presentation also provides an overview of the capabilities and skills of the Kohl’s Board of Directors and a comparison to the slate put forward by Macellum Advisors GP, LLC, Legion Partners Holdings, LLC, Ancora Advisors, LLC, and 4010 Capital, LLC which seek control of Kohl’s. Highlights of the presentation include: Well-positioned in a retail industry undergoing profound change: *Kohl’s strengthened its financial and competitive position during a period of profound change in the retail industry. *The Company’s investments in omnichannel and operations helped Kohl’s successfully navigate the pandemic. *Kohl’s continues to actively and thoughtfully strengthen its foundation to differentiate itself and support future growth.

Barnes & Noble Education continues to face tough times due to the pandemic, with the significantly reduced number of students on campus colleges leading to lower sales at its stores. The company reported sales for the third quarter ended December 31, 2020, of $411.6 million, down 18.1% compared to the previous year. The company saw a net loss of $48.3 million, up dramatically from a net loss of $1.7 million in the same period in 2019. In retail, the company's largest division, sales in the third quarter dropped to $70.3 million, down 15.5% compared with the prior year. Comparable store sales fell 19.9% for the quarter, with comparable textbook sales declining 8.1% and merchandise down 45.8%. Sales in the wholesale division were $39.5 million for the quarter, down 41.1% compared with the previous year.

Following the successful acquisition of InnerWorkings in October 2020, HH Global is poised to deliver the next phase of growth. As such today Robert MacMillan announced the new executive leadership team effective from 1 April 2021: Board of Directors: Robert MacMillan as Executive Chairman; Mike Perez as Group CEO; Edward Parsons as Chief of Staff to the Chairman; Kristian Elgey as Interim Group CFO and Chief Commercial Officer; Steve Nunn and Craig Bingon as Non-Executive Directors. In addition, Raphael de Botton and Amer Khatoun - representatives from investor partners Blackstone - continue to sit on the Board of Directors. Group Management Board: Alan Bittle as Regional CEO, APAC; Nadia Pelekanos as Regional CEO, Central Europe, India, Middle East & Africa; Michael Keen as Regional CEO, Europe; Scott Martin as Regional CEO, Americas; Helen Babbe as Chief of Staff to the CEO; Kristian Elgey as Interim CFO and Chief Commercial Officer; Jason Hanavan as CFO, Americas; Lee Humphreys as CEO of Digital; Kevin Dunckley as Chief Sustainability Officer.

In 2020, sales decreased by £472m in headline terms to £3,397m (2019: £3,869m) with underlying performance reducing sales by £386m, portfolio changes reducing sales by £55m and currency movements decreasing revenue by £31m. Stripping out the impact of portfolio and currency movements, revenue was down 10% in underlying terms. Our statutory operating profit was £411m in 2020 compared to a profit of £275m in 2019. The increase in 2020 is largely due to the gain on sale of PRH and the reduction in restructuring costs, which were more than enough to offset the impact of COVID-19 and portfolio changes on trading profits. Net debt to adjusted EBITDA was 0.8x (2019: 1.3x). Net debt reduced from £1,016m in 2019 to £463m at the end of 2020. Excluding leases, net debt reduced from £374m in 2019 to net cash of £159m in 2020.

Tribune Publishing Company, which is now in the process of being acquired by Alden Global Capital, increased its digital revenue by 57%, or $16.5 million, in 2020 YoY, and the number of its digital-only subscribers by 30.5% to 436,000. But those gains only partly offset an overall revenue decline to $746 million, versus $945 million in 2019, and a loss from continuing operations of $46.8 million, up from $7.1 million in the prior year, according to financial results released on Thursday. The overall hit was also mitigated, in part, by a 14.5% reduction in operating expenses, or $138.1 million.

A successful digital-first brand from Hearst that has seen immeasurable growth with not only its website, but its printed bookazines and cookbooks, Delish.com is launching a quarterly print magazine. Delish in print will be sold at the newsstands, but will also be an integral part of the subscription model the brand has in place for its online footprint. An all-access subscription of $20 annually will not only get you everything online, but also the 96 page (plus covers) printed magazine as part of the memebership. Dan Fuchs, formerly of HGTV magazine and O, The Oprah Magazine, is the VP/Chief Revenue Officer of the new quarterly print publication. I spoke with Dan recently and we talked about this exciting new venture into the world of print for a digital-only entity. Dan said it’s an exhilarating time for a brand that has been successful online and in the world of print, with its special bookazines and cookbooks, to have a quarterly magazine coming out in print. Opportunities and more growth will surely follow. And with Editorial Director, Joanna Saltz, as his partner, Dan is looking forward to the future of Delish in all its exciting extensions.

Net sales for the quarter increased 14.7 percent, to $43.89 billion, from $38.26 billion last year. Net sales for the first 24 weeks increased 15.8 percent, to $86.23 billion, from $74.49 billion last year. Net income for the quarter was $951 million, or $2.14 per diluted share, which includes $246 million pretax, or $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Last year’s second quarter net income was $931 million, or $2.10 per diluted share. Net income for the first 24 weeks was $2.12 billion, or $4.76 per diluted share, compared to $1.77 billion, or $4.00 per diluted share, last year. For the four-week reporting month of February, ended February 28, 2021, the Company reported net sales of $14.05 billion, an increase of 15.2 percent from $12.20 billion last year. For the twenty-six week period ended February 28, 2021, net sales were $93.16 billion, an increase of 15.4 percent from $80.76 billion last year.

*Research Publishing & Platforms rose 3% as reported and 1% at constant currency, with strong growth in open access and inorganic contributions from acquisitions offsetting anticipated subscription revenue pressure. *Academic & Professional Learning declined 2% as reported and 4% at constant currency mainly due to COVID-19 impact on test prep and in-person corporate training, and a decline in print book revenue, which offset continued growth in digital content and courseware. *Education Services increased 25% as reported and 24% at constant currency, driven by organic revenue growth of 13% from strong online enrollment and new student starts, and the two-month inorganic contribution from mthree (+$8 million). *GAAP EPS of $0.39 declined from $0.63 in the prior year, reflecting restructuring charges of $0.28 per share, primarily related to a previously disclosed reduction in Wiley’s real estate footprint.

Driven by strong backlist sales, unit sales of print books rose 26% last week over the week ended February 29, 2020, at outlets that report to NPD BookScan. It was the largest week-over-week gain compared to 2020 so far this year, helping unit sales finish the first two months of 2021 with a 21.2% increase over the first two months of 2020. Last week’s 26% increase was accomplished without the release of a major new hit. The top-selling new book last week was Believe It by Jamie Kern Lima, which sold 29,000 copies, landing it in third place on the overall bestseller list. The top title last week was Charlie Mackesy’s The Boy, the Mole, the Fox, and the Horse, published in October 2019, which had a huge sales spike in the week, selling nearly 97,000 copies.

Postmaster General and CEO Louis DeJoy today provided details of the next phase of organizational changes he first announced in August 2020, designed to improve efficiency, drive success and better serve Postal Service customers. The next phase of these organizational changes includes the following: *District Consolidation Plan: The existing 67 Postal Service Districts will be consolidated to 50 Districts. New District territories will closely align to state boundaries. *Centralization of Marketing functions: The Marketing functions previously performed at the Area and District levels will be centralized into the Chief Customer and Marketing organization, including Consumer and Industry Affairs and the Bulk Mail Entry Units (BMEUs). *Realignment of Logistics and Processing Operations: To ensure alignment with Retail and Delivery Operations, and Logistics and Processing Operations, a thirteenth division will be created. Processing operations is organized into 2 regions, each geographically aligned with two retail and delivery areas; and divided into 6 or 7 divisions for a total of 13 divisions.

Urban Outfitters, Inc. announced net income of $29 million and $1 million for the three months and year ended January 31, 2021, respectively. Total Company net sales for the three months ended January 31, 2021, decreased 6.9% over the same period last year to $1.09 billion. Comparable Retail segment net sales decreased 7% due to negative retail store net sales as stronger conversion rates could not offset the reduced store traffic caused by the coronavirus pandemic and related occupancy restrictions. Lower store net sales were partially offset by strong double-digit growth in digital channel sales. By brand, comparable Retail segment net sales increased 6% at Free People and decreased 6% at Urban Outfitters and 11% at the Anthropologie Group. Wholesale segment net sales decreased 7%. For the year ended January 31, 2021, total Company net sales decreased 13.4% over the same period last year. Comparable Retail segment net sales decreased 11%, driven by negative retail store net sales due to mandated store closures as a result of the coronavirus pandemic and lower store productivity once opened, partially offset by strong double-digit growth in digital channel sales. Wholesale segment net sales decreased 40%.

Fourth Quarter Summary: •Total Company net sales decreased 20 percent compared with the same period in fiscal 2019, slightly exceeding Company expectations for a low-twenties percentage decrease. •Digital sales increased 24 percent compared with the same period in fiscal 2019 and represented 54 percent of the business. •Top performing merchandise categories included home, active and beauty. •For the Nordstrom brand, net sales decreased 19 percent compared with the same period in fiscal 2019. For the Nordstrom Rack brand, net sales decreased 23 percent. •Gross profit, as a percentage of net sales, of 33 percent decreased 160 basis points compared with the same period in fiscal 2019, primarily due to deleverage from lower sales volume and higher markdowns, partially offset by planned expense savings.

For the fourth quarter, the Company reported a net loss of $79.1 million, compared to a net loss of $4.3 million, for the thirteen weeks ended February 1, 2020 ("last year's fourth quarter"). The fourth quarter net loss includes $35.9 million, in significant after-tax non-cash charges, including a deferred tax asset valuation allowance of $32.1 million, within the Company's income tax provision (benefit). See tabular details in the Summary of Significant Non-Cash Charges table below for further details. Last year's fourth quarter includes after-tax accelerated depreciation charges of $0.8 million. For fiscal 2020, the Company reported a net loss of $360.1 million, compared to a net loss of $12.8 million, for the fifty-two weeks ended February 1, 2020 ("fiscal 2019"). The net loss for fiscal 2020 includes $199.6 million, in significant after-tax non-cash charges. See tabular details in the Summary of Significant Non-Cash Charges table below for further details. The net loss for fiscal 2019 includes after-tax accelerated depreciation charges of $8.1 million, and the after-tax impact of severance and other related net charges of $2.1 million.

The Company's total comparable sales grew 20.5 percent in the fourth quarter, reflecting comparable stores sales growth of 6.9 percent and digital sales growth of 118 percent. Total revenue of $28.3 billion grew 21.1 percent compared with last year, driven by sales growth of 21.0 percent and a 28.7 percent increase in other revenue. Operating income was $1.8 billion in fourth quarter 2020, up 53.2 percent from $1.2 billion in 2019. Full-year sales increased 19.8 percent to $92.4 billion from $77.1 billion last year, reflecting a 19.3 percent increase in comparable sales combined with sales from non-mature stores. Full-year revenue of $93.6 billion grew 19.8 percent compared with 2019, reflecting sales growth of 19.8 percent and an 18.2 percent increase in other revenue.

*Net sales of $1.1 billion down 5% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 34% to $639 million reflecting robust growth in every month of the quarter. *Gross profit rate improved 230 basis points to 60.5% on higher average unit retail and slightly lower average unit cost. *Operating income of $116 million and $131 million on a reported and adjusted non-GAAP basis, respectively, as compared to $122 million and $125 million last year, on a reported and adjusted non-GAAP basis, respectively. A summary of results for the full year ended January 30, 2021 as compared to the full year ended February 1, 2020: *Net sales of $3.1 billion down 14% as compared to last year, reflecting the adverse impact of COVID-19. *Digital net sales increased 39% to approximately $1.7 billion. *Gross profit rate improved by 110 basis points to 60.5% on higher average unit retail and flat average unit cost. *Operating loss of $20 million and operating income of $52 million on a reported and adjusted non-GAAP basis, respectively. This compares to operating income last year of $70 million and $83 million on a reported and adjusted non-GAAP basis, respectively.

As far as the media marketplace goes, 2020 was a tale of two economies. While advertising and marketing spending experienced one of its worst years after -- decline 7.1% in the U.S. and 6.8% worldwide -- consumer spending on media actually soared, rising 5.6% and 6.1%, respectively. That's the finding of a MediaPost analysis of two reports released by media industry economists PQ Media, including today's "Consumer Spending On Media" report, and November 2020's Advertising & Marketing Spending Forecast. While the comparisons are not exactly apples-to-oranges, because of the ways PQ categories consumer media, they offer some directional insights on where the economic engines of the media industry are last year, now and for the years ahead.

With the help of our trusted non-profit partners, Boys & Girls Clubs of America, Good360 and others, Gap Inc.’s portfolio of purpose-led lifestyle brands are sending 3.5 million masks and face coverings to non-profit community organizations serving those with the greatest needs across the U.S. ​Last month, Old Navy donated 1 million masks to Boys & Girls Clubs of America, one of the brand’s longtime nonprofit partners, to support local Clubs as they continue to provide safe spaces for kids and teens. Old Navy is committed to serving American families in need and will now provide an additional 1 million masks to Baby2Baby, local This Way ONward partners, and Boys & Girls Clubs of America to further reach underserved communities. Through The Imagine Mission, Old Navy is working to create a better future for future generations.

Unit sales of print books rose 10.9% in the week ended Feb. 20, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. The adult fiction category had a solid week, with unit sales up 20.5% over the week ended Feb. 22, 2020. A Court of Silver Flames by Sarah J. Maas was the top title, selling nearly 95,000 copies in its first week. In second and third place on the adult fiction list were two Kristin Hannah titles: The Four Winds, which sold more than 46,000 copies, and Firefly Lane, which sold more than 20,000 copies. YA fiction print unit sales jumped 47.7% over 2020, as E. Lockhart’s We Were Liars remained #1 on the category list, selling more than 15,000 copies. Adam Silvera’s They Both Die at the End was second, selling just over 11,000 copies. Stamped by Jason Reynolds continued to lead the YA nonfiction list as the category posted a 55.4% increase over 2020.

Dear Industry Member: The Postal Service is conducting a survey on the potential use of a larger size First Class Mail postcard and has asked ACMA and others to pass it on to our industries. The USPS says your feedback “will provide great insights for us to consider during the decision-making process.” SURVEY LINK: https://uspsci.allegiancetech.com/cgi-bin/qwebcorporate.dll?idx=F38Y58 The survey began February 24th and will remain open until Wednesday, March 10th.

The Association of American Publishers (AAP) today released its StatShot report for December 2020 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 December 2020 were down 8.5% as compared to December 2019, coming in at $1.1 billion. Year-to-date sales were flat, with an increase of 0.1% as compared to calendar 2019, with a total of $14.8 billion. Trade (Consumer Books) sales were up 9.5% in December, coming in at $796.1 million. For January-December 2020 Trade sales were up 9.7% as compared to the same period last year, coming in at $8.6 billion. In terms of physical paper format revenues during the month of December, in the Trade (Consumer Books) category, Hardback revenues were up 14.2%, coming in at $312.5 million; Paperbacks were up 2.4%, with $248.1 million in revenue; Mass Market was down 1.6% to $25.9 million; and Board Books were up 6.2%, with $16.7 million in revenue.

In a result no one in publishing would have predicted last spring when Covid-19 first hit the U.S., book publishing sales finished 2020 flat with 2019 based on year-end figures supplied by 1,354 publishers to AAP’s StatShot program. The two major trade categories, adult books and children/young adult, had gains of 12% and 6.4%, respectively, while the two big educational segments saw declines. With many public schools teaching remotely for long stretches of last year, sales of K-12 instructional materials fell 19.6% in 2020 compared to 2019. Sales of higher educational course materials declined 4.3% last year as many colleges and university turned to hybrid instruction, which changed buying habits by students.

Dear Industry Executive: We have heard from some companies about their willingness to underwrite our strong opposition to the PRC’s granting of additional rate authority to the US Postal Service. We still need additional funding. Otherwise, we’re in for draconian rate hikes throughout the next decade that could push all of us out of the mail. What Your Pledge Will Help Us Do: 1. A branded digital campaign to activate and engage catalog merchants, industry employees, suppliers, and the millions of catalog shoppers who rely on and benefit from our industry. We will launch a simple constituent outreach tool for widespread use to motivate elected officials with template-driven email and text tools. The tool will also provide all details, op-eds and other materials to both whip up support and be an online destination that will drive pick-ups, retweets and interest beyond catalog-only interests. 2. Aided by the digital campaign, an aggressive effort to convince lawmakers in Washington to pass sensible postal reform legislation that addresses the massive congressionally-imposed cost overhangs that plague the postal system and are the causal factor in the PRC’s ruling. 3. File a lawsuit in the US Court of Appeals challenging the Postal Regulatory Commission’s (PRC) overreach that clearly exceeds its authority to make such sweeping and fundamental changes to the rate-setting system.

Full-year operating income was $1.580 billion compared to $258.4 million last year, and net income was $844.5 million compared to a net loss of $366.4 million last year. Net sales were $11.847 billion for the year ended Jan. 30, 2021, compared to $12.914 billion for the year ended Feb. 1, 2020. Comparable sales for the full year increased 21 percent, consisting of a 45 percent increase at Bath & Body Works and a 1 percent increase at Victoria’s Secret. Full year 2020 sales in the direct channel increased 109 percent at Bath & Body Works and 31 percent at Victoria’s Secret.

Domestic Segment Q4 FY21 Results: Domestic revenue of $15.40 billion increased 11.2% versus last year. Domestic GAAP gross profit rate was 20.9% versus 21.2% last year. International Segment Q4 FY21 Results: International revenue of $1.54 billion increased 14.0% versus last year. International GAAP gross profit rate was 21.6% versus 22.6% last year.

Fourth Quarter 2020 Consolidated Results • Fourth quarter revenues of $875.4 million rose 25.2% as compared to the prior year quarter reflecting the acquisition of Legacy Gannett. ◦ Same store pro forma revenues (as defined and reconciled on Table No. 5 below) decreased 16.3%, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry. This is an improvement of 330 basis points over the third quarter 2020 trend. • Digital advertising and marketing services revenues reached $223.3 million in the fourth quarter, or 25.5% of total revenues. • Net loss attributable to Gannett of $122.2 million in the fourth quarter reflects a $74.3 million non-cash loss on the derivative associated with our convertible notes and a $42.1 million loss associated with the early extinguishment of debt.

Q4 2020 Headlines: HMH achieved 2020 billings at the top end of its revised guidance range and positive free cash flow, outperforming its revised guidance range for 2020. Additionally: *Continued momentum with SaaS billings growth of 142% and digital platform user growth of 306% for full year 2020 *Annualized Recurring Revenue (ARR) 1 of $58 million in 2020; HMH will report its Net Retention Rate (NRR) beginning in the first quarter of 2021 *Connected Sales1 made up 50% of Education segment billings in 2020. Full year 2020 Financial Results: Net Sales: HMH reported net sales of $1,031 million for the full year of 2020, down 26% compared to $1,391 million in 2019. Billings1: Billings for 2020 decreased $502 million, or 32%, from 2019. Net Loss: Net loss of $480 million for 2020 was a $266 million unfavorable change from the net loss of $214 million in 2019, due primarily to the same factors impacting operating loss.

The U.S. Postal Service announced it awarded a 10-year contract to Oshkosh, WI, based Oshkosh Defense, to manufacture a new generation of U.S.-built postal delivery vehicles that will drive the most dramatic modernization of the USPS fleet in three decades. The historic investment is part of a soon-to-be-released plan the Postal Service has developed to transform its financial performance and customer service over the next 10 years through significant investments in people, technology and infrastructure as it seeks to become the preferred delivery service provider for the American public. Under the contract’s initial $482 million investment, Oshkosh Defense will finalize the production design of the Next Generation Delivery Vehicle (NGDV) — a purpose-built, right-hand-drive vehicle for mail and package delivery — and will assemble 50,000 to 165,000 of them over 10 years. The vehicles will be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies.

Fourth Quarter 2020 Summary(1) *Total reported sales of $2.3 billion, down 9% versus last year *GAAP operating income of $21 million and net income of $18 million, or $0.34 per share, versus $74 million and $55 million, respectively in prior year *Operating cash outflow of $4 million and adjusted free cash outflow of $4 million, versus $152 million and $135 million, respectively in prior year *$1.7 billion of total available liquidity including $729 million in cash and cash equivalents.

Urban Outfitters has been leveraging the JRNI Appointments solution to deliver personalized customer experiences throughout the pandemic at its Anthropologie and BHLDN brands. Anthropologie and BHLDN have both leveraged the application to support in-store appointments, virtual appointments and email consultations while complying with social distancing requirements. As a result, the brands can provide seamless, personalized experiences to each shopper. Anthropologie and BHLDN have engaged with 25,000 customers since April 2020, with overall transaction volume rising 25%. Customers who booked appointments via the JRNI solution purchased 40% of the time in stores and 65% of the time virtually, delivering higher results than any other channel. For customers, the experience has been seamless. The brands have been able to experiment within the platform with different types of triggers and communications to enhance the customer experience.

There’s seismic news in the media, outdoor, endurance, and tech industries today. Pocket Outdoor Media (parent company to SNEWS, Backpacker, and nearly 30 other active living brands) announced news that will catapult the Boulder-based company into a powerful position in these industries: It has purchased Outside Magazine, Outside TV, Gaia GPS, Peloton Magazine, and athleteReg. Additionally, Pocket Outdoor Media is rebranding to Outside, effective today. “Adding these businesses to our portfolio and rebranding Pocket is a transformative moment for us,” says Robin Thurston, CEO of the all-new Outside. “Together with our other category-leading properties—SKI, Yoga Journal, Backpacker, Trail Runner, VeloNews, Climbing, Warren Miller Entertainment, Roll Massif, FinisherPix, SNEWS, and more—these brands make our new company the world’s leading creator of active living content, experiences, travel, and services. We now deliver content to almost every home in America across every platform, screen, and device.”

Fourth Quarter Highlights *Comparable sales down 17.0% on an owned basis and down 17.1% on an owned plus licensed basis, a reflection of the continued challenges posed by the COVID pandemic. *Digital remained a growing and increasingly profitable platform. Sales grew 21% over fourth quarter 2019, with digital penetration at 44% of net sales. *Approximately 25% of Macy’s digital sales were fulfilled from stores, including curbside pickup and same-day delivery. *The company’s Star Rewards Loyalty program saw a 45% increase of its Bronze tier members in 2020, an essential part of its under-40 strategy. *Gross margin for the quarter was 33.7%, down 310 basis points from fourth quarter 2019. *Inventory down 27% from fourth quarter 2019. *Aggressively addressed slow-selling merchandise, reduced excess inventory levels and improved visual presentation in stores. *Exited the year in a healthy inventory position.

Fourth Quarter 2020: Sales for the fourth quarter of fiscal 2020 were $32.3 billion, an increase of $6.5 billion, or 25.1 percent from the fourth quarter of fiscal 2019. Comparable sales for the fourth quarter of fiscal 2020 increased 24.5 percent, and comparable sales in the U.S. increased 25.0 percent. Net earnings for the fourth quarter of fiscal 2020 were $2.9 billion, compared with net earnings of $2.5 billion, in the same period of fiscal 2019. Fiscal 2020: Sales for fiscal 2020 were $132.1 billion, an increase of $21.9 billion, or 19.9 percent, from fiscal 2019. Comparable sales for fiscal 2020 increased 19.7 percent, and comparable sales in the U.S. increased 20.6 percent. Net earnings for fiscal 2020 were $12.9 billion, compared with net earnings of $11.2 billion in fiscal 2019.

The DIY food publishing sector has witnessed two big developments, reflecting conflicting trends. In one, Saveur has killed its print edition and will now focus on email newsletters and other digital content. Saveur’s editors announced last week that “we’ll no longer be producing Saveur as a quarterly print publication. While we understand this might be disappointing, Saveur has been in print for 27 years, and it feels like the right time to shift our focus to better meet our readers where they are.” Hearst’s Delish is going in the opposite direction: It is producing quarterly print editions, each tapping into a consumer food obsession. The first, Breakfast + Brunch will appear on March 2. They will be offered on newsstands and mailed to Delish’s Unlimited membership subscribers.

For the week ended Feb. 13, 2021, unit sales of print books increased 21.3% over the week ended Feb. 15, 2020, at outlets that report to NPD BookScan. It was the second consecutive week that unit sales rose by more than 20% over the comparable week last year. The increase was accomplished without the benefit of a big new hit and once again reflected strength across all major categories as well as big gains for backlist titles. The YA categories had the strongest gains, with nonfiction unit sales jumping 71.7% and fiction up 49.3% over 2020. Two anti-racist books—Stamped by Jason Reynolds and This Book Is Anti-racist by Tiffany Jewell—led the increase in YA nonfiction. We Were Liars by E. Lockhart topped the YA fiction list, selling almost 12,000 copies. Juvenile fiction sales rose 25.1% over 2020, and Llama, Llama I Love You by Anna Dewdney was #1 on the category list, selling about 38,000 copies.

For the week ended February 13, 2021, unit sales of print books increased 21.3% over the week ended February 15, 2020, at outlets that report to NPD BookScan. It was the second consecutive week that unit sales rose by more than 20% over the comparable week last year. The increase was accomplished without the benefit of a big new hit, and once again reflected strength across all major categories as well as big gains for backlist titles. Through February 13, backlist sales were up 32% over the same period in 2020, while frontlist sales rose 3.4%. Total print unit sales through February 13, 2021, were up 22% over the comparable period in 2020.

Award-winning foodie title Saveur is going all-digital under its new private equity owner 27 years after launching to critical acclaim. The food and recipe title was sold in October by Bonnier to North Equity as part of a package of magazines, including Field & Stream, Outdoor Life and Popular Science. North Equity has been buying up distressed print titles, often converting them to all-digital platforms. It also recently purchased decorating mag Domino and also owns bobvila.com.

Fourth-quarter highlights • Total revenue was a record $152.1 billion, an increase of $10.4 billion, or 7.3%. Excluding currency2, total revenue would have increased 7.5% to reach $152.3 billion. • Walmart U.S. comp sales1 increased 8.6% with strength across most key categories. • Walmart U.S. eCommerce sales increased 69% with strong results across all channels. • Sam’s Club comp sales1 increased 10.8% and eCommerce sales grew 42%. Reduced tobacco sales negatively affected comp sales by approximately 410 basis points. Membership income increased 12.9%, the strongest growth in six years. • Walmart International net sales were $34.9 billion, an increase of 5.5%. Net sales in constant currency2 increased 6.3%, led by Flipkart, Mexico and Canada. Changes in currency rates negatively affected net sales by approximately $0.3 billion. • Consolidated gross profit rate increased 29 basis points with positive contributions from each operating segment, led by the U.S.

News Corp announced that it has agreed to an historic multi-year partnership with Google to provide trusted journalism from its news sites around the world in return for significant payments by Google. Among the News Corp publications joining Google News Showcase will be The Wall Street Journal, Barron’s, MarketWatch, and the New York Post; in the UK: The Times and The Sunday Times, and The Sun; and in Australia a range of news platforms, including The Australian, news.com.au, Sky News, and multiple metropolitan and local titles. The landmark three-year agreement also includes the development of a subscription platform, the sharing of ad revenue via Google’s ad technology services, the cultivation of audio journalism and meaningful investments in innovative video journalism by YouTube.

Bookstore sales rallied slightly in December from deep monthly slumps for most of 2020, but were still down 15.2% in the last month of the year compared to December 2019. For all of 2020, bookstore sales fell 28.3% from 2019, according to preliminary estimates from the U.S. Census Bureau. December bookstore sales were $879 million, down from $1.04 billion in December 2019. The 15.2% December drop was the smallest decline since February, when sales slipped 0.7% before the global pandemic struck. In March, sales fell 33.2% as retail lockdowns kicked in, then plunged 74.2% in April as stay at home orders fully took hold. May sales were slightly better, falling 60% from May 2019.

Gannett Co., Inc. and McClatchy, two of the most iconic and acclaimed local media companies, with deep roots in over 300 local communities, are offering national brands the ability to connect seamlessly and more meaningfully with local audiences across a vast multi-channel network. Advertisers will now be able to reach two-thirds of the top local media markets with local properties including the Miami Herald, Austin-American Statesman, The Kansas City Star, Arizona Republic,Detroit Free Press, The Sacramento Bee and more, representing 200 million digital and 8.4 million print consumers through customized, targeted solutions and within a trusted, brand-safe environment. The collaboration simplifies the buying process and facilitates access to local audiences in a highly efficient manner, allowing both companies to better serve their brands’ customers.

The Postal Service reported total revenue of $21.5 billion for the first quarter of fiscal 2021, an increase of $2.1 billion, or 11.1 percent, compared to the same quarter last year. Compensation and benefits expense increased by $771 million, or 6.2 percent, compared to the same quarter last year, primarily resulting from higher work hours associated with the record holiday package growth and an increase in paid leave associated with the COVID-19 pandemic, including leave authorized by the Families First Coronavirus Response Act, enacted as Public Law 116-127 (FFCRA). In addition to increased labor costs to support the volume increase, transportation expenses increased by $204 million, or 8.5 percent, compared to the same quarter last year, primarily due to the impact of higher volumes on air and highway transportation. Operating expenses were also impacted by an increase in retirement benefits expenses of $176 million, or 10.9 percent, compared to the same quarter last year, driven by revised actuarial assumptions outside of management’s control. Total operating expenses were $21.1 billion for the quarter, an increase of $1.1 billion, or 5.3 percent, compared to the same quarter last year. Net income for the quarter was $318 million.

Active Interest Media has been acquired by B&W Communications. Financial terms were not disclosed. B&W (Betterment & Wonderment Communications LLC) was launched by Andrew Clurman, the CEO-cofounder of AIM, to acquire enthusiast media brands. The previous owner was Wind Point Partners, a private-equity group from Chicago. AIM's enthusiast titles in the shelter, hobby and boating categories include Anglers Journal, Yachts International, Sail, Power & Motoryacht, Yachts International, Soundings, Horticulture, Popular Woodworking and Writers Digest, among others.

Dear Industry Member: Here is immediate action you can take while ACMA works furiously to raise the resources to comprehensively attack the ridiculous new USPS rate authority that will double catalog mailers’ postal rates over the next decade. Please determine whether you (catalog merchant), your employees, suppliers or customers have constituent standing in any of the following locations where there are Members of Congress with direct connections to postal decision makers: West Virginia, Kentucky, northern Virginia, New York, North Carolina, Oklahoma, Arizona, North Carolina, Kansas, Georgia, and Connecticut (click here for contact sheet). If you do, you have a unique ability to wield constituent pressure to cause elected officials to pressure the Postal Service Board of Governors to not institute a second unbudgeted rate hike, which could take place as soon as this summer. Click Read more below for important information.

For the Three Months Ended January 2, 2021 (14 Week Period): Net sales increased 26% to $375.8 million, compared to $297.6 million during the same period last year. Gross profit increased 39% to $224.8 million, or 59.8% of net sales, compared to $162.3 million, or 54.5% of net sales, in the fourth quarter of Fiscal 2019. Operating income increased to $81.4 million, or 21.7% of net sales, compared to $12.0 million, or 4.0% of net sales, during the prior year quarter. For the Twelve Months Ended January 2, 2021 (53 Weeks): Net sales increased 19% to $1,091.7 million, compared to $913.7 million in the prior year. Gross profit increased 32% to $628.8 million, or 57.6% of net sales, compared to $475.3 million, or 52.0% of net sales, in the prior year. Operating income increased 139% to $214.2 million, or 19.6% of net sales, compared to $89.8 million, or 9.8% of net sales, during the prior year.

Sales of print books continued to ride a hot streak into February with units jumping 25.7% in the first week of the month over the first week of February 2020 at outlets that report to NPD BookScan. The increase was the highest yet this year, and unit sales of print books were up 22.1% through February 6, 2021. Once again, all six major categories had double-digit sales increases over 2020, with sales in the young adult segments skyrocketing; fiction was up 55.7%, and the small nonfiction category rose 67.3%. The latter category benefited from the release of Brave by Sissy Goff, which landed in second place in its first week on sale and led to a 158% jump in sales in the social situations/family/health sub-category. The jump in fiction sales was spurred by the release of two new titles: Star Wars, The High Republic: Into the Dark by Claudia Gray topped the category bestseller list, selling more than 17,000 copies in its first week on sale, while Scott Cawthon’s The Twisted Ones sold over 9,000 copies.

Rising numbers of manufacturing businesses are turning to digital technologies to help improve their operational resilience and efficiency and support their customer growth strategies. More than two-thirds of manufacturers (67%) have accelerated their adoption of digital technologies as result of the Coronavirus pandemic, according to a major new report published today by The Manufacturer and IBM. With just 16% of manufacturing organisations choosing to pause their adoption projects, it is clear that the majority of businesses now recognise the strong correlation between digital tools and increased productivity, efficiency and resilience.

Urban Outfitters, Inc. announced net sales for the three months and year ended January 31, 2021. Total Company net sales for the three months ended January 31, 2021, decreased 6.9% over the same period last year to $1.09 billion. Comparable Retail segment net sales decreased 7% due to negative retail store net sales as stronger conversion rates could not offset the reduced store traffic caused by the coronavirus pandemic and related occupancy restrictions. Lower store net sales were partially offset by strong double-digit growth in digital channel sales. By brand, comparable Retail segment net sales increased 6% at Free People and decreased 6% at Urban Outfitters and 11% at the Anthropologie Group. Wholesale segment net sales decreased 7%. “I am pleased to report that all three brands registered nice improvement in ‘comp’ sales trends in January from that delivered during the Holiday period,” said Richard A. Hayne, Chief Executive Officer. “We are particularly pleased with how well the brands transitioned into February. Customer reaction to our spring assortments has been quite strong and ‘comps’ for the first week of the new fiscal year were positive at each brand,” finished Mr. Hayne.

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

Fourth quarter net income decreased 16% to $454 million and diluted earnings per share decreased 15% to $1.88 as the Company took a number of lease impairment and restructuring charges aimed at improving future financial performance. Adjusted net income for the fourth quarter increased 5% to $654 million due to revenue growth, productivity improvements, and a lower effective tax rate partially offset by increased investment spending. Adjusted diluted earnings per share increased 7% to $2.71 benefiting from a 2% decrease in the average diluted shares outstanding. Pre-tax adjustments in the fourth quarter of 2020 totaled $247 million primarily due to office lease and equipment impairments, and restructuring charges all intended to improve future financial performance. Additional pre-tax adjustments included IHS Markit merger costs, deal-related amortization, and Kensho retention-related expenses. For the full year, revenue increased 11% to $7.44 billion. 2020 net income increased 10% to $2.34 billion and diluted earnings per share increased 12% to $9.66. 2020 adjusted net income increased 20% to $2.83 billion and adjusted diluted earnings per share increased 23% to $11.69.

Kohl’s announced it will partner with Eddie Bauer to bring premium-quality performance outerwear and outdoor apparel for the entire family to Kohl’s customers nationwide in Fall 2021. Kohl’s will offer a wide array of apparel from the outdoor brand across women’s, men’s and kids – from a core assortment of year-round products to seasonal selections – in as many as 500 stores. In addition, Kohls.com will offer an expanded assortment of Eddie Bauer favorites including down jackets and parkas, performance bottoms, fleece, flannel, sleepwear, and more – providing families with everything they need for their outdoor adventures. “We are excited to partner with Eddie Bauer, a brand synonymous with outfitting families for any activity or adventure, to bring their assortment of award-winning, high-quality activewear and outerwear to millions of Kohl’s customers,” said Doug Howe, Kohl’s chief merchandising officer. “Eddie Bauer’s rich heritage of designing authentic, functional apparel that inspires everyone to get outdoors combined with their passion for delivering differentiated, innovative products that meet the needs of today’s consumer has made the brand a leader in the outdoor industry. The addition of the Eddie Bauer brand into our portfolio acutely aligns with our ambition to grow our active and outdoor business, and attract new and younger customers to Kohl’s.”

With all major categories posting double-digit gains, unit sales of print book rose 19.5% in the week ended Jan. 30, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. Unit sales of YA fiction soared by 50.6% over the week ended Feb. 1, 2020, and YA nonfiction sales rose 41.2%. In both cases it was strong across-the-board sales rather than one or two big bestsellers that drove the gains. In YA fiction, We Were Liars by E. Lockhart remained the top title, selling more than 11,000 copies. Brigid Kemmerer’s A Vow So Bold and Deadly was the bestselling new title, selling more than 7,000 copies. YA nonfiction sales were led by Stamped by Jason Reynolds and Ibram X. Kendi, which sold more than 3,400 copies. Juvenile fiction unit sales rose 32.5% and nonfiction increased 24% over a year ago. Alice Schertle’s Little Blue Truck’s Valentine stayed in the fiction top spot, selling just over 25,000 copies.

As lockdowns drag on and consumers spend more time at home, publishers are continuing to lean in to direct mail to engage their audience … and they are finding creative new ways to make it happen. “Publishers know Americans are going to be hunkered down at home for another few months of coronavirus-created isolation,” writes Max Willens in Digiday, “so some of them are hoping to drive more revenue by going right through readers’ front doors.” Those doors are especially attractive to direct-to-consumer (DTC) brands, and many are helping their DTC advertisers create direct mail campaigns. “Over the past few months, The Los Angeles Times has been pitching direct mail and custom publishing campaigns to media agencies focused on DTC brands,” Willens writes.

In any industry or profession, without new birth, products, ideas, or people, there is no growth. If you’re not growing, if you’re not introducing new blood to the mix of what you have, you’re dying incrementally. And the lifecycle and growth of magazines aren’t any different than any other lifecycle. Yes, magazines come and magazines go, but just because one magazine folds it doesn’t mean the entire print medium is dying. And while in the last 20 years the number of consumer magazines in this country aimed at the general public has remained steady, averaging at around 7,000 titles, it should be noted that in those same 20 years we had at least 4,730 new magazines coming into the marketplace. And the reason I say at least, is because those were the ones that I was actually able to buy and collect ink on papers copies from. My definition was and is still is, “if it is not ink on paper, it is not a magazine.” much more at source: https://mrmagazine.wordpress.com/2021/02/04/publishing-is-believing-and-i-do-believe-a-mr-magazine-musing/

Preliminary Fourth Quarter 2020 Results: Fourth quarter 2020 total revenue declined approximately 10%, including a comparable sales decrease of 11%. Based on this, the Company expects fourth quarter 2020 diluted earnings per share to be in the range of $1.00 to $1.05, before considering any impact from tax planning strategies. These preliminary results reflect a better than expected gross margin rate and strong SG&A expense management. Gross margin continued to benefit from disciplined inventory management and further optimization in promotional strategies. SG&A expense decline was driven primarily by reductions in store, marketing, and technology expenses.

Fiscal 2021 Second Quarter Key Financial Highlights *Revenues were $2.41 billion, a 3% decline compared to $2.48 billion in the prior year – Adjusted Revenues increased 2% compared to the prior year *Net income of $261 million compared to $103 million in the prior year *Total Segment EBITDA was $497 million compared to $355 million in the prior year *Book Publishing Segment EBITDA increased 65% compared to the prior year, driven by strong revenue growth across every category *Dow Jones reported 43% Segment EBITDA growth, driven by record digital advertising revenues and continued growth in digital subscriptions

Unit sales of print book rose 19.5% in the week ended January 30, 2021, over the comparable week in 2020 at outlets that report to NPD BookScan. The increase marks the third consecutive week unit sales increased by at least 19% compared to 2020. For the month of January, print unit sales were 21.3% higher than January 2020. As has been the case for most of January, sales were up by double digits in all major categories. The four children’s publishing segments saw the largest gains. Unit sales of young adult fiction increased by 50.6% over a year ago, and young adult nonfiction sales rose 41.2%. In YA fiction, sales of supernatural/horror rose by 113% over the week ended February 1, 2020.

Fiscal 2021 second quarter revenues grew 11 percent to a record $902 million from the prior-year period. Highlights from the second quarter of fiscal 2021 included: A 22 percent increase in National Media Group digital advertising revenues from the prior-year period. Sessions to Meredith's owned and operated and network sites grew 16 percent from the prior-year period, led by the PEOPLE, Allrecipes, Martha Stewart Living, and InStyle brands. A 96 percent increase in Local Media Group political spot and digital advertising from the prior election cycle two years ago. Performance was led by the Phoenix and Atlanta markets, which combined accounted for approximately 60 percent of total political advertising revenues. A 34 percent increase in National Media Group digital consumer/licensing revenues from the prior-year period. Performance was driven by Apple News+, strong sales of Better Homes & Gardens-branded products at Walmart stores across the United States and at Walmart.com, and ecommerce via other retail partners. Continued sequential year-over-year improvement in Meredith's magazine and non-political television advertising platforms. Both comparable National Media Group magazine advertising and Local Media Group non-political advertising revenues declined in the mid-teens from the prior-year period. As a result of this performance, fiscal 2021 second quarter earnings from continuing operations more than doubled to $149 million from the prior-year period. Adjusted EBITDA grew 57 percent to $304 million.

Costco Wholesale Corporation reported net sales of $13.64 billion for the retail month of January, the four weeks ended January 31, 2021, an increase of 17.9 percent from $11.57 billion last year. For the twenty-two weeks ended January 31, 2021, the Company reported net sales of $79.11 billion, an increase of 15.4 percent from $68.56 billion during the similar period last year.

Total revenues for the fourth quarter of 2020 increased 0.2 percent to $509.4 million from $508.4 million in the fourth quarter of 2019. Subscription revenues increased 14.7 percent to $315.8 million, advertising revenues decreased 18.7 percent to $139.3 million and other revenues decreased 12.1 percent to $54.3 million. Total operating costs decreased 0.4 percent in the fourth quarter of 2020 to $428.8 million compared with $430.4 million in the fourth quarter of 2019, while adjusted operating costs decreased 0.1 percent to $411.7 million from $412.0 million in the fourth quarter of 2019, in each case as a result of the factors discussed below.

2020 Financial Highlights •Delivered sales of $11.8 billion, up 2.7%, and up 3.5% on an organic, daily, constant currency basis compared to the prior year (excluding divestitures and foreign exchange) •Generated reported operating earnings of $1.0 billion; adjusted operating earnings of $1.3 billion •Achieved $1.1 billion of operating cash flow and returned over $0.9 billion to shareholders through dividends and share repurchases. Fourth Quarter Financial Highlights •Delivered sales of $2.9 billion, up 3.3%, and up 5.6% on an organic, daily, constant currency basis compared to the fourth quarter 2019 (excluding divestitures and foreign exchange) •Generated reported operating earnings of $275 million; adjusted operating earnings of $295 million •Achieved reported operating margin of 9.4%, up 300 basis points; adjusted operating margin of 10.0%, down 75 basis points

Gannett Co., Inc. announced that Gannett Holdings, LLC, a wholly owned subsidiary of the Company, has priced a $1.045 billion term loan, which will be used to refinance the 11.5% term loan entered into for the acquisition of Gannett Media Corp. The Term Loan B priced at L+700, with a 0.75% LIBOR floor and maturity of February 2026, callable at any time. The new Term Loan B is expected to close early next week and is subject to execution of definitive documentation. “We are pleased to announce the refinancing of our 11.5% term loan with a widely syndicated L+700 Term Loan B, which meaningfully improves the Company’s balance sheet and overall capital structure,” said Michael Reed, Chairman and Chief Executive Officer of Gannett.

Net sales increased 38% to $386.1 billion, compared with $280.5 billion in 2019. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37% compared with 2019. Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019. Net income increased to $21.3 billion, or $41.83 per diluted share, compared with net income of $11.6 billion, or $23.01 per diluted share, in 2019.

Fourteen weekly newspapers in New Jersey will convert to nonprofit status, thanks to a deal between the Corporation for New Jersey Local Media (CNJLM) and current owner, New Jersey Hills Media Group. CNJLM has signed a letter of intent to convert the titles, some of which are 100 years old. Hills Media weighed several offers, but chose to go with “a nonprofit organization dedicated to preserving and expanding the local news coverage we provide — in print, on the web and on social media,” states Liz Parker, co-publisher and executive editor.

As soon as Bike hit the brakes, Pocket Outdoor Media CEO Robin Thurston decided he wouldn’t wait around to see if it would resume operations. Instead, he saw a chance to fill that magazine’s void in the marketplace with a new title in POM’s portfolio, so he invited the editorial staff of the now-idle publication to join his company and reimagine what a mountain biking magazine could—and should—be. The result is Beta, a multichannel content platform launched Tuesday, which includes a new quarterly magazine, website, and membership program called Beta Pass (part of Pocket's larger Active Pass platform). Its first print edition is due out in late March, just as the snow begins melting and riders return to dirt singletrack across much of the country.

If you’re a commercial mailer of flats and periodicals, brace yourself. Customers are facing an unexpected and steep increase in USPS mailing rates sometime this summer — even while service standards remain miserably low. The first indication that something was seriously wrong with operations at the USPS came last July, when newly appointed PG Louis DeJoy changed trucking regulations. On-time mail deliveries plummeted. It was so bad that a Washington DC District Court judge ruled they must reverse the changes in October and file daily paperwork with their progress. Now, the Postal Regulatory Commission (PRC) tells us to expect an additional rate increase this summer of anywhere between 5.5% for first-class and up to 7.5% for marketing flats and periodicals. (That’s on top of recent rate changes that went into effect last month.) More at source: https://freeportpress.com/serious-questions-around-the-usps-and-rates/

UPS announced fourth-quarter 2020 consolidated revenue of $24.9 billion, a 21.0% increase over the fourth quarter of 2019. Consolidated average daily volume increased 10.6% year over year. Operating profit was $2.2 billion, up 1.6% compared to last year’s fourth quarter, or 26.0% on an adjusted basis. Net loss was $3.3 billion for the quarter; adjusted net income was $2.3 billion or 26.4% above the same period last year. In the fourth quarter, diluted loss per share was $3.75, compared to a diluted loss per share of $0.12 in the fourth quarter of 2019.

Combined print book and e-book sales hit 942 million units in 2020 at outlets that report to NPD BookScan, a 9% increase over 2019 and the most unit sales recorded in a single year by BookScan since the service was created in 2004. In a webinar held last week, Kristen McLean, executive director of NPD Books, said the gain was due to a combination of strong sales of both print and digital books. Print sales rose 8.2% over 2019, the largest annual increase since 2005, and the print total of 751 million units sold was the highest since 2009, the year before e-books started to become a meaningful part of the book business. E-book unit sales, as measured by NPD’s PubTrack Digital service, rose 12.6% over 2019 and were at their highest level since 2015, when 208 million units were sold (e-book sales figures for November and December are projections).

Book sales are still up following a hot start to 2021. Last week, unit sales of print books jumped 18% over the week ended January 25, 2020, at outlets that report to NPD BookScan. In the prior week, unit sales rose nearly 23% over 2020, resulting in a 22% increase in print sales through January 23 over the comparable period a year ago. Every major category had double digit increases last week. Those jumps were led by the young adult segments, where fiction rose 46.9% and nonfiction increased 48.5%. The top seller in fiction was We Were Liars by E. Lockhart, which sold nearly 15,000 copies, while Stamped by Jason Reynolds and Ibram X. Kendi topped the nonfiction list, selling about 4,100 copies.

Total consolidated revenues increased 44.8 percent, or 271.2 million, to $877.3 million, compared with total consolidated revenues of $605.6 million in the prior year period, driven by ecommerce growth of 59.7 percent including revenue contributions from PersonalizationMall.com (“PMall”), which the Company acquired in August 2020. Excluding the contribution from PMall, total net revenues increased 24.7 percent and e-commerce net revenues increased 34.6 percent compared with the prior year period. Gross profit margin for the quarter increased 100 basis points to 45.4 percent, compared with 44.4 percent in the prior year period. Operating expenses as a percent of total revenues was 28.6 percent, compared with 28.0 percent in the prior year period. Excluding the impacts of the Company’s non-qualified deferred 401k compensation plan and one-time costs primarily associated with its acquisition of PMall, operating expenses, as a percentage of total revenues was 28.3 percent in the quarter. Net income for the quarter increased 53.3 percent, or $39.5 million, to $113.7 million, or $1.71 per diluted share, compared with net income of $74.2 million or $1.12 per diluted share in the prior year period. Adjusted net income for the quarter increased 54.1 percent, or $40.1 million, to $114.2 million, or 41.72 per diluted share.

The Association of American Publishers (AAP) announced today that its Directors have re-elected Brian Napack as Chairman of the Board for the 2021-2022 term, and elected Michael Pietsch as Vice Chairman. Mr. Napack, who is President and CEO of John Wiley & Sons, began his tenure as Chairman in September of 2020. Previously he served as AAP’s Vice Chairman since the beginning of 2020, and as a Board member since 2017. Mr. Pietsch is Chief Executive Officer of Hachette Book Group. He has served on the AAP Board since 2013. In addition, the Board elected Jeremy North, Managing Director for Books publishing at Taylor & Francis, to continue in the role of Treasurer. Rounding out the Board’s Executive Committee is Tim Bozik, President of Global Product and North American Courseware for Pearson, and AAP Chairman from 2019-2020.

Bauer Media UK has added a new monthly magazine to its real-life portfolio from the team behind best-selling women’s weekly, Take a Break. Following its success as a standalone title during 2020, Take a Break Pets today launches as a monthly* title. A must-read for animal lovers, Take a Break Pets is jam-packed with incredible real-life stories about all creatures great and small, top vet and trainer advice, puzzles and prizes. Readers will also enjoy fun quizzes, a pet-friendly recipe section, exclusive discounts, reader brainwaves, four-legged fashion, fiction, heart-warming photos and much more.

Most notably, the Commission: *Completed its review of the current system for regulating rates and classes for Market Dominant products and issued its final rule modifying the existing price cap system *Reviewed and approved the Postal Service’s planned rate adjustments for Market Dominant and Competitive products and new product proposals *Explored important issues in public inquiry dockets related to service performance, the value of the postal and mailbox monopolies, and city carrier costs *Published three reports that (1) reviewed the Postal Services compliance with pricing and service standards, (2) provided an in-depth analysis of the Postal Service’s finances, and (3) evaluated whether the Postal Service met its performance goals as required under the law *Presided over several rulemakings related to Commission processes and activities

The Association of American Publishers (AAP) today released its StatShot report for November 2020 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 November 2020 were up 24.5% as compared to November 2019, coming in at $1.2 billion. Year-to-date sales were flat, with an increase of 0.8% as compared to the first eleven months of 2019, with a total of $13.6 billion.

The Postal Regulatory Commission is pleased to announce that President Joseph R. Biden, Jr. has designated Commissioner Michael M. Kubayanda chairman of the Commission, succeeding Robert G. Taub. “I am grateful for the opportunity to serve as chairman and look forward to serving all Americans, working with my colleagues in the Commission and throughout the Federal government, and connecting with a wide spectrum of stakeholders,” said Chairman Kubayanda. “I would especially like to thank Chairman Taub for his exceptional leadership of the Commission for more than six years. I plan to continue his approach of bipartisanship and collegiality.” Regarding the appointment, former Chairman Taub said, “A hearty congratulations to Chairman Kubayanda upon his designation. Chairman Kubayanda brings a wealth of experience and an enormous skill set to the role of chair. I know he will lead this agency quite well, and he has a great team to support him. It has been a true honor and privilege to serve as the head of the Commission for more than six years. I am proud of the Commission’s accomplishments during this time, which could not have been achieved without our fantastic agency staff. I know the Commission will continue that excellent work under Chairman Kubayanda’s leadership.”

With all major categories posting huge gains, unit sales of print books jumped 22.7% for the week ended Jan. 16, 2021, over the comparable week in 2020, at outlets that report to NPD BookScan. The biggest gains came in the YA categories, with fiction up 47.6% and nonfiction rising 46.9%. The release of Concrete Rose by Angie Thomas, which sold nearly 18,000 copies, helped to lift YA fiction. In YA nonfiction, Stamped by Jason Reynolds and Ibram X. Kendi was the top title, selling more than 4,100 copies. Juvenile fiction sales rose 30.7% over the week ended Jan. 18, 2020, led by Little Blue Truck’s Valentine by Alice Schertle, which sold just over 28,000 copies, and Dav Pilkey’s Cat Kid Comic Club, which sold nearly 22,000 copies. Juvenile nonfiction sales rose 28.8% over 2020. Two educational titles led the way: Crystal Radke’s My First Learn-to-Write Workbook sold more than 7,000 copies, and Big Preschool Workbook sold 6,400 copies. Adult fiction unit sales rose almost 30% over 2020.

Nearly 700 dockworkers at the twin ports of Los Angeles and Long Beach have contracted COVID-19 and hundreds more are taking virus-related leaves, raising fears of a severe slowdown in the region’s multibillion-dollar logistics economy. A growing longshore worker infection rate, which parallels the surge of the virus across California, is exacerbating a massive snarl at the ports due to a pandemic-induced surge in imports. Port executives, union leaders and elected officials are mounting an urgent campaign to initiate dockworker vaccinations, fearing that a labor shortage could force terminal shutdowns. “We’ve got more cargo than we do skilled labor,” said Eugene Seroka, executive director of the Los Angeles port. “We are told 1,800 workers are not going on the job due to COVID right now. That can [include] those who are isolating through contact tracing or awaiting test results. Or maybe [those who] fear ... going on the job when a lot of people are sick.” more at source: https://www.latimes.com/business/story/2021-01-20/covid-surge-hits-la-ports-increasing-need-for-vaccines

FedEx Express announces proposals to resize its European workforce as it nears the completion of the network integration of TNT. These proposals are part of a wider, multi-year growth strategy that enables the European Express business to confidently build on the momentum created in recent years. FedEx acquired TNT in 2016 as part of its European expansion plans, connecting the world’s largest air express network with an unparalleled European road network and global suite of services. Since the acquisition, successful integration has taken place across IT systems and key parts of the air, road and ground networks, and investments have been made in technology and infrastructure. Plans to address the duplication resulting from operating two large European networks connecting similar geographies were presented to European employee representatives and team members today. These proposals will regrettably have a workforce impact of between 5500 - 6300 people across operational teams and back-office functions. In the course of these consultations, the full range of support measures for affected team members will be discussed with works council representatives from across the region. These measures differ by country and may include voluntary redundancy, reassignment to other roles and priority access to open positions. The consultation process will take place over an eighteen-month period in line with local country processes and regulations.

Key highlights for the 12 months: *Group sales declined by 10% and we expect to report adjusted operating profit in the range of £310m-£315m at an average USD:GBP exchange rate of 1.28; with portfolio changes, inflation and the trading impact of COVID-19 partially offset by restructuring savings. *Global Online Learning sales grew 18% due to strong enrolments in new and existing schools in Virtual Schools and good sales growth in Online Program Management (OPM), with growth in continuing programs partially offset by discontinued programs. *Global Assessment sales declined 14%, reflecting the impact of test centre closures during the lockdowns in H1 in Professional Certification, with pent up demand in the second half partly moderated by Q4 lockdowns. Cancellation of Spring testing impacted US Student Assessment and school closures impacted US Clinical Assessment. *North American Courseware declined 13% with US Higher Education Courseware revenue down 12%, with good growth in digital registrations and eBooks and a further decline of higher priced package and print sales. At the end of 2020, over 70% of US Higher Education Courseware revenue was digital. *International declined 19% due to school and test centre closures and the continuing impact of COVID-19 on public and private spending on courseware and assessments.

Key 2020 General Election Performance Statistics: *135 Million Ballots Processed and Delivered. The Postal Service delivered at least 135 million ballots, including both blank ballots delivered from election officials to voters and completed ballots returning from voters to election officials. i *99.89 Percent of Ballots Delivered to Election Officials Within a Week. Overall, 99.89 percent of identified ballots mailed after September 4 were delivered within seven days, consistent with the Postal Service’s recommendation to voters. The overwhelming majority of ballots were delivered in far less time than that. Specifically, based on internal processing scores, 97.9 percent of ballots mailed from voters to election officials were delivered within three days, and 99.7 percent were delivered within five days. click read more below for the rest of the story

“We are pleased to share that the fourth quarter ended with strong Revenue and Adjusted EBITDA performance,” said Michael Reed, Chairman & Chief Executive Officer. “Revenue improvement was primarily driven by a continued rebound in our advertising trends, both print and digital. We also continued to see strong digital-only circulation pro forma revenue performance with an increase of approximately 46% year-over-year. The revenue improvement as well as continued expense management, led to stronger Adjusted EBITDA, and positions us for continued performance improvement in 2021. We reduced $654 million of our 11.5% term loan during the fourth quarter and an additional $30 million subsequent to year end, which brings our total term loan reduction to $684 million. These actions have allowed us to reduce debt outstanding to $1.545 billion, which is ahead of the originally outlined levels that we shared in connection with the acquisition of Gannett Media Corp. in 2019. The reduction of the term loan through debt paydown and refinancing of approximately $500 million into convertible notes has reduced our annual interest expense by $48 million. As we head into 2021, we firmly believe that we will be in a position to refinance the remaining term loan, which will further improve our balance sheet.”

Year-end book sales across Europe were slammed by December lockdowns after Covid-19 cases surged across the continent. Still, preliminary results in three major markets show declines for the full year were modest. In Germany, Europe’s single largest book market, sales were up 25% in the first two weeks of December over 2019, but they plummeted when a new lockdown was imposed on December 16. Overall sales for the year were down 2.3% compared with 2019, according to BUCH, a German book publishing trade group. Bookstores saw sales drop 8.7% for the year, but gains by online booksellers and platforms offset that decline. “It is true that books played an important role for people during the crisis,” said Karin Schmidt-Friderichs, head of the BDB, in a press release. “There was great enthusiasm for reading and demand for books was high for much of the year. But the shutdown in December thwarted the industry’s plans. The renewed store closings in the middle of the Christmas business stopped the race to catch up from lost sales due to the shutdown in spring.”

*Proposes Combination of Consumer-Focused Retail Operations of Office Depot and Staples as More Direct Path to Achieving Synergies for Shareholders of Both Companies, Without Raising Substantial Regulatory Risk *Process for Sale of CompuCom IT Services Business Already Underway as a Result of Strategic Review Announced in November *Reaffirms Focus on B2B Operations and Other Growth Initiatives to Accelerate Value Creation *Notes That Sycamore’s Proposal Does Not Adequately Address Regulatory Risk to Office Depot Shareholders

The European Academy of Allergy and Clinical Immunology (EAACI) and John Wiley & Sons Inc., a global leader in research and education, have expanded their publishing partnership to include EAACI’s official open access journal Clinical and Translational Allergy (CTA) alongside their other publications, Allergy and Pediatric Allergy and Clinical Immunology, as of January 2021. CTA is a fully open access journal, edited by Prof. Jean Bousquet and Dr. Clive Grattan, and provides a dissemination of allergy research and reviews, as well as EAACI position papers, task force reports, and guidelines for an international scientific audience. “We are delighted to extend our collaboration with Wiley to include CTA in 2021. Having all three journals under the same publishing umbrella will allow them to benefit from Wiley's extensive expertise in the publishing process, while at the same time keeping up the high quality of EAACI's scientific content, including the most relevant progress and updates in the field." Tomàs Chivato, EAACI VP Science; Jean Bousquet, CTA Editor-in-Chief; Clive Grattan, CTA Editor-in-Chief.

John Wiley and Sons, Inc. and Iowa State University today announced the signing of a three-year transitional open access agreement, among the first-of-its-kind in the United States. The agreement will advance Iowa State University’s goal to increase open access publishing and expand its open access offerings, allowing peer-reviewed articles to be read and shared immediately, and making important research broadly available. The multi-year agreement, which will run from January 1, 2021 through 2023, will allow the University to accelerate the number of open access articles it publishes, by increasing its publishing funds toward open access articles in Wiley’s hybrid and gold open access journals. This agreement builds on the University’s current partnership with Wiley, which gives faculty, researchers, and students access to Wiley’s leading portfolio of journals.

National Popcorn Day is on January 19! The Popcorn Factory® and Moose Munch® Premium Popcorn are marking the occasion by sharing unique ideas for enjoying one of America’s favorite, go-to snacks. From popcorn aficionados seeking traditional or trendy flavors, to families looking for creative ways to relish the gourmet treat together at home, these brands offer something special for every palate: Ready to explore the world of popcorn flavors? The adventure begins with a broad selection of sweet and savory flavors including cookies & crème, chicken & waffles, bacon cheddar, milk chocolate and salted caramel. These one-of-a-kind, poppin’ flavors will step up everyone’s snacking game.

Unit sales of print books got off to a blazing start in 2021. Sales jumped 19.3% last week over the week ended January 2 at outlets that report to NPD BookScan. Moreover, units were up nearly 25% over the comparable week in 2020. With sales hitting 17.1 million, BookScan said it was the first time in the history of the service unit sales topped 17 million in the first week of January. Early January is always a good time for titles tied to renewal and self-improvement, and those categories did especially well compared to last year. In the nonfiction adult segment, double-digit gains were posted by body, mind, and spirit (up 63%), self-help (ahead 30%), cooking (+22%), and religion (+13%). The new year did not help the travel segment, however, with units tumbling 41%.

During the holiday season, Nordstrom continued to leverage its digital and physical assets to provide a unique breadth of merchandise selection across brands, price points and styles and convenient shopping experiences for customers: *December sales across the Nordstrom and Nordstrom Rack brands reflected sequential improvement from November with momentum continuing into January. *Digital sales grew 23 percent over last year and represented 54 percent of total sales compared with 34 percent from the same period in fiscal 2019. *Approximately 11 percent of Nordstrom.com orders were picked up in-store, which accelerated to more than 20 percent during the week preceding Christmas. *Approximately 9 percent of Nordstromrack.com orders were picked up in-store, which was enabled by the integration of Nordstrom Rack store and online inventory in October. *More than 30 percent of online orders were fulfilled from Nordstrom and Nordstrom Rack stores. *As a result of expanded gifting selection, gifting items made up 67 percent of sales, an increase of 600 basis points from the prior year.

Total Company net sales for the two months ended December 31, 2020, decreased 8.4% over the same period last year. Comparable Retail segment net sales decreased 9% due to negative retail store net sales as stronger conversion rates could not offset the reduced store traffic as a result of the coronavirus pandemic and related restrictions. Lower store net sales were partially offset by strong double-digit growth in digital channel sales. By brand, comparable Retail segment net sales increased 1% at Free People and decreased 8% at Urban Outfitters and 12% at the Anthropologie Group. Wholesale segment net sales decreased 1%. For the eleven months ended December 31, 2020, total Company net sales decreased 14.3% over the same period last year. Comparable Retail segment net sales decreased 12%, driven by negative retail store net sales due to mandated store closures as a result of the coronavirus pandemic and lower store productivity once opened, partially offset by strong double-digit growth in the digital channel. Wholesale segment net sales decreased 42%. On a personnel note, URBN today announced Trish Donnelly, Chief Executive Officer of the Urban Outfitters Group, will be leaving the Company as of January 31, 2021, to pursue a new career opportunity. We are pleased to announce that Sheila Harrington will become Chief Executive Officer for both Urban Outfitters Group and Free People Group. Additionally, Gabrielle Conforti, currently the Chief Merchandising Officer for the Urban Outfitters brand, has been promoted to President, Urban Outfitters North America, and Emma Wisden will continue as Managing Director, Urban Outfitters Europe, and will lead the Urban Outfitters brand Wholesale business. Both Gabrielle and Emma will report to Sheila.

For the November/December period compared with last year: *Comparable sales grew 17.2 percent, reflecting comparable store sales growth of 4.2 percent and comparable digital sales growth of 102 percent. *Traffic increased 4.3 percent and average ticket increased 12.3 percent. *The company continued to gain market share in all five of its core merchandise categories. Sales growth was strongest in Home and Hardlines. *Sales on same-day services (Order Pick Up, Drive Up and Shipt) grew 193 percent. *Drive Up grew more than 500 percent. *Shipt grew more than 300 percent. *Approximately 95 percent of Target's sales were fulfilled by its stores.

Outsourced marketing execution provider HH Global today announced it has signed an agreement to acquire the Marketing Services division of GBG. The agreement will further strengthen the interactive capabilities of HH Global, following the acquisition of Blueberry Wave in 2019. Existing GBG Marketing Services customers will benefit from the extensive specialist capabilities that HH Global provides. Steve Mattey, Managing Director, Interactive said: “This acquisition strengthens our interactive solutions, supporting our clients’ growing needs for smarter and more advanced marketing execution. We are delighted at the additional marketing technologies and tools this acquisition brings us, as well as the highly skilled team from GBG.” Existing GBG Marketing Services customers will immediately benefit from the extensive specialist capabilities that HH Global provides, across end-to-end marketing execution services.

The ODP Corporation confirmed that it has received a proposal to acquire the Company from USR Parent, Inc., the parent company of Staples and a portfolio company of Sycamore Partners. Consistent with its fiduciary duties, ODP’s Board of Directors is carefully reviewing the proposal in consultation with its financial and legal advisors to determine the course of action that it believes is in the best interests of the Company and its shareholders. As part of its review, the Board is evaluating various components of the proposal, including potential antitrust and other regulatory challenges given USR Parent’s ownership of Staples and past regulatory decisions blocking the combination of the two companies, purchase price, and closing conditionality. The Company noted that, according to its letter to ODP, USR Parent expects the regulatory process to take at least six months.

Bauer Media UK is to add two new magazines to its successful Puzzles portfolio. The company, which already publishes a number of Take a Break puzzles magazines, today launches Bella Puzzles Train Your Brain – a brand extension to Bella, one of the nation’s most popular women’s weekly titles. The monthly title, priced at £2.50, offers 84 pages of challenging puzzles to help train the brain as well as features on mindfulness, well-being and health that will feel familiar to Bella readers. A second standalone title, Bigger Better Puzzles, hits newsstands on Thursday (14 January) and marks Bauer Media UK’s first dedicated large-print mixed puzzle magazine.

Enthusiast magazines Rock and Ice and Climbing, which have been rivals for 36 years, are now one entity. The future merger was announced when Big Stone Publishing was acquired by Pocket Outdoor Media in October 2020. The new combined publication, called Climbing, debuts this spring — but it will be written by the editorial staffs of both magazines. To date, there has been no mention of staff reductions. The future Climbing will include art makeovers and upgrades, as well as more content and higher production values. Editors describe the alliance as “having a partner to help solve an elusive crux, rather than trying to unlock it yourself.”

North Island Media has joined Two Sides North America, the non-profit organization that promotes and encourages the responsible production, use, and sustainability of print, paper, and paper-based packaging. “Two Sides North America welcomes North Island Media as a new member and we look forward to working with them to expand our reach within the Canadian printing industry. Two Sides materials and content cover the sustainability aspects of print and paper in both the US and Canadian markets and are available to member companies in both countries,” said Phil Riebel, Two Sides North America President.

Abercrombie & Fitch Co. provided an update to its fiscal fourth quarter 2020 plan. The company expects: *Net sales to decline in the 5% to 7% range versus plan of down 5% to down 10%, reflecting ongoing digital momentum offset by store closures and capacity restrictions in North America and EMEA. *Gross profit rate to be up at least 130 basis points to last year’s 58.2% versus plan of flat to up slightly, benefiting from reduced depth and breadth of promotions and markdowns relative to plan and to last year. *Operating expense, excluding other operating income, to be down at least 2% from fiscal 2019 adjusted non-GAAP operating expense of $566 million, reflecting savings in store expenses due to closures and the recognition of rent abatements. This compares to plan of up 1% to 2%.

*Total net sales of $148.7 million increased by 3.3% for the 2020 holiday period compared to $143.9 million for last year’s comparable nine-week holiday period ended January 4, 2020 (the “2019 holiday period”). *Total comparable net sales, including both physical stores and e-commerce, increased by 2.7% for the 2020 holiday period compared to a decrease of 2.0% for the 2019 holiday period. Comparable net sales of Footwear, Womens and Mens increased compared to the 2019 holiday period, partially offset by decreases in Boys, Accessories and Girls. *Comparable net sales in physical stores decreased by 12.4% for the 2020 holiday period compared to a decrease of 2.7% during the 2019 holiday period. Comparable net sales in physical stores decreased in all geographic markets during the 2020 holiday period compared to the 2019 holiday period. Net sales in physical stores represented 69.0% of total net sales for the 2020 holiday period compared to 80.5% of total net sales during the 2019 holiday period. *E-commerce net sales increased by 65.2% for the 2020 holiday period compared to an increase of 1.0% during the 2019 holiday period. E-commerce net sales increased across all 50 states during the 2020 holiday period compared to the 2019 holiday period. E-commerce net sales represented 31.0% of total net sales for the 2020 holiday period compared to 19.5% of total net sales during the 2019 holiday period.

With all major categories posting increases, unit sales of print books rose 8.2% in 2020 over 2019 at outlets that report to NPD BookScan. For the year ended January 2, 2021, units hit 750.9 million, up from 693.7 million a year ago. While the book industry was concerned that sales would collapse when pandemic-induced store lockdowns were imposed in the spring, sales never saw a serious decline despite the other effects of Covid-19 on the business. Online sales and sales through non-bookstore outlets more than offset declines at physical retailers.

Torstar Corporation announced today it has joined with Golf Town Limited to create a new partnership to acquire SCOREGolf Magazine, including all SCOREGolf content and related assets. SCOREGolf, which started in 1980, is a Canadian media brand that includes SCOREGolf Magazine, the largest circulated golf publication in Canada, as well as SCOREGolf.com, television and video content production, and the ranking of Canada’s Top 59 public golf courses and Top 100 golf courses.

L Brands, Inc. reported net sales of $3.836 billion for the nine weeks ended Jan. 2, 2021, compared to net sales of $3.906 billion for the nine weeks ended Jan. 4, 2020. Comparable sales increased 5 percent for the nine weeks ended Jan. 2, 2021, compared to the nine weeks ended Jan. 4, 2020. At Bath & Body Works, comparable sales increased 17 percent for the nine weeks ended Jan. 2, 2021, including a comparable sales increase of 5 percent in stores and 64 percent sales growth in the direct channel. The merchandise margin rate for the quarter-to-date period increased significantly. At Victoria’s Secret, comparable sales decreased 9 percent for the nine weeks ended Jan. 2, 2021, including a comparable sales decrease of 23 percent in stores and 24 percent sales growth in the direct channel. The merchandise margin rate for the quarter-to-date period increased significantly.

Costco Wholesale Corporation reported net sales of $19.14 billion for the retail month of December, the five weeks ended January 3, 2021, an increase of 12.3 percent from $17.04 billion last year. For the 18 weeks ended January 3, 2021, the Company reported net sales of $65.47 billion, an increase of 14.9 percent from $56.99 billion during the similar period last year.

First quarter results, year-over-year: *Sales increased 5.7 percent to $36.3 billion, up 5.2 percent on a constant currency basis *Loss per share was $0.36, compared to EPS of $0.95 in the year-ago quarter, including a $1.73 per share charge from the company's equity earnings in AmerisourceBergen; Adjusted EPS decreased 11.2 percent to $1.22, down 11.6 percent on a constant currency basis, reflecting an estimated adverse COVID-19 impact of $0.26 to $0.30 per share *Net cash provided by operating activities was $1.2 billion, an increase of $134 million; Free cash flow was $763 million, an increase of $90 million, or 13 percent

Amazon announced its first-ever purchase of eleven Boeing 767-300 aircraft, expanding its fleet to continue to serve customers. The purchases include seven aircraft from Delta and four aircraft from WestJet, which will join the network by 2022. Amazon Air’s fleet expansion comes at a time when customers are relying on fast, free shipping more than ever. “Our goal is to continue delivering for customers across the U.S. in the way that they expect from Amazon, and purchasing our own aircraft is a natural next step toward that goal,” said Sarah Rhoads, Vice President of Amazon Global Air. “Having a mix of both leased and owned aircraft in our growing fleet allows us to better manage our operations, which in turn helps us to keep pace in meeting our customer promises.”

Wyndham Destinations and Meredith Corporation announced that Wyndham Destinations has acquired the Travel + Leisure brand and all related assets from Meredith Corporation, combining the travel company’s portfolio of resort, membership, and lifestyle travel brands with the world’s most trusted travel lifestyle content curator and its travel clubs. “We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,” said Michael D. Brown, president and chief executive officer of Wyndham Destinations. “This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”

AmerisourceBergen Corporation and Walgreens Boots Alliance, Inc. announced strategic agreements under which AmerisourceBergen will acquire the majority of Walgreens Boots Alliance’s Alliance Healthcare businesses for approximately $6.5 billion, comprised of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock. AmerisourceBergen’s acquisition of Alliance Healthcare will provide even stronger support for pharmacies and pharmacists across the globe and integrated solutions for pharmaceutical manufacturers. Walgreens Boots Alliance will be able to increase its focus on expanding its core retail pharmacy businesses, bringing even greater healthcare offerings to patients and customers and further accelerating its progress on its clear set of strategic priorities.

Postal Regulatory Commission (PRC) Chairman Robert G. Taub announced that Commissioner Ashley E. Poling has been unanimously elected as Vice Chairwoman of the Commission, succeeding Vice Chairman Michael Kubayanda. PRC regulations state that the Commission elect a member to serve as Vice Chairman for a term of one year. Chairman Taub said he is elated Commissioner Poling has agreed to serve in the capacity of Vice Chairwoman. “She has a unique understanding of the challenges at hand and understands the importance of the regulators' role as we navigate the complexities involved in making sure we have a vibrant postal system for years to come.”

In the last full shopping week before Christmas, unit sales of print books fell 3.5%, compared to the similar week in 2019, at outlets that report to NPD BookScan. Sales were down in the four biggest segments, with juvenile nonfiction units falling the most, dropping 9.2%, compared to the week ended Dec. 21, 2019. The Unofficial Harry Potter Cookbook by Dinah Bucholz was #1 on the category list, selling over 35,000 copies. Last year at this time, the title sold more than 37,000 copies and was in third place, topped by Raina Telgemeier’s Guts (about 43,000 copies sold) and The Try Not to Laugh Challenge by Crazy Corey, which sold about 39,000 copies. The juvenile fiction category had a 4.4% decline in the week, with Cat Kid Comic Club by Dav Pilkey at #1, selling over 88,000 copies.

The move to increase the minimum wage gained significant ground in 2020 on the state level. Twenty-five states will raise the minimum wage in 2021, with 21 of those states enacting the increases on January 1, according to payroll experts at Wolters Kluwer Legal & Regulatory U.S. The firm noted that some of the hikes in states such as California, Colorado, Maine, Washington are the result of previously approved incremental increases to reach a specific amount that is considered to be a "living wage." Other states' increases reflect an annual cost-of-living adjustment, which accounts for the changes in states like Alaska, Florida, Minnesota, and Montana.

JCPenney’s new ownership group, consisting of Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group, have launched a search for a Chief Executive Officer to replace Jill Soltau, who will be exiting the company effective December 31, 2020. The search will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney. With a successful track record of turning around retailers and brands and restoring them to profitability, JCPenney’s new ownership group will establish a temporary office of the CEO to include key members of JCPenney’s current leadership team. Stanley Shashoua, Simon Property Group’s Chief Investment Officer, will be appointed interim CEO effective January 1, 2021.

The number of new print magazines launched in the US dropped by more than half in 2020 to 60, compared to 139 a year earlier. But in a surprise move, the pace of new launches accelerated in the second half of the year with food, home and fitness titles proving the most popular. The data comes from Professor Samir Husni, founder of the University of Mississippi’s Magazine Innovation Center at the School of Journalism and New Media, who bills himself as “Mr. Magazine,” and has been tracking the number of new US magazine launches since 1978.

Thomson Reuters Corporation announced that it has received approval from the Toronto Stock Exchange for the annual renewal of its normal course issuer bid. Under the renewed NCIB, up to 5 million common shares (which represents approximately 1% of Thomson Reuters issued and outstanding common shares) may be repurchased between January 4, 2021 and January 3, 2022. Thomson Reuters has set a target to maintain approximately 500 million common shares outstanding by using share repurchases to offset dilution associated with its dividend reinvestment and equity incentive plans. On December 24, 2020, there were 497,117,528 Thomson Reuters common shares outstanding. For its NCIB that began on August 19, 2019 and expired on August 18, 2020, Thomson Reuters previously received approval from the TSX to repurchase up to 25 million common shares. Of this amount, Thomson Reuters repurchased approximately 6.9 million common shares for a total cost of approximately US$500 million, representing an average price of US$72.61 per share.

In the last full shopping week before Christmas, unit sales of print books rose 5.2% over the week ended December 12 at outlets that report to NPD BookScan. But unlike many weeks in 2020, unit sales fell compared to 2019, with unit sales down 3.5% from the week ended December 21, 2019. The adult segments led the gain over the week ended December 12. Unit sales of adult nonfiction increased 10.3% over the prior week as Barack Obama’s A Promised Land remained the top-seller, selling more than 327,000 copies. Since its release November 17, the memoir has been the #1 selling book in the country every week and has sold over 2,254,000 copies at outlets that report to BookScan.

Even before work became WFH and social interaction turned completely digital, people have been longing for tangible elements in our hyper online landscape. Now, the search for sensory engagement beyond what our screens can offer is even more meaningful. And that could mean now is the right time to focus on print in your brand strategy. “Engaging sensory experiences have become even more meaningful during this time of uncertainty,” writes Cecile Jordan in Beyond Definition. “Think about how refreshing it is to take a walk outside. Or open a piece of mail. Not an email or another utility bill. I mean actual snail mail perhaps from a friend or maybe a magazine.” Jordan echoes what many brands are finding; that direct mail and printed marketing is more welcome — and more successful — when our audiences are digitally maxed out.

Facebook says more than 5,700 publishers began using or rejoined its Instant Articles feature this year. That includes Reuters, Salon and The Daily Dot. The top 100 publishers in the U.S. and Canada using Instant Articles experienced RPM (revenue per thousand article reads) growth of 48% year over year. Globally, the top 500 publishers saw RPM growth of 27% year over year.

Meredith Corporation's EatingWell, the ultimate source for people passionate about food and wellness, announces that its December issue advertising revenue is up 38% from last year, with its total fourth quarter 2020 print advertising revenue up 10% year-over-year. The EatingWell website posted a 26% increase in unique visitors between November 2019 and November 2020 to 4.4 million from 3.5 million,* and its total followers across its social channels has increased by 16% year over year as of November, led by a follower increase of 85% on Instagram. Tiffany Ehasz, Publisher of EatingWell said, "As we reach the finale of EatingWell's 30th year, this trusted brand is more relevant than ever. It's exciting to see how our content is resonating with consumers as they seek out recipes and information in areas we know so well—food, wellness, sustainability, giving back and beyond—particularly during these times. In fact, according to a recent Meredith Data Studio survey, seven in ten women were motivated to improve the way they eat during the pandemic. Lastly, I'd like to send a big thank you to our advertising partners. I'm very grateful to everyone who has supported us this past year and looking forward to a fruitful 2021."

Guitar Center expects to emerge from Chapter 11 bankruptcy by Dec. 31 after recently winning approval in federal bankruptcy court for its reorganization plan, the company said in a press release. According to the musical instrument retailer, the plan allows it to shed more than $800 million in debt. At the same time, Guitar Center has raised $350 million in new secured notes and expects to have a new asset-based facility worth up to $375 million, as well as $165 million in new equity investments.

Patagonia’s used clothing program is beginning to take off. The company has been gradually building out its own resale platform, Worn Wear. Now, the four-year-old service, which allows customers to sell their own Patagonia items and buy authenticated used ones, is having a “record year” in sales, according to the company. Worn Wear has also seen “record sales months” for its up-cycled collection, called ReCrafted, which launched in November 2019, according to the company. It’s been quite the year for used and second hand marketplaces. Resale platforms — including Poshmark, ThredUP and Mercari — reported major uptick in growth. But Patagonia opted to build its own service to be able to buy back inventory, authenticate and resell it to enthusiastic customers.

Dear Industry Member: Hopefully, you attended ACMA’s Postal Nightmare web event this week (though if you did not, I encourage you to click here to view the replay) and you better understand the grave implications of the PRC’s recent Order on the 10-Year Review. Our discussion clearly illustrated the challenges all users of the mail are experiencing right now. We also laid out the concrete steps we can take to forestall, ameliorate, reduce or manage the steep climb of mailing costs we are facing. This truly needs a widespread industry response now; otherwise, 2021 will surely begin the death spiral for mail. It is stunning that officials in Washington have demonstrated such disregard for the realities of our operating businesses, seeking only more money from business mailers to sop up the rapidly-expanding costs for the benefit of the nation. view the replay at: https://www.youtube.com/watch?v=UhCCZ6muo3M . Click Read More for additional key information

A new scientific report is in, affirming what most teachers can probably already tell you: Print is vital for effective education. “The argument that reading on paper results in deeper comprehension and retention, concentration, vocabulary building and memory has been given immense weight by a groundbreaking new study,” notes this article from Two Sides NA. “The research examined the results of 54 studies with a total of over 170,000 participants from 19 countries,” the article continues, “and found overwhelming evidence that comprehension of text is much stronger when reading from paper as opposed to a screen, particularly when the reader is under time pressure.” We’ve shared previous research on this topic — studies have shown that reading on paper is better for comprehension and overall learning — but there was a new twist to this study, named E-READ. The four-year study aimed to discover if students learning from digital devices progressed as rapidly as those learning by reading on paper. The results are clear. “Students learning from digital devices only progressed one third as much as they would have done had they been reading on paper,” the article notes.

With gains across all categories, unit sales of print books rose 16.9% last week over the week ended December 5. Adult nonfiction and juvenile nonfiction led the way with increases of 19.7% and 19.5%, respectively. Barack Obama’s A Promised Land remained the top seller in the week, selling nearly 325,000 copies at outlets that report to NPD BookScan. Two newly released titles also contributed to the increase in adult nonfiction sales—Bag Man by Rachel Maddow sold over 46,000 copies and The Last Days of John Lennon by James Patterson sold more than 36,000 copies.

Gannett Co., Inc. announced that from the beginning of the fourth quarter through the end of this week, the Company will have repaid approximately $647 million of its 11.5% term loan, reducing the outstanding balance to $1.082 billion. The sources of funds for the $647 million of repayment are: $497 million of proceeds from the Company’s issuance of 6% senior secured convertible notes due 2027; Approximately $135 million of real estate and other non-core asset sales; and Approximately $15 million of excess cash sweeps. “We are pleased to be closing the year having made significant progress to improve our capital structure. The actions we have taken to date have lowered our interest payments by $45 million annually. Our asset sales have accelerated our debt repayment expectations and have increased our confidence in our ability to refinance the remaining term loan during the first half of 2021,” said Michael Reed, Gannett Chairman and Chief Executive Officer. “Additionally, revenue trends have continued to improve, which we expect will drive strong fourth quarter results and set us up to start the year with strong momentum. Our real estate sales pipeline and amortization payments are expected to further reduce debt by approximately $100 million by early 2021.”

Bookstore sales fell 27.8% in October compared to 2019, according to preliminary estimates released by the U.S. Census Bureau. Sales were $446 million, down from $618 million in October 2019. The October decline was nearly identical to the drop reported in September, when bookstore sales fell 27.7% compared to the previous year—suggesting that, for the moment, bookstore sales appeared to have stabilized, albeit at a rate far below normal levels.

The Association of American Publishers released its StatShot report for October 2020 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 October 2020 were up 7.3% as compared to October 2019, coming in at $1.2 billion. Year-to-date sales were down 1.0% as compared to the first ten months of 2019, with a total of $12.4 billion. Trade (Consumer Books) sales were up 2.4% year-over-year, coming in at $960.6 million. Year-to-date (January-October 2020) Trade sales were up 6.9% as compared to the same period last year, coming in at $6.9 billion. In terms of physical paper format revenues during the month of October, in the Trade (Consumer Books) category, Hardback revenues were down 1.8%, coming in at $456.8 million; Paperbacks were down 0.7%, with $246.3 million in revenue; Mass Market was down 2.7% to $19.8 million; and Board Books were up 19.7%, with $27.0 million in revenue.

McGraw Hill announced that it has entered into a transaction support agreement to address its near-term debt maturities. The contemplated transaction will extend all material debt maturities through late 2024. “Following a strong performance in the critically important back-to-school period, we are pleased to announce a comprehensive refinancing that addresses all near-term debt maturities”, said Garet Guthrie, Executive Vice President and Chief Financial Officer. ”The comprehensive refinancing is underpinned by the confidence that lenders and investors have in our business and will allow us to continue to execute on our digital growth strategy and to unlock the potential of learners around the world.”

Condé Nast has made changes to its global content strategy, leadership and structure. It will appoint global leadership teams to its brands to oversee international and U.S. markets. “This new strategic approach to content creation brings an emphasized focus, across the company’s worldwide portfolio of brands, on quality and reach,” reads a company statement. It calls the changes a “complete redesign and investment in editorial operations.” Anna Wintour is now the first global Chief Content Officer of Condé Nast. She will also serve as global editorial director of Vogue, while continuing her oversight of Vogue U.S.

This October, the adult and children’s/young adult segments had polar opposite results—sales of adult books rose 10.2% in the month over 2019, while sales in the children’s/YA category fell 10.2% for publishers that report results to AAP’s StatShot program. Gains in the adult segment were led by an 18.2% increase in sales of trade paperbacks, and both digital formats saw double digit increases as e-book sales rose 13% and downloadable audio sales increased 12% over 2019. Overall, in the first 10 months of 2020, adult trade book sales rose 9.1% over the comparable period in 2019 at publishers who reported sales to AAP.

(subscription required) Holiday book buying kicked into high gear last week, with unit sales of print books jumping 44.3% over the week ended November 29, 2020, at outlets that report to NPD BookScan. The smallest gain in the week came in young adult fiction, where sales increased 31.2%, whereas the biggest jump was in young adult nonfiction, which had an 86.8% increase. In general, the sales boost came from higher sales of existing titles. For example, The Boy, the Mole, the Fox and the Horse, last year's Barnes & Noble book of the year, saw sales skyrocket to about 138,000 copies last week from just over 14,000 copies in the previous week. Holiday favorite How the Grinch Stole Christmas had a 77% sales jump in the week, with sales nearing 52,000 copies sold.

It seemed impossible that the acquisition of Simon & Schuster by Penguin Random House the day before Thanksgiving could be overshadowed by a bigger industry event, but that is what happened when book publishing’s long-running trade show and convention, most recently known as BookExpo, was canceled. As the buzz about the end of BookExpo has cooled down, industry members continue to digest the news of PRH’s pending purchase of S&S, the nation’s largest and third-largest trade book publishers, respectively. When the acquisition was announced, the Authors Guild, the American Booksellers Association, and the Association of American Literary Agents (formerly the AAR) all issued statements that were critical of the deal. While each organization had a particular take, all shared one thing in common: they were concerned about the increasing consolidation within trade publishing. The Authors Guild, which called the 2012 Random House–Penguin merger “unsettling,” took a tougher stance in PRH’s S&S purchase, saying that, for authors, the reduction of the Big Five to Big Four would leave “fewer competing bidders for their manuscripts, which would inevitably drive down advances offered.”

To collectively fight against climate change and advance equity in the industry, REI Co-op is engaging its more than 1,000 brand partners to advance more sustainable and inclusive business practices. The REI Product Impact Standards include the co-op’s expectations for how brands are addressing carbon reduction, inclusive marketing practices and cultural designs in the products they make and sell to REI. The standards first launched in 2018 as a way for REI to advance sustainability across the industry and have expanded to include additional areas of impact. The standards also include voluntary product certifications, known as preferred attributes, which includes recognition for products that are certified to Climate Neutral, bluesign, or other leading standards supporting organic ingredients, recycled materials or fair trade. REI is committing that, by 2030, all products on its shelves will have a preferred attribute so that every purchase at REI supports a healthier, cleaner, more equitable planet. “The products we carry represent our values and one of our greatest opportunities to support better ways of doing business in our industry,” said Chris Speyer, REI vice president of product. “We want our members and customers to shop with confidence, knowing that the products they purchase at REI are helping build a better future for the people and places they love.”

The nonpartisan Government Accountability Office (GAO) has come to us requesting specific company information about how our members have been impacted since the Supreme Court decision in South Dakota v. Wayfair in June 2018. This study will go to Members of Congress and will help make the case for legislative relief from the punishing complexity, cost and liabilities being imposed on remote sellers. So far, several members of ACMA's Tax Committee have stepped up with their case studies, showing in detail the kind of financial hardship the Wayfair decision has had on their businesses. Please help with our goal being to get Federal legislation passed so you don't have more than dozens of states chasing after you for back taxes, audits, and other liabilities. Our help in this crucial GAO report will go a long way toward reaching this vital goal. Click read more below for important directions to share your input.

PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 Illuminating, two independent colors that highlight how different elements come together to support one another, best express the mood for Pantone Color of the Year 2021. Practical and rock solid but at the same time warming and optimistic, the union of PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 Illuminating is one of strength and positivity. It is a story of color that encapsulates deeper feelings of thoughtfulness with the promise of something sunny and friendly. A message of happiness supported by fortitude, the combination of PANTONE 17-5104 Ultimate Gray + PANTONE 13-0647 Illuminating is aspirational and gives us hope. We need to feel that everything is going to get brighter – this is essential to the human spirit.

Fourth Quarter Fiscal Year 2020 Financial Highlights: *Adobe achieved record quarterly revenue of $3.42 billion in its fourth quarter of fiscal year 2020, which represents 14 percent year-over-year growth. Diluted earnings per share was $4.64 on a GAAP basis, and $2.81 on a non-GAAP basis. *GAAP operating income in the fourth quarter was $1.22 billion, and non-GAAP operating income was $1.54 billion. GAAP net income was $2.25 billion, and non-GAAP net income was $1.36 billion. *Cash flows from operations were a record $1.78 billion. *Adobe repurchased approximately 1.6 million shares during the quarter.

Costco Wholesale Corporation announced its operating results for the first quarter (twelve weeks) of fiscal 2021, ended November 22, 2020. Net sales for the first quarter increased 16.9 percent, to $42.35 billion from $36.24 billion last year. Net income for the quarter was $1,166 million, or $2.62 per diluted share, compared to $844 million, or $1.90 per diluted share, last year. This year’s first quarter included tax benefits of $145 million or $0.33 per diluted share, $0.16 of which was due to the deductibility of the $10 per share special cash dividend, to the extent received by the Company’s 401(k) plan participants; and $0.17 cents related to stock-based compensation. Last year’s first quarter included a $77 million or $0.17 per diluted share tax benefit related to stock-based compensation. This year’s results reflect an expense for COVID-19 premium wages of $212 million pre-tax or $0.35 per diluted share.

Paper and the holidays go together like marshmallows and hot cocoa. From greeting cards and paper crafts to special stories and letters to Santa, much of the holiday magic and wonder we enjoy comes from the paper products we use each year. This year, while many people are forgoing parties and family gatherings out of health concerns, paper traditions can take on even greater importance. Check out these creative ways to make holiday magic with paper. Holiday Cards; Paper Packaging; Gift Wrap; Holiday Crafts. How will you use paper to create holiday magic this year? Find us on social media @DomtarEveryday and share your favorite paper-based holiday traditions.

The 1-800-FLOWERS.COM, Inc. Valentine’s Day Look Book is here, helping gift-givers find the perfect expression of love for all the sweethearts in their lives. This annual guide includes thoughtful, playful, and romantic gift ideas, such as one-of-a-kind floral arrangements and preserved roses from 1-800-Flowers.com®, customized keepsakes for everyone (including pets!) from PersonalizationMall.com®, prepared gourmet meals and indulgent desserts from Harry & David®, plus chocolate truffles, baked goods and buttercream frosted treats from Simply Chocolate®, Wolferman’s Bakery®, and Cheryl’s Cookies®. With suggestions for planning the ultimate date night at home, gifts for the littlest loves, and perfect presents for him, the company’s family of brands have everything needed to make a lasting impression this Valentine’s Day.

Amazon announced 26 new utility-scale wind and solar energy projects totaling 3.4 gigawatts (GW) of electricity production capacity, bringing its total investment in renewable energy in 2020 to 35 projects and more than 4 GW of capacity — the largest corporate investment in renewable energy in a single year. These new projects will make Amazon the largest-ever corporate purchaser of renewable energy. Amazon has now invested in 6.5 GW of wind and solar projects that will enable the company to supply its operations with more than 18 million megawatt hours (MWh) of renewable energy annually. This is enough to power 1.7 million U.S. homes for one year. These projects will supply renewable energy for Amazon’s corporate offices, fulfillment centers, and Amazon Web Services (AWS) data centers that support millions of customers globally. They will also help advance Amazon’s goal to reach net-zero carbon emissions across its business by 2040. Part of that commitment is powering Amazon’s infrastructure with 100% renewable energy, and the company is now on a path to achieve this milestone by 2025, five years ahead of the initial 2030 target.

The Consumer Financial Protection Bureau (CFPB) gave an early Christmas present to debt collectors, at the expense of the very consumers they are mandated to protect. Ignoring a mountain of public comments from citizens, cyber security experts and consumer advocacy groups including Keep Me Posted (KMP) detailing the multitude of harms and risks unleashed by its proposed rules, the Bureau plowed ahead and finalized a sweeping deregulation that will subject society to an unwelcome digital deluge of menace and fraud. Under the guise of so-called modernization, the CFPB will give the green light to 3rd-party debt collectors to exploit Facebook, Instagram, LinkedIn and Twitter messaging — as well as emails and text messaging — in their bounty hunting efforts. The new rules would further allow for an unlimited quantity of such unsolicited digital contacting — while simultaneously expanding the frequency of phone calls to 7 times per week per alleged debt. Meanwhile, the safe, secure and discreet practice of mailing paper letters will remain an option for professional firms seeking reliable communications options. To be clear, America’s consumers did not ask for this. And they will not even be given the option to opt-in to any such digital communications they might prefer.

Simon & Schuster president and CEO Jonathan Karp has acquired a new book to be written by veteran investigative reporter and bestselling author Bob Woodward and fellow Washington Post political reporter Robert Costa. The book will examine the last days of the Trump presidency and the beginning of the Biden administration. Woodward and Costa were represented by Robert Barnett, who negotiated the deal with Karp. S&S acquired world, audio, and first series rights to the book. Karp will also edit the book, which is untitled and has no publication date.

Second Quarter Summary: *GAAP Results: Revenue of $491 million (+5%) and EPS of $1.22 (+54%) *Research Publishing & Platforms (at constant currency): Revenue +5% and Adjusted EBITDA +14% on strong double-digit growth in Open Access *Academic & Professional Learning: Revenue for Education Publishing marginally ahead of prior year as accelerated growth in digital content and courseware more than offset decline in print books *Education Services: Second Quarter and First Half Adjusted EBITDA margin of 21% and 17%, trending ahead of FY22 target of 15%

JCPenney announced that it has completed its previously announced sale, under which Simon Property Group and Brookfield Asset Management, Inc. have acquired substantially all of JCPenney’s retail and operating assets. The Company’s asset purchase agreement with Simon, Brookfield and the Company’s DIP and First Lien Lenders, supported by the Unsecured Creditors Committee, had previously been approved by the U.S. Bankruptcy Court for the Southern District of Texas on November 9, 2020. “Today is an exciting day for our company, as we have accomplished our goal of putting JCPenney on a secure path for the future as a private company so that we can continue to serve our loyal customers,” said Jill Soltau, Chief Executive Officer of JCPenney.

For the US Postal Service, 2020 has hardly ever been a dull moment. As if the stormy tenure of new Postmaster General Louis DeJoy, the controversial service changes and their impact on mail-in voting, the barrage of Covid-fueled package volume, and the plunge in letter and flat mail volume weren't all enough, on Nov. 30th, the Postal Regulatory Commission issued its final review in its 10-year review of postal rate-making. As we've been warning, it's potentially catastrophic news for catalog mailers, as future postage rates for flats could skyrocket. That potentially game-changing news came less than two weeks after the USPS announced a significant shake-up in its executive ranks. And all of this comes on the eve of another postal rate hike taking effect in late January. In a 60-minute web meeting on Tuesday, December 15th at 1:00 pm EST, the ACMA will host a panel of experts to not only dig into what's taking place but also what you as a merchant can do going forward. Register at: https://us02web.zoom.us/meeting/register/tZUtd-2uqDIqH90u-NsYNBS7_KqUq6SOL7OX Moderated by ACMA President & Executive Director Hamilton Davison (below left), the panel will also include Matthew Field (center). A partner with Venable LLP, Mr. Field is a knowledgeable regulatory counselor and skilled litigator who represents clients in highly regulated industries with extensive experience in postal and energy regulation. He'll be joined by ACMA's Postal Economist Robert Mitchell (right). Mr. Mitchell's career in postal affairs dates back more than 45 years. He had a lengthy tenure as principal economist with the USPS, then become special assistant to the Commission at the then-Postal Rate Commission. Over the past 18 years, he has served as a postal consultant, the last 12 advising the ACMA. Members of ACMA's Postal Committee will also be on hand. There are a limited number of spots available for this webinar (via Zoom meeting) so register soon. All ACMA members are welcome. Non-members are eligible, but pending demand levels, some registrations may be declined in favor of members and will be taken in order received so register now.

Double-digit gains in the adult categories helped boost print unit sales 8.7% in the week ended Nov. 28, 2020, over the comparable week in 2019, at outlets that report to NPD BookScan. Print unit sales jumped 22.2% over the week ended Nov. 30, 2019, in the adult nonfiction category, led by Barack Obama’s A Promised Land, which sold about 410,000 copies in its second week. The top new title in the category was Modern Warriors by Pete Hegseth, which sold more than 30,000 copies. Three new releases contributed to the 13.5% increase in unit sales in the adult fiction category: Ready Player Two by Ernest Cline was #1, selling 99,000 copies; next was Deadly Cross by James Patterson, which sold more than 42,000 copies, followed by The Awakening by Nora Roberts, which sold a little more than 27,000 copies. Print units increased 29.1% over 2019 in the YA category.

Meredith Corporation's Southern Living reports that its December issue ad revenue is up 51% from last year, its monthly year-to-date audience across digital, print and online has averaged 25.5 million, up 2% from 2019 (AAM, Sept. 2020) and its website experienced its highest trafficked November in its history with nearly 19 million visits, up 23% year over year. The December issue, on newsstands now, marks the 25th year of the brand's popular annual holiday white cake cover and feature story. Continuing to advance the brand's momentum, Southern Living will introduce enhanced paper stock, along with a refreshed design, beginning with the January/February 2021 issue. A new front-of-book section called "In Season" will debut to reflect readers' passionate interest in seasonal moments, experiences and celebrations, and a range of new columns will roll out in various issues throughout the year covering topics ranging from home and cooking to travel and beauty. Doug Olson, President of Meredith Magazines, said, "Southern Living's success underscores the brand's resonance with people across the South and beyond. The brand's rich heritage coupled with its modern take on the Southern lifestyle continues to appeal to marketers seeking the right environment to reach engaged consumers across the country. With our investment in improved paper, we're excited to provide an even better reader experience."

For the Third Quarter of Fiscal 2020 *Net sales decreased 7.8% to $1.6 billion compared to $1.7 billion in the third quarter of fiscal 2019 due to the impact of COVID-19. *Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) decreased 8.9% compared to an increase of 3.2% in the third quarter of fiscal 2019. In the third quarter of fiscal 2020, transactions declined 15.4% and average ticket increased 7.6%. *Gross profit decreased 12.5% to $545.5 million compared to $623.4 million in the third quarter of fiscal 2019. *Tax rate increased to 25.1% compared to 23.1% in the third quarter of fiscal 2019. The higher effective tax rate is primarily due to less investment tax credits received. *Net income was $74.8 million compared to $129.7 million in the third quarter of fiscal 2019. Adjusted net income was $92.5 million compared to $128.6 million in the third quarter of fiscal 2019. For the First Nine Months of Fiscal 2020 *Net sales decreased 22.4% to $4.0 billion compared to $5.1 billion in first nine months of fiscal 2019 due to the impact of COVID-19.*Comparable sales decreased 23.8% compared to an increase of 5.4% in the first nine months of fiscal 2019. During the first nine months of fiscal 2020, transactions declined 30.1% and average ticket increased 9.0%. *Gross profit decreased to $1.2 billion compared to $1.9 billion in the first nine months of fiscal 2019. *Net income was $4.3 million compared to $483.2 million in the first nine months of fiscal 2019.

*Total net sales were $140.3 million, a decrease of $14.5 million or 9.4%, compared to $154.8 million last year. -Net sales from physical stores were $104.6 million, a decrease of $27.5 million or 20.8%, compared to $132.1 million last year. -Net sales from e-commerce were $35.7 million, an increase of $13.0 million or 57.3% compared to approximately $22.7 million last year. *Gross profit was $40.7 million, or 29.0% of net sales, compared to $47.2 million, or 30.5% of net sales last year. *Net income was $2.1 million, or $0.07 per diluted share, compared to $6.4 million, or $0.21 per diluted share, last year.

Urban Outfitters, Inc. announced the promotion of Melanie Marein-Efron, the Company’s Executive Director of Corporate Development and Finance, to Chief Financial Officer, effective December 2, 2020. “I am pleased to announce Melanie’s promotion to be our new Chief Financial Officer, and I welcome her to our Executive Leadership Team,” said Richard A. Hayne, Chairman and Chief Executive Officer. “I am confident Melanie will approach her new role with the same energy, dedication and thoroughness she has displayed since joining URBN eight years ago,” finished Mr. Hayne.

FedEx Corp. announced that it has agreed to acquire ShopRunner, the e-commerce platform that directly connects brands and merchants with online shoppers. ShopRunner’s capabilities will complement and expand the FedEx e-commerce portfolio and are expected to create increased value for brands, merchants, and consumers. The parties anticipate the acquisition to close by the end of the calendar year, and it is subject to customary closing conditions, including regulatory approval. ShopRunner connects more than 100 brands and merchants to millions of consumers and offers a seamless shopping experience from inspiration through delivery. Members enjoy benefits including free two-day shipping, free returns, member-exclusive discounts, and seamless checkout. ShopRunner’s data-driven marketing and omnichannel enablement capabilities also help brands and merchants acquire high-value customers and accelerate their digital innovation by using ShopRunner’s e-commerce platform.

The all-important post-Thanksgiving holiday sales period got off to a subdued start at bookstores around the country this year. As expected, foot traffic was light. The National Retail Federation reported the number of in-store shoppers fell 37% on Black Friday compared with last year while the number of customers who shopped only online through the weekend and on Cyber Monday rose by 44% over 2019. Bookshop.org sold some approximately $2.3 million in books over the period from Friday through Monday, according to Andy Hunter, CEO of Bookshop.org. Unsurprisingly, Amazon.com reported it had its best period ever in the company’s history and noted on a blog post that among its bestselling items were several books, including Barack Obama’s A Promised Land (Crown) and The Deep End (Diary of a Wimpy Kid #15) by Jeff Kinney (Abrams/Amulet); both titles were also cited by nearly all the bookstores surveyed by PW. Other bestsellers at Amazon included Greenlights by Matthew McConaughey (Crown), A Time for Mercy by John Grisham (Doubleday), The Sentinel by Lee Child (Delacorte), and Rhythm of War by Brandon Sanderson (Tor), among adult books, as well as Grime and Punishment (Dog Man #9) by Dav Pilkey (Scholastic/Grafix) in the children’s category.

Pearson announced that Mike Howells will become its new Chief Strategy Officer to further strengthen its focus on building a direct, lifetime relationship with learners around the world and to enhance its partnerships with learning institutions globally. Mike will further strengthen Pearson’s global corporate and educational partnerships as the company aims to expand and enhance its direct-to-consumer offering. He will be based in London and will work with the executive team and Board to shape and execute the plan for the business, reporting to Andy Bird, Chief Executive.

Costco Wholesale Corporation reported net sales of $15.67 billion for the retail month of November, the four weeks ended November 29, 2020, an increase of 15.1 percent from $13.62 billion last year. For the twelve-week first quarter ended November 22, 2020, the Company reported net sales of $42.35 billion, an increase of 16.9 percent from $36.24 billion last year. For the thirteen weeks ended November 29, 2020, the Company reported net sales of $46.33 billion, an increase of 16.0 percent from $39.95 billion during the similar period last year.

Meredith Corporation announced that Catherine Levene has been named National Media Group (NMG) President, effective immediately. Meredith's National Media Group reaches nearly 95 percent of all U.S. women and more than 190 million unduplicated American consumers every month through iconic brands such as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, and REAL SIMPLE. Meredith's premium digital network reaches more than 150 million consumers each month. The company is the No. 1 U.S. magazine operator with 36 million subscribers and the No. 2 global licensor with robust brand licensing activities that include a Better Homes & Gardens partnership with Walmart. Levene, 50, currently serves as the NMG's Chief Digital Officer. In her new role, she will oversee all NMG activities, including its Digital, Magazine (led by Doug Olson), and Consumer Products (led by Tom Witschi) businesses. Levene will report to Meredith Chairman and CEO Tom Harty.

Kohl’s and Sephora announced a long-term strategic partnership to create a new era of elevated Beauty at Kohl's, marrying Kohl's expansive customer reach and omnichannel convenience with Sephora's prestige service, product selection and exceptional beauty experience. "Sephora at Kohl's" will be a fully-immersive, premium beauty destination, designed within a 2,500 square foot space and prominently located at the front of the store. When the first 200 locations open in Fall 2021, the Kohls.com online beauty selection will also convert to exclusively showcase an expanded assortment of Sephora's prestige product offerings. The partnership will expand into at least 850 stores by 2023, offering an expansive footprint, a wide-reaching customer base and unmatched visibility for Sephora’s brand partners within the prestige environment in which they thrive. Sephora has 500 of its 2,600 stores in the Americas and Kohl's has more than 1,150 locations in 49 states, serving 65 million customers, with very limited overlap between the two store networks.

U.S. book publishing’s biggest trade show is being “retired,” show organizer ReedPop announced today. BookExpo, along with BookCon and Unbound, will not be held in 2021 after being canceled in 2020 due to the pandemic. ReedPop, the pop culture event–focused subdivision of Reed Exhibitions, said that, given the “continued uncertainty surrounding in-person events at this time,” the company has decided “that the best way forward is to retire the current iteration of events as they explore new ways to meet the community’s needs through a fusion of in-person and virtual events.”

Beginning Dec. 4, Walmart is expanding the benefit list of Walmart+. Just in time for the holidays, Walmart is removing the $35 shipping minimum for Walmart.com orders for its members. This new benefit paired with free unlimited deliveries of groceries and more from Walmart stores makes the retailer’s membership program even more comprehensive. “It feels like a life hack is needed now more than ever, and Walmart+ is here to help,” said Janey Whiteside, chief customer officer, Walmart. “No other membership allows customers across the country to get everything from gingerbread cookies and eggnog to holiday decorations and toys delivered for free as soon as the same day. Walmart+ is designed to make life easier – giving customers an option to not have to sacrifice on cost or convenience.” Walmart+ members will receive free next-day and two-day shipping on items shipped by Walmart no matter the basket total.

Hearst UK recently announced that women’s lifestyle magazine Prima would increase its print edition from 12 to 13 issues a year, following a 68% surge in subscriptions this year. This week, we talk to Prima’s Editor Jo Checkley about what factors led to the decision to increase the frequency of the magazine, how their content has encouraged a community feel among their readers, and what lessons they’ll be taking from producing magazines in lockdown. Jo also outlines what she’s done to keep her magazines thriving during her career despite tough market conditions for women’s titles. In the news roundup the team discusses Future Plc’s resurgent fortunes and purchase of GoCompare, the UK government’s attempts to create a competition regime to tackle the ‘fundamental imbalance of power’ between platforms and publishers, and Spotify launching a Stories copy. Esther is a meerkat.

Everyone’s favorite scrumptious holiday, National Cookie Day, is on December 4 and Cheryl’s Cookies® and Harry & David® are celebrating in delicious ways. From seasonal flavors and festive gift ideas, to creative ways to enjoy these gourmet delights in the comfort of home – cookies are the ultimate sweet treat. *Everyone can savor the season with holiday favorites from cocoa sugar and black cherry chocolate to gingerbread and dark chocolate-covered peppermint – these cookies will excite taste buds all around. *The countdown to Christmas begins with the brand new and exclusive Advent Calendar Cookie Box – the tastiest way for families to connect with one another and be merry. *The magic of cookies can be delivered right to loved ones’ doorsteps with endless delicious gift ideas. For the little ones, send a buttercream frosted cut-out cookie card or elevate reading time with a big book of Christmas cookies. Big kids can also enjoy a sweet surprise with a ceramic station wagon cookie jar and a tower of cookies. *Cookie artisans can reinvent the traditional cookie platter by crafting an Instagram and Pinterest-worthy holiday cookie board. Using gourmet cookies as the foundation, this dessert tray can be personalized with a variety of shapes, sizes and colors.

In Order No. 4257, which examined the current ratemaking system, the Commission identified three principal areas of the PAEA system that encapsulate the nine objectives: (1) the structure of the ratemaking system; (2) the financial health of the Postal Service; and (3) service. The Commission concluded that the system had achieved some of the goals of these areas, but the overall system had not achieved the objectives taking into account the factors of the PAEA. In brief, the Commission’s findings were as follows: *The system was largely successful in achieving the goals related to the structure of the ratemaking system. However, the Commission concluded that the ratemaking system had not increased pricing efficiency. *The system had not maintained the financial health of the Postal Service as intended by the PAEA. While the Postal Service had generally achieved short-term financial stability, both medium-term and long-term financial stability measures had not been achieved. *High-quality service standards had not been maintained during the 10 years following the enactment of the PAEA.

J. C. Penney Company, Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company’s Plan of Reorganization to create separate property holding companies comprising 160 of the Company’s real estate assets and all of its owned distribution centers, which will be owned and operated by JCPenney’s DIP and First Lien Lenders. The PropCos are expected to complete the Court-supervised restructuring process and emerge from Chapter 11 bankruptcy protection in the first half of 2021. The Plan is pursuant to the Company’s asset purchase agreement with Simon Property Group and Brookfield Asset Management, Inc. and the Company’s DIP and First Lien Lenders, supported by the Unsecured Creditors Committee. The APA also provides that Simon and Brookfield are acquiring JCPenney’s retail and operating assets. The PropCos and OpCo will enter into master leases with respect to the properties and distribution centers moved into the PropCos.

German media giant Bertelsmann said Wednesday that its Penguin Random House division is buying rival Simon & Schuster in a megadeal that would reshape the U.S. publishing industry. Penguin Random House, already the largest American publisher, will buy the New York-based Simon & Schuster, whose authors include Stephen King, Hillary Clinton and John Irving, from TV and film company ViacomCBS for $2.17 billion in cash. “Simon & Schuster strengthens Bertelsmann’s footprint globally, and (particularly) in the U.S., its second-largest market,” the Guetersloh, Germany-based company said in a statement. The purchase of Simon & Schuster would reduce the so-called Big Five of American publishing — which also includes HarperCollins, Hachette Book Group and Macmillan — to four.

The ACMA jointly filed comments with MPA - The Association of Magazine Media, and PostCom supporting the US Postal Service's proposal for estimating the volume variability of labor costs associated with the automated distribution of letters and flats. In the comments, the groups contend that it's time "to abandon the assumption that most mail processing activities are nearly 100-percent volume variable. That assumption lacks empirical support." Calling for the Postal Regulatory Commission to approve the USPS's costing proposal, the groups also urge the Commission to look beyond it and to hold the Postal Service accountable for rightsizing its flats sorting operations in response to volume declines.

Rolland President Philip Rundle speaks with Ivy Life & Style Media, whose niche publications and properties serve Virginia’s Charlottesville-Albemarle region and the nearby wine country. Jennifer Bryerton, co-publisher of Ivy and editor-in-chief of its Wine & Country Life magazine, talks about publishing in a local market, contributing to a sustainable community, and creating a cookbook that will feed businesses, farmers and people in a time of need. Ivy Life & Style Media is a lively small busines • Located in Ivy, Virginia, near Charlottesville, with a team of employees who create print and digital publications, provide media services, and run a boutique. • Publisher of community-oriented magazines and books under three popular brands: CharlottesvilleFamily, Charlottesville Welcome Book and Wine & Country. • Wine & Country Life, a 150-page magazine published twice a year, covers the lifestyle and culture in Virginia’s beautiful wine country. • Ivy Life & Style Media is a Virginia certified SWAM (small women-owned and minority-owned) business as well as a Certified Virginia Green Travel Partner.

Nordstrom, Inc. reported third quarter results, which reflected sequential improvement in sales and earnings relative to the prior quarter. The Company generated earnings before interest and taxes (EBIT) of more than $100 million, supported by improved merchandise margin trends and benefits from resetting its cost structure. Earnings per diluted share of $0.34 included an income tax benefit of $0.12 related to the CARES Act. For the third quarter ended October 31, 2020, net sales decreased 16 percent from last year and included a positive impact of approximately 10-percentage points due to the shift of the Nordstrom Anniversary Sale from the second quarter to the third quarter this year. Digital sales of $1.6 billion accounted for 54 percent of Nordstrom's business.

Net sales were flat year-over-year, reflecting a 61% increase in online sales, offset by a 20% decline in store sales. Notably, 40% of the company’s sales were online in the third quarter. As noted during the company’s Investor Meeting, held in October 2020, the company aspires to achieve 50% of its sales from online by the end of 2023. Third quarter fiscal year 2020 comparable sales were up 5%, driven by the strength of Gap Inc.’s scaled ecommerce business, which added over 3.4 million new customers during the quarter. The comparable sales calculation reflects online sales and comparable sales days in stores that were open. Gross margin was 40.6%, a 160 basis point improvement versus last year. This improvement is consistent with the strategic focus outlined in last month’s Power Plan 2023 discussion of opening highly-profitable Old Navy and Athleta stores, while also closing select unprofitable Gap and Banana Republic stores, yielding significant rent and occupancy savings. In addition, a lower level of promotions contributed to higher product margins in the quarter. The benefits of lower rent and occupancy and higher product margin were partially offset by higher shipping expenses associated with the company’s growth in online sales. Operating income was $175 million or 4.4% of net sales.

Kohl’s is proud to have been named to the 2020 Dow Jones Sustainability Index (DJSI) North America by S&P Global. This marks the third year in a row the company has received the designation for its sustainability performance and environmental, social and governance (ESG) commitments. “The DJSI’s continued recognition of Kohl’s serves as a reliable indicator of the strength of our ESG stewardship initiatives,” said Steve Thomas, Chief Risk and Compliance Officer for Kohl’s. “We believe that incorporating sustainable solutions into the way Kohl’s conducts business will help to build better futures for our customers, our associates, and their families and we are pleased to be acknowledged for these efforts.”

Urban Outfitters, Inc. announced net income of $77 million and record earnings per diluted share of $0.78 for the three months ended October 31, 2020. For the nine months ended October 31, 2020, net loss was $27 million and loss per diluted share was $0.28. Total Company net sales for the three months ended October 31, 2020, decreased 1.8% over the same period last year to $970 million. Comparable Retail segment net sales were flat as a result of negative retail store sales driven by lower store productivity due to reduced store traffic, offset by strong double-digit growth in the digital channel. By brand, comparable Retail segment net sales increased 17% at Free People and 4% at Urban Outfitters and decreased 9% at the Anthropologie Group. Wholesale segment net sales decreased 24%. For the three months ended October 31, 2020, the gross profit rate increased by 79 basis points versus the prior year’s comparable period. Gross profit dollars increased 0.6% to $322.9 million from $321.1 million. For the nine months ended October 31, 2020, the gross profit rate decreased to 24.3% from 32.2% in the prior year’s comparable period. Net income for the three months ended October 31, 2020, was $77 million and earnings per diluted share was $0.78. Net loss for the nine months ended October 31, 2020, was $27 million and loss per diluted share was $0.28.

Recent highlights include: -Chico's FAS continued its evolution to a digital-first company, fast tracking several investments in innovative digital technology, leading to higher customer engagement and improved sales. -For the third quarter, total sales improved 14.8% from the thirteen weeks ended August 1, 2020 (the "second quarter"), driven by robust digital performance and rebounding store revenues. -Third quarter digital sales grew by double digits for the second quarter in a row. Year-over-year digital sales grew in all three brands, and Soma led the way with 67% growth compared to the thirteen weeks ended November 2, 2019 ("last year's third quarter"). -Soma achieved a 10.5% total comparable sales growth for the third quarter compared to last year's third quarter. -Total third quarter gross margin rate was up 740 basis points compared to the second quarter, reflecting a higher percentage of full-price selling on leaner inventory, reduced inventory write-offs and leverage of fixed occupancy costs.

Domestic Segment Q3 FY21 Results: Domestic revenue of $10.85 billion increased 21.0% versus last year. The increase was primarily driven by comparable sales growth of 22.6%, which was partially offset by the loss of revenue from permanent store closures in the past year. Domestic online revenue of $3.82 billion increased 173.7% on a comparable basis, and as a percentage of total Domestic revenue, online revenue increased to approximately 35.2% versus 15.6% last year. Domestic gross profit rate was 24.0% versus 24.3% last year. The gross profit rate decrease of approximately 30 basis points was primarily driven by higher supply chain costs as a result of the increased mix of online revenue and lower profit-sharing revenue from the company’s private-label and co-branded credit card arrangement. These pressures were partially offset by a more favorable promotional environment. International Segment Q3 FY21 Results: International revenue of $1.0 billion increased 25.4% versus last year. This increase was primarily driven by comparable salesgrowth of 27.3%, which was partially offset by the impact of approximately 140 basis points of negative foreign currency exchange rates. International GAAP gross profit rate was 19.0% versus 22.5% last year.

A summary of results for the third quarter ended October 31, 2020 as compared to the third quarter ended November 2, 2019: -Net sales of $820 million, down 5% as compared to last year, reflecting the adverse impact of COVID-19 on store sales. -Digital net sales increased 43% to $382 million reflecting robust growth in every month of the quarter. -Gross profit rate improved 390 basis points to 64.0% on higher average unit retail and lower average unit cost, benefiting from inventory shrink favorability of approximately 100 basis points and changes in foreign currency exchange rates of approximately 90 basis points. -Operating income improved to $59 million and $65 million on a reported and adjusted non-GAAP basis, respectively, as compared to $14 million and $25 million last year, on a reported and adjusted non-GAAP basis, respectively. -Generated positive operating cash flows of $63 million during the third quarter ended October 31, 2020, ending the quarter with $813 million of cash and equivalents and liquidity of approximately $1.2 billion.

Walmart is continuing to strengthen its in-house capability to deliver online orders. The discount giant is purchasing the talent, technology platform, and intellectual property of JoyRun, a Silicon Valley-based startup. JoyRun operates a peer-to-peer last-mile delivery platform which enables users to pick up and deliver items for friends and neighbors. JoyRun has built a network of more than 540 official retail partners, and more than 30,000 people have served as drivers or “runners” since the compny launched in 2015. According to Walmart, this acquisition allows it to further augment its delivery team and support ongoing efforts to explore more ways to deliver online orders in the future. In a LinkedIn post announcing the acquisition, Srini Venkatesan, executive VP of Walmart Global Tech, said that JoyRun runners could complement Walmart’s Spark program for independent delivery contractors, as well as third-party delivery providers such as Instacart.

The detail that has most captured industry members’ attention in the New York Times report that HarperCollins and Penguin Random House are the favorites to acquire Simon & Schuster is the news that the purchase price is expected to be at least $1.7 billion. That figure is at the top end of original estimates of $1.2 billion–$1.7 billion for the price of the country’s third-largest trade publisher. The sale of S&S will be the largest acquisition in North American trade publishing since HarperCollins bought Harlequin in 2014. It will also be one of the few recent transactions in which the revenue of the target company is public and the purchase price may also become public.

The Postal Service is pleased to announce that the 2021 Mailing Promotions Calendar has also been approved. As in prior years, promotions provide incentives and discounts to commercial mailers who use specific techniques and technologies in their mailings that can increase customer engagement and drive response rates. The techniques highlighted in the promotions include the use dynamic color, new print techniques, mobile technology, omnichannel experiences and the integration of emerging technologies. The 2021 Promotions are as follows: *Tactile, Sensory & Integrative Mailpiece Engagement; *Emerging and Advanced Technology; *Mobile Shopping; *Earned Value Reply Mail; *Personalized Color Transpromo; *Informed Delivery. The 2021 promotion calendar is posted on the PostalPro website at: https://postalpro.usps.com/promotions. All promotion requirements and further information are expected to be posted by the end of next week. Questions can be directed to the Mailing Services Program Office at mailingpromotions@usps.gov.

With all categories posting gains of at least 11%, unit sales of print books jumped 19.5% in the week ended Nov. 14, 2020, over the comparable week in 2019, at outlets that report to NPD BookScan. There were no new books that made a big splash in the week, with the overall increase due to strength in both backlist and frontlist titles. The World Needs Who You Were Made to Be by Joanna Gaines was the top new title, selling more than 43,000 copies and helping to lift unit sales in the adult nonfiction category by 11.9%. Unit sales rose 22.5% in adult fiction over the week ended Nov. 16, 2019. Michael Connelly’s The Law of Innocence was #1 in the category, selling more than 43,000 copies in its first week.

The Postal Regulatory Commission approved the price adjustments for the market dominant mail categories, including First Class, Marketing Mail, Periodicals, Package Services, and Special Services Products and related classifications. The new rates take effect on January 24, 2021. As we reported to the membership previously, the rate increase contains a provision for catalog postage costs to increase at 2% more than the Marketing Mail Class average. Since we have now exhausted our remedies with the PRC, we are left only with an attempt to appeal directly to Members of Congress about this ruling and seek interest in pushing for a review of this nonsensical demand. It is not curing the problem, and is in fact making it worse by driving more mail out of the system without addressing the root cause. ACMA is desperately seeking any company with employees or operations in any of the following zip codes: 20069 20070 20109 20110 20112 20119 20120 20121 20122 20124 20136 20137 20155 20156 20168 20169 20171 20181 20182 22003 22009 22015 22027 22030 22031 22032 22033 22035 22038 22039 22044 22060 22079 22081 22082 22102 22116 22118 22119 22120 22121 22124 22125 22150 22151 22152 22153 22156 22158 22159 22160 22161 22180 22181 22182 22183 22185 22191 22192 22193 22194 22195 22199 22308 22309 22312 Please search your contacts, customers, and prospects to see if you can give us the name(s) of companies in one of these zip codes. Rep. Gerry Connolly, from Virginia’s 11th District, which includes Fairfax County, Prince William County, and the City of Fairfax in Northern Virginia, and who is also Chairman of the subcommittee with postal oversight, has demonstrated interest in this matter. If we can find one or more constituents in Mr. Connolly's district, they will be of great help in getting Congressional visibility on the plight of catalog mailers and the poor management of the category by postal policy makers. ACMA will continue to work with USPS managers on flats cost reduction but increasing the pressure from Congress will help motivate officials to faster action. Send an email to action@catalogmailers.org to let us know if you identify any catalog interests in Mr. Connolly’s district.

Amazon announced 2020’s Best Books of the Year, selecting Brittany K. Barnett’s “A Knock at Midnight” as the top pick. The inspiring true story is a brilliant memoir of Barnett’s own journey navigating the criminal justice system, which also chronicles the stories of three of her clients. Their lives—including their crimes, their families, and their jail time—are rendered with such care and compassion that the Amazon Books Editors found it impossible to put down. The process of choosing the Best Books of the Year begins the year prior, as the Amazon Books Editors begin debating the list for January’s Best Books of the Month. The editors collectively read thousands of books each year in service of creating an editorially curated list and reviews each month. These monthly lists culminate in the Best Books of the Year, which includes an overall Top 100 for 2020 as well as top lists for individual genres like literature & fiction, mystery and thriller, children’s books, cookbooks, food & wine, and young adult—all to help customers find their next favorite book or thoughtful holiday gift pick.

The U.S. Postal Service made several leadership announcements, including the retirement of a top executive, the promotion of several other key leaders, and a series of functional alignments that aim to better position the organization to achieve operational excellence and financial stability. The changes include the announcement that David E. Williams, chief logistics and processing operations officer, intends to retire next year, capping a postal career that has spanned more than three decades. Other leadership appointments and structural modifications announced today include: *Isaac Cronkhite, who currently serves as chief human resources officer, will succeed Williams as chief logistics and processing operations officer. *Doug Tulino, labor relations vice president, will become chief human resources officer. *Katherine Attridge, collective bargaining and arbitration manager, will become labor relations vice president. *Tom Foti, product management executive director, will become product solutions vice president and report to Steve Monteith, who will become chief customer and marketing officer. *Marc McCrery, information technology vice president, will become technology applications vice president, and Bill Koetz, will serve as acting network and compute technology vice president. *Gary Reblin, product innovation vice president, will become innovative business technology vice president and report to Scott Bombaugh, who will become chief technology officer. *Linda Malone has been named engineering systems vice president after serving in the position in an acting basis since the summer. She will report to Bombaugh. *Simon Storey, employee resource management vice president, will become human resources vice president, and Jenny Utterback, human resources technology and innovation senior director, will become organization development vice president. *Jeff Adams has been named corporate communications vice president, a role he has served in an acting basis since the summer.