Costco Wholesale Corporation Reports First Quarter Fiscal Year 2023 Operating Results

"Our financial situation is serious, though solvable,” says Postmaster General and CEO Megan J. Brennan. “There is a path to profitability and long-term financial stability. We are taking actions to control costs and compete effectively for revenues in addition to legislative and regulatory reform. We continue to optimize our network, enhance our products and services, and invest to better serve the American public." Brennan stressed that the path forward for a financially stable future must also include urgent actions needed outside of the Postal Service's control. They include advancement and passage of the postal reform provisions contained in H.R. 756 in the 115th Congress and the adoption by the Postal Regulatory Commission of a new pricing system as part of its 10-year pricing review, enabling the Postal Service to generate sufficient revenues to cover our costs. Click Read More below for additional information.

"In 2023, we made excellent progress executing on our strategy to drive our digital transformation, resulting in total digital revenues exceeding 41% of total revenues in the fourth quarter, and amounting to nearly $1.1 billion for the year. Over the past year, we’ve expanded our digital audience, improved engagement, grown the monetization of our audience, and driven significantly improved financial results over the prior year. Our digital-only subscription revenues surpassed $150 million in 2023, with total digital-only average revenue per user reaching a new high. Also, our partnership strategy increased our overall digital monetization, and importantly, we expect to generate $20 million in high margin revenue from our partnerships in 2024," said Michael Reed, Gannett Chairman, and Chief Executive Officer. "In 2023, we achieved full year growth in both Adjusted EBITDA and free cash flow, representing an important change in trajectory compared to last year's declines. We also remained focused on improving our capital structure and, with over $140 million in debt repayments in 2023, we were able to significantly reduce our leverage during the year. As these results show, we are building momentum toward a sustainable digital growth business, with a strong balance sheet."

USA TODAY announced the return of its Best-selling Booklist featuring expanded content, the ability to filter by genre, updated tools to enable data collection as well as new partnerships that support independent booksellers across the country in USA TODAY Network markets. “USA TODAY Best-selling Booklist is back, and we couldn’t be more thrilled because this content is important to our vast audience and uniquely supports the communities we serve,” said Kristin Roberts, Gannett Media Chief Content Officer. “Readers, authors, publishers, booksellers and those who cherish books can experience our data driven best-sellers list again.” USA TODAY's Best-selling Booklist, a leading force in the market since 1993, ranks the 150 top-selling book titles weekly based exclusively on sales analysis from U.S. booksellers including bookstore chains, independent bookstores, mass merchandisers and online retailers.