Costco Wholesale Corporation Reports November Sales Results

Gannett Co., Inc. announced that the Board of Directors has decided to streamline the operating structure of the Company by eliminating the position of CEO of the operating company, Gannett Media Corp. Given this decision, the Board and Paul Bascobert have mutually agreed for Mr. Bascobert to terminate his employment with the Company. Mr. Bascobert’s departure is not the result of any inappropriate action by Mr. Bascobert, any violation of company policy, any accounting irregularity or any material deterioration in the business of the Company. Michael Reed, Chairman and Chief Executive Officer of Gannett, has assumed Mr. Bascobert’s responsibilities. While the Board does not intend to conduct a search to fill the role of Chief Executive Officer of Gannett Media, the Board does remain focused on attracting and retaining individuals whose skills and diversity will contribute to the Company’s digital transformation.“

Net sales for the quarter increased 16.1 percent, to $50.94 billion, from $43.89 billion last year. Net sales for the first 24 weeks increased 16.4 percent, to $100.35 billion, from $86.23 billion last year. Net income for the quarter was $1,299 million, $2.92 per diluted share. Last year’s second quarter net income was $951 million, $2.14 per diluted share, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year. For the four-week reporting month of February, ended February 27, 2022, the Company reported net sales of $16.29 billion, an increase of 15.9 percent from $14.05 billion last year.

J-14, a pop culture magazine for teens, will return to print in August after a lapse that began in January. The issue will feature celebrity interviews and posters, fashion and pop culture feature stories, according to ReMIND. It will also include a dose of nostalgia. “J-14 posters are SOOOO back!” J-14 writes. “After a brief hiatus, we’re thrilled to announce the return of J-14 Magazine’s print issue, coming back to racks this August 2024!”