As part of its ongoing commitment to return value to shareholders, L Brands, Inc. (NYSE:LB) announced today that its Board of Directors has authorized a new $250 million share repurchase program, which includes $10.3 million remaining under its previous $250 million share repurchase program.
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Truck driver shortages, widespread port congestion, and skyrocketing container costs are among the biggest challenges facing the book industry supply chain for the rest of the year and into 2022, panelists on a July 6 BISG webinar looking at freight and shipping issues agreed. Book International’s v-p of global business development David Hetherington said that, in all his time in the book business, he has never seen such pressure building in the supply chain as is happening now. He predicted that things could get worse as more buying shifts online and more packages need to go directly to consumers’ homes. Hetherington, along with Ryan Forbes of Readerlink and Susie Scally of the international logistics firm Meadows Wye, also agreed that now is not the time for publishers to negotiate with trucking companies or the major delivery services. The lack of freight capacity is a real issue, Forbes said, and companies don’t need to yield on price.
*Comparable sales grew 3.3 percent, on top of 22.9 percent growth last year. **Comparable sales growth reflected traffic growth of 3.9 percent. **Store comparable sales increased 3.4 percent, on top of 18.0 percent growth last year. **Digital comparable sales grew 3.2 percent, following growth of 50.2 percent last year. **Same-day services (Order Pickup, Drive Up and Shipt) grew 8 percent this year, led by Drive Up, which grew in the mid-teens on top of more than 120 percent last year. **More than 95 percent of Target's first quarter sales were fulfilled by its stores. *Sales growth was led by frequently-purchased categories, including Food & Beverage, Beauty, and Household Essentials. *Operating margin rate of 5.3 percent was well below expectations, driven primarily by gross margin pressure reflecting actions to reduce excess inventory as well as higher freight and transportation costs.
At a contentious meeting Thursday morning, the FCC voted 3-2 to repeal net neutrality rules that prohibit broadband providers from blocking or throttling traffic, and from charging higher fees for prioritized delivery. The agency's controversial move also prohibits states from passing or enforcing their own broadband laws -- including, in the view of at least one Commissioner, privacy laws. The vote came during a session that lasted longer than 3 hours and was briefly interrupted by a security threat. Click Read More below for additional information.