Macy’s Accelerates the Growth of Its Off-Mall, Small-Format Strategy

Torstar Corporation announced it has completed a transaction with Postmedia Network Inc. (“Postmedia”) relating to the purchase and sale of a number of community and daily newspapers. As part of the transaction, Torstar has acquired eight weekly community publications, seven daily community newspapers and two free daily newspapers from Postmedia. The daily publications are the Barrie Examiner, Niagara Falls Review, Northumberland Today, Orillia Packet & Times, Peterborough Examiner, St. Catharines Standard and Welland Tribune. The community papers are the Bradford Times, Collingwood Enterprise Bulletin, Fort Erie Times, Innisfil Examiner, Niagara Advance, Pelham News, Inport News (Port Colborne) and Thorold Niagara News. As well, Torstar acquired the free dailies 24Hours Toronto and 24Hours Vancouver. Click Read More below for additional information.

When Domino Media Group CEO Nathan Coyle was talking to Domino about its open CEO position last year, he wanted to ensure he could produce growth if he joined. He flipped through Domino magazine for inspiration, noticing people on nearly every page. Despite Domino’s reputation as a shelter title, talking home design, Coyle realized, “it’s also about the cool person that lives there.” He saw that as the opportunity. Readers flock to the magazine in order to find tips and tricks for their home décor, but they also see the person living in the chic home. Coyle believed they want to know more about that person, whether it’s where she goes for brunch, where she works out or where she shops. It was an epiphany: Domino would “have license to extend into adjacent categories.” Coyle had his plan and he took the job. Click Read More below for more of the story.

GAP INC. reported a third quarter fiscal year 2021 diluted loss per share of $0.40. Excluding fees associated with restructuring the company’s long-term debt and net charges related to strategic changes in its European operating model, adjusted diluted earnings per share were $0.27. Additional information regarding adjusted diluted earnings per share, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure. The company’s third quarter fiscal year 2021 net sales of $3.9 billion were down 1% compared to 2019 with supply chain disruption driving an estimated 8 percentage point negative impact due to constrained inventory.1 The company remains focused on digital dominance through investing in its ecommerce platform, strategically closing unprofitable stores and partnering to amplify in international markets. Online sales grew 48% compared to the third quarter of 2019 and represented 38% of the total business, even as store traffic continues to rebound. Investments in technology are driving an enhanced online experience as the company accelerates its digital strategy. Third quarter comparable sales were up 5% versus 2019. The comparable sales calculation reflects online sales and comparable sales days in stores that were open.