Print Units Have Another Big Sales Week (publishersweekly.com)

Macy's, Inc. announced an accelerated expansion of its small-format store strategy, potentially tripling the total number of its small-format stores through fall 2025. Beginning in 2024, up to 30 new Macy’s small-format locations will open across the country. This expansion is in addition to the nearly 15 small-format Macy’s and Bloomie’s locations that Macy’s, Inc. currently operates. Paired with a premier digital experience, these small-format stores enhance the company’s store portfolio with a mix of the best on- and off-mall locations, to deliver a seamless shopping experience across channels.

More than 115,000 postal workers at Royal Mail are set to strike following the result of a ballot announced yesterday (19 July), while the postal operator has reported an 11.5% drop in sales in Q1, as it holds its 2022 Annual General Meeting (AGM) today. The Communication Workers Union (CWU), which represents Royal Mail Group workers, has voted by 97.6%, on a 77% turnout, to take action. This represents the biggest mandate for strike action ever reached since the 2016 Trade Union Act was implemented. The union is demanding that Royal Mail group enters into negotiations to secure a “straight, no-strings” pay increase for workers.

Costco Wholesale Corporation announced its operating results for the third quarter (twelve weeks) and the first 36 weeks of fiscal 2023, ended May 7, 2023. Net sales for the quarter increased 1.9 percent, to $52.60 billion, from $51.61 billion last year. Net sales for the first 36 weeks increased 5.5 percent, to $160.28 billion, from $151.97 billion last year. Net income for the quarter was $1.30 billion, $2.93 per diluted share, which includes a non-recurring charge to merchandise costs of $298 million pretax, $0.50 per diluted share, primarily for the discontinuation of our charter shipping activities. Last year’s third quarter net income was $1.35 billion, $3.04 per diluted share, which included a non-recurring $77 million pretax charge, $0.13 per diluted share, for incremental employee benefits. Net income for the first 36 weeks was $4.13 billion, $9.30 per diluted share, compared to $3.98 billion, $8.94 per diluted share, last year.