Target lowers prices on thousands of products in bid to boost sales (digitalcommerce360.com)

*Comparable sales up 12.8% on an owned basis and up 12.4% on an owned-plus-licensed basis *Diluted EPS of $0.98 and Adjusted diluted EPS of $1.08 *Increased financial flexibility through a number of financing transactions *Repurchased $600 million of shares under $2 billion share repurchase program *Reaffirmed annual sales guidance and raised Adjusted diluted EPS guidance

*Total net sales were $140.3 million, a decrease of $14.5 million or 9.4%, compared to $154.8 million last year. -Net sales from physical stores were $104.6 million, a decrease of $27.5 million or 20.8%, compared to $132.1 million last year. -Net sales from e-commerce were $35.7 million, an increase of $13.0 million or 57.3% compared to approximately $22.7 million last year. *Gross profit was $40.7 million, or 29.0% of net sales, compared to $47.2 million, or 30.5% of net sales last year. *Net income was $2.1 million, or $0.07 per diluted share, compared to $6.4 million, or $0.21 per diluted share, last year.

"We continued to make solid progress on our key priorities in the third quarter while delivering another quarter of year-overyear Adjusted EBITDA growth. Three out of four digital revenue categories experienced further trend improvement year-overyear, and as a result, total digital revenues surpassed 45% of total revenues, representing an all-time high. These results reinforce our belief that we have created a sustainable pathway for ongoing growth moving forward. We also significantly increased our free cash flow by 168% year-over-year. Additionally, within the quarter, we repaid approximately $29 million of debt, which combined with our Adjusted EBITDA growth, reduced our first lien net leverage to 1.76x. It is also important to note that some of our strategic decisions impacted total reported revenue in the third quarter, such as the intentional closure or divestiture of certain businesses in our portfolio. These actions were in-line with our long-term strategy and did not materially impact Adjusted EBITDA," said Michael Reed, Gannett Chairman and Chief Executive Officer. "In the third quarter, our audience surpassed 200 million average monthly unique visitors for the first time in our history, reflecting growth of over 7% compared to the prior year period. Furthermore, in the third quarter, we announced an additional partnership with BetMGM, which is expected to enhance the monetization of our content platform."