USPS Reports Strong Service Performance Beginning Fiscal First Quarter

This year’s Book Industry Study Group annual meeting, held virtually April 23, focused on issues around book publishing’s impact on the environment, the continuing effect of the pandemic on the supply chain, and the industry’s response to both. The program opened with a keynote by Sheri Aldis, chief of publishing at the United Nations, which focused on the need for “global cooperation” to address sustainability and on the role of the United Nation’s Sustainable Development Goals (SDG), a set of 17 interconnected objectives based around science, economic development, and social well-being considered necessary to create a decent standard of life. Among the SDGs are (1) no poverty, (2) zero hunger, (4) quality education, (5) gender equality, (7) affordable and clean energy, and (13) climate action.

National Popcorn Day is on January 19! The Popcorn Factory® and Moose Munch® Premium Popcorn are marking the occasion by sharing unique ideas for enjoying one of America’s favorite, go-to snacks. From popcorn aficionados seeking traditional or trendy flavors, to families looking for creative ways to relish the gourmet treat together at home, these brands offer something special for every palate: Ready to explore the world of popcorn flavors? The adventure begins with a broad selection of sweet and savory flavors including cookies & crème, chicken & waffles, bacon cheddar, milk chocolate and salted caramel. These one-of-a-kind, poppin’ flavors will step up everyone’s snacking game.

For the first quarter, net sales were $540.9 million compared to $388.0 million in last year's first quarter. This 39.4% improvement primarily reflects a comparable sales increase of 40.6%, partially offset by 29 permanent store closures since last year's first quarter. The 40.6% comparable sales improvement was driven by an increase in transaction count and higher average dollar sale. Gross margin was $216.6 million, or 40.0% of net sales, compared to $126.8 million, or 32.7% of net sales, in last year's first quarter. The 730-basis point improvement in gross margin rate primarily reflects higher average unit retail and full price sales combined with occupancy leverage that offset elevated raw material and freight costs. At the end of the first quarter, inventories totaled $325.6 million compared to $209.7 million at the end of last year's first quarter. The $115.9 million, or 55.3%, increase from last year's first quarter primarily reflects elevated on-hand inventories to align with higher consumer demand, an increase in in-transit inventories due to extended in-transit times in the global supply chain, strategic investments in basics and replenishment inventories, and higher average unit costs.