Blog Keyword - Midland PaperClips - fine paper, packaging and supply systems distributor

11.22.2011

dELiA*s, Inc. Announces Third Quarter 2011 Results

dELiA*s, Inc., a direct marketing and retail company comprised of two lifestyle brands primarily targeting teenage girls and young women, today announced the results for its third quarter of fiscal 2011.

Total revenue for the third quarter of fiscal 2011 decreased 4.2% to $58.1 million from $60.6 million in the third quarter of fiscal 2010. Revenue from the retail segment decreased 2.7% to $36.2 million, or 62.3% of total revenue. Revenue from the direct segment decreased 6.5% to $21.9 million, or 37.7% of total revenue.

Total gross margin decreased to 32.3% in the third quarter of fiscal 2011, compared to 34.3% in the prior year quarter, predominantly reflecting reduced merchandise margins related to markdowns in the retail segment and the deleveraging of occupancy costs.

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11.22.2011

Chico's FAS, Inc. Reports Third Quarter Earnings Per Share of $0.16 Net of Acquisition Costs of $0.02

Chico's FAS, Inc. today announced its financial results for the fiscal 2011 third quarter and nine months ended October 29, 2011, which includes the results of Boston Proper subsequent to the closing of the acquisition on September 19, 2011.

The Company reported net income totaling $26.5 million, or $0.16 per diluted share, for the third quarter compared to net income of $28.8 million, or $0.16 per diluted share, for the same period last year.

The third quarter 2011 results include non-recurring acquisition and integration costs related to the Boston Proper acquisition totaling approximately $3.5 million, net of tax, or $0.02 per diluted share. Excluding these costs, the Company's third quarter net income was $30.0 million, or $0.18 per diluted share, an earnings per share increase of 13%, compared to net income of $28.8 million, or $0.16 per diluted share for the same period last year.

For the nine months ended October 29, 2011, the Company reported net income totaling $115.8 million or $0.66 per diluted share, compared to net income of $94.7 million, or $0.53 per diluted share, reported for the same period last year. Excluding the non-recurring acquisition and integration costs in the third quarter of fiscal 2011, the Company's net income for the nine months ended October 29, 2011 was $119.3 million, or $0.68 per diluted share, an increase of 28%, compared to net income of $94.7 million, or $0.53 per diluted share, for the same period last year.

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11.21.2011

Pearson to acquire Global Education in China for $155m

Pearson, the world’s leading learning company, is today announcing that it has agreed to acquire Global Education and Technology Group, a leading provider of test preparation services for students in China who are learning English.

Global Education is listed on the NASDAQ stock exchange (NASDAQ: GEDU). Pearson has agreed to acquire the company for $155m in cash, comprised of a headline price of $294m or $11.006 per American Depository Share offset by an expected cash balance of $139m at closing. The acquisition is subject to the approval of Global Education’s shareholders and is expected to complete in the fourth quarter of 2011.

Global Education is a leading provider of test preparation services in China for students who are working towards internationally-recognised English language assessments. These tests are important to students who want to study outside China; to professionals who want to demonstrate their English skills to Chinese or international companies; and to academic institutions, corporations and governments as they evaluate admissions, employment and immigration applications. Pearson estimates that approximately 500,000 Chinese students take these tests each year, a four-fold increase over the past five years which has produced rapid growth in spending on related teaching and preparation services.

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11.21.2011

Asia Pulp & Paper in ‘Full Compliance’ with EU Ecolabel

An official report by the European Commission has ruled that key products manufactured by Asia Pulp & Paper Group (APP) in Indonesia meet all of the criteria for the EU Ecolabel - a standard designed to reassure consumers that they are buying goods which are ‘kindest’ to the environment.

The Commission asked French audit firm AFNOR to carry out an in-depth investigation into copying and graphic paper produced by Asia Pulp & Paper’s Pindo Deli manufacturing centre, its pulp and pulpwood suppliers in Indonesia. In a statement published on the official European Commission website, it says: “The Audit clearly proves that there was full compliance with the criteria of the EU Ecolabel for copying and graphic paper valid at the time, especially on criterion 3 - sustainable forest management.”1

Asia Pulp & Paper Managing Director Aida Greenbury said: “We are delighted that APP’s copying and graphic products will continue to carry the EU Ecolabel, which is only awarded to the very best environmentally-friendly products. Asia Pulp & Paper welcomed the AFNOR audit as an opportunity to disprove any suggestions of non-compliant practices in our manufacturing centres made by international NGO, FERN.”2

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11.21.2011

Crude Oil Declines to Lowest in a Week on Asian Demand, European Crisis

Oil fell for a third day to its lowest price in more than a week in New York on concern that Europe’s debt crisis and slower Asian economic growth will curtail fuel demand.

Futures dropped as much as 2.1 percent to their lowest since Nov. 10. European stocks have lost 18 percent this year as surging borrowing costs for governments raise the risk of recession. Japan, the world’s third-biggest crude consumer, reported the first drop in exports in three months. Saudi Arabian Oil Co. Chief Executive Officer Khalid Al-Falih said the world economy is at risk of a double-dip recession amid sovereign debts and weak U.S. growth.

“Fear that something really bad could happen in Europe, hence demand could fall, has been the main reason prices have been so subdued,” Amrita Sen, an analyst with Barclays Capital in London, said in an interview Sen with Owen Thomas on Bloomberg Television’s “Countdown.”

Crude oil for January delivery fell as much as $2.06 to $95.61 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.93 a barrel at 10:47 a.m. London time. Front-month prices dropped 1.6 percent last week and are 5 percent higher this year.

Brent oil for January settlement was at $106.62 a barrel, down 94 cents on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to West Texas crude increased to $10.73 from $9.89 on Nov. 18. The spread reached a record high of $27.88 on Oct. 14.

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11.21.2011

Print Magazines Still Dominate Overall Magazine Engagement

In its annual Survey of the American Consumer, media and consumer research firm Gfk MRI interviewed approximately 26,000 American adults on their media consumption habits. Results of it's latest print and digital magazine readership survey

From March through October 2011, the total gross magazine audience--defined as the number of consumer exposures to magazine-branded content on any platform, including magazines printed on paper--was approximately 1.6 billion.

Out of this 1.6 billion magazine impressions, digital-only consumers made up 166 million exposures (11%) while the print-only audience still supplies the largest sector of magazine reader exposures, at 1.278 billion.

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11.21.2011

UPS Sets 2012 Rates

UPS today released new published rates for 2012, including a net increase of 4.9 percent for UPS Ground packages and a net increase of 4.9 percent on all UPS Air services and U.S.-origin international shipments.

The rate increase for UPS Ground shipments is based on a 5.9 percent increase in the base rate, less a 1 percentage point reduction to the index-based ground fuel surcharge. The rate increase for UPS Air and international services shipments is based on a 6.9 percent increase in the base rate, less a 2 percentage point reduction to the index-based air and international fuel surcharge.

Additionally, UPS Next Day Air Freight and UPS 2nd Day Air Freight rates for shipments within and between the U.S., Canada and Puerto Rico will increase 5.9 percent. UPS 3 Day Freight rates will remain unchanged.

Updated rate and service information will be posted on www.ups.com/rates beginning today. On Jan. 2, 2012, when the new rates take effect, customers can download the 2012 Rate and Service Guide.

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11.21.2011

Hastings Entertainment, Inc. Reports Results for the Third Quarter of Fiscal 2011

Hastings Entertainment, Inc., a leading multimedia entertainment retailer, today reported results for the three and nine months ended October 31, 2011. Net loss was approximately $5.5 million, or $0.65 per diluted share, for the three months ended October 31, 2011 compared to a net loss of approximately $3.1 million, or $0.35 per diluted share, for the three months ended October 31, 2010. Net loss was approximately $9.2 million, or $1.07 per diluted share, for the nine months ended October 31, 2011 compared to net loss of $2.1 million, or $0.23 per diluted share, for the nine months ended October 31, 2010.

"Our third quarter results reflect a continuation of comparable weak slates for books, movies and video games," said John H. Marmaduke, Chief Executive Officer and Chairman. "Furthermore, we continue to be impacted by the shift toward the digital delivery of books, along with the increasing growth of rental kiosks and subscription-based services in movie rentals. Additionally, the current economic environment continues to impact consumer discretionary spending, thereby reducing average purchases, as customers are choosing lower priced products. We continue to focus on controlling our costs. During the third quarter of fiscal 2011, we closed two under performing stores which gives us a total of four superstore closures for the current fiscal year."

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11.18.2011

Crude Oil in New York Heads for Worst Weekly Performance Since September

Oil rose in New York as the euro’s rebound fueled optimism that European leaders may be able to come to an agreement on how best to combat the debt crisis that threatens the region’s economy.

Futures rose as much as 0.8 percent after dropping 3.7 percent yesterday. The euro strengthened 0.6 percent against the dollar while Italian and Spanish lending costs declined following reports the European Central Bank bought the nations’ securities. New York crude is up 0.7 percent this week.

“The Italian bond spreads are narrowing,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo. “That gives some confidence to the market and pushes up the prices of oil.”

Crude for December delivery on the New York Mercantile Exchange rose as much as 82 cents to $99.64 a barrel and was at $99.63 at 9:32 a.m. London time. The contract, which yesterday dropped $3.77 to $98.82, expires today. The more-active January contract gained 81 cents to $99.63.

Brent oil for January settlement gained $1.14 to $109.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to U.S. futures widened to $9.76 a barrel from $9.29 at yesterday’s settlement.

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11.18.2011

The Bon-Ton Stores, Inc. Announces Third Quarter Fiscal 2011 Results

The Bon-Ton Stores, Inc. today reported results for the third quarter of fiscal 2011 ended October 29, 2011.

Third Quarter Highlights: Comparable store sales decreased 5.9%. Gross margin rate was 37.4% of net sales compared with 38.2% in the prior year period. Operating income totaled $0.5 million, compared with operating income of $22.7 million in the third quarter of fiscal 2010. EBITDA was $25.0 million, compared with $48.7 million in the third quarter of fiscal 2010. EBITDA is not a measure recognized under generally accepted accounting principles (see Note 1). Net loss totaled $22.0 million, or $1.21 per diluted share, compared with a net loss of $6.3 million, or $0.36 per diluted share, for the third quarter of fiscal 2010.

Year-to-date Highlights: Comparable store sales decreased 3.0%. Gross margin rate was 36.7% of net sales compared with 37.9% in the prior year period. Operating loss totaled $13.8 million, compared with operating income of $22.0 million in the prior year period. EBITDA was $63.8 million, compared with $102.9 million in the prior year period (see Note 1). Net loss totaled $90.3 million, or $5.00 per diluted share, compared with a net loss of $63.5 million, or $3.60 per diluted share, for the prior year period. The first quarter of fiscal 2011 included a charge of $9.5 million, or $0.52 per diluted share, associated with the Company's prepayment of its second lien term loan and refinancing of its revolving credit facility.

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11.18.2011

Sears posts net loss

Sears Holdings Corp. posted a third-quarter net loss of $421 million, the company reported Nov. 17. Sears brand domestic comparable store sales declined 0.7% and subsidiary Kmart's comparable store sales declined 0.9%.

The holding company's total revenue decreased 1.2% to $9.6 billion for the quarter, which ended Oct. 29, 2011. Operating loss for the quarter was $459 million, compared with $292 million during the third quarter of 2010.

Operating expenses for the holding company totaled $10 billion during the third quarter, a slight increase over $9.9 billion third-quarter 2010 operating expenses.

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11.18.2011

DMA Releases Quarterly Business Review (QBR) for Q3 2011

The Direct Marketing Association (DMA) today released its Quarterly Business Review (QBR) for the third quarter of 2011. On this report, DMA partnered with Winterberry Group, a leading strategic management consulting firm that helps advertising and marketing companies build shareholder value.

In Q3 2011, marketers reported net gains for all key indicators, including sales revenue, spending on direct and digital marketing efforts, profitability, and staffing. Moreover, customer acquisition efforts accounted for 59 percent of marketing budgets, the highest proportion over the past year and a good indication of optimism among marketers. At the same time, however, 14.7 percent of marketers indicated that they cut expenditures in Q3 when compared with the same quarter last year (SQLY), as opposed to 7.0 percent who reported a fall in Q2 spending versus SQLY. 14.7 percent also expected to cut marketing expenditures in Q4.

“Overall, more marketers are increasing spending and expanding acquisition efforts, but a significant portion are cutting back,” said Yory Wurmser, DMA’s director of marketing & media insights. “As much as we want to put the economic problems of the past couple years behind us, we’re not yet in a strong recovery. With the troubles in Europe getting deeper by the week, we expect to see marketers face continued obstacles to growth in the coming months.”

“For the last few quarters, we’ve seen a consistent macroeconomic trend emerge in the world of digital and direct marketing: For every two steps forward we take, we immediately take one-and-a-half steps back,” said Jonathan Margulies, a vice president at Winterberry Group. “Though the survey data on marketer spending, sales revenue, staffing, and profitability all suggest continued growth, we’re clearly facing some substantial headwinds when it comes to the economy and its ongoing impact on confidence across the industry.”

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11.18.2011

Digital-Only Readers Now 11% of Magazine Audience

While far from critical mass, the share of people now engaging with magazines exclusively on digital platforms has tipped beyond trivial. According to the latest figures from GfK MRI, 11% of the gross magazine audience across all platforms is now reading titles solely via digital screens. These are the results of the company’s first wave of data encompassing all forms of magazine readership. It calculates the gross magazine audience at 1.58 billion people, with the print reach at 1.278 billion. Of the gross count 135 million were engaging with magazine content on both digital and print formats, while 166 million or 11% of the total were “digital-only” magazine readers.

The digital-only magazine audience skews heavily male (63%) and almost as heavily concentrated in the youngest adult segment, the Millennials (54%). But this group is also heavily overindexing on education and household income.

The survey encompasses readership between March and October 2011. “Digital-only” is defined as people who are accessing magazine content through desktop or laptop computers, tablets, e-readers and smartphones. GfK MRI says that beginning in the Spring it will be releasing two waves of data that will include title breakdowns including digital audience reach.

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11.18.2011

Packaging Corporation of America Reports Third Quarter 2011 Results

Packaging Corporation of America today reported third quarter 2011 net income of $42 million, or $0.42 per share, which included after-tax charges of $1 million, or $0.01 per share, from asset disposals related to major energy projects. Net income, excluding these charges, was $43 million, or $0.43 per share, compared to third quarter 2010 net income of $62 million, or $0.60 per share, which excludes income from cellulosic biofuel credits and asset disposal charges.

Higher volume improved earnings by $0.04 per share compared to last year's third quarter, but higher costs ($0.18), sales mix ($0.02) and price ($0.01) more than offset this improvement. The higher costs included transportation ($0.04), recycled fiber ($0.04), labor and benefits ($0.04), energy ($0.02), chemicals ($0.02) and other items ($0.02).

Excluding special items, net income for the first nine months of 2011 was $122 million, or $1.21 per share, compared to $113 million, or $1.10 per share in 2010. This earnings increase was driven by price and mix ($0.41), higher volume ($0.15), lower interest expense ($0.03) and lower energy usage ($0.03). These items were partially offset by cost increases of $0.51 per share for essentially the same items noted above for the third quarter.

Net sales were $671 million, up 4.4% compared to the third quarter of 2010, and year-to-date net sales were $2.0 billion, up 8.7% over 2010.

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11.18.2011

InterVarsity Press Buys Biblica Books

200-year-old ministry that translates, publishes, and distributes Bibles to more than 55 countries. The deal is expected to close by the end of the calendar year, with IVP gaining 170 backlist and almost 30 new Biblica Books titles, including Operation World, a global prayer guide now in its seventh edition.

Biblica Worldwide has translated the Bible into over 100 languages and is the translation sponsor and publisher of the New International Version® (NIV) Bible, the top-selling translation. The company recently made the decision to narrow its publishing program solely to the Bible, which led to the agreement with IVP, the nonprofit publishing arm of InterVarsity Christian Fellowship/USA, a campus ministry founded in 1947 that now publishes a range of ministry resources, trade books, and scholarly titles.

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11.18.2011

Casual Male Retail Group, Inc. Reports Third Quarter 2011 Results

Casual Male Retail Group, Inc., the largest retailer of big & tall men's apparel and accessories, today reported operating results for the third quarter and nine months ended October 29, 2011.

Third Quarter Highlights (3QFY11 vs. 3QFY10): Comparable sales increased 0.7% against prior year's comparable sales increase of 3.0%. Operating loss of $1.4 million as compared to operating loss of $0.8 million. SG&A expenses include approximately $1.4 million, or $(0.03) per diluted share, for anticipated litigation settlements and incurred legal expenses to date. Net loss of $(1.6) million, or $(0.03) per diluted share, compared to net income of $0.3 million, or $0.01 per diluted share. Total sales decreased 0.6% to $89.4 million. Gross margin decreased 70 basis points (20 basis points in merchandise margin and 50 basis points in occupancy expense) to 45.0% as compared to 45.7% for the prior year.

Nine Month Highlights (2011 vs. 2010): Comparable sales increased 2.6% against prior year's comparable sales increase of 0.9%. Operating income increased 7.3% to $10.8 million as compared to operating income of $10.1 million for the prior year. Net income of $9.2 million, or $0.19 per diluted share, as compared to $10.0 million, or $0.21 per diluted share. Total sales increased 1.4% to $286.2 million. Gross margin increased 80 basis points to 46.8% as compared to 46.0% for the prior year.

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11.18.2011

Gap Inc. Reports Third Quarter 2011 Earnings

Gap Inc. today reported that net sales for the third quarter of fiscal year 2011, which ended October 29, 2011, decreased 2 percent to $3.59 billion compared with $3.65 billion for the third quarter last year. Net income was $193 million compared with $303 million for the third quarter last year. Third quarter diluted earnings per share was $0.38, down 21 percent from last year.

Third Quarter Financial and Business Highlights
• Returned $700 million to shareholders, with $645 million in share repurchases and $55 million in dividends, underscoring the company’s continued commitment to return cash to shareholders.
• Tightly managed operating expenses, which totaled $968 million and leveraged by 40 basis points as a percentage of net sales.
• Improved net sales at the Gap Inc. Direct division – which includes the online sales channel – by 21 percent, growing to $414 million compared with $342 million last year. Online sales for its Gap, Old Navy, and Banana Republic brands each improved year-over-year.

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11.18.2011

Kruger's paperboard mill in Montréal receives FSC® Chain of Custody certification

Kruger Inc. today announced that its Place Turcot paperboard mill in Montréal has been awarded Chain of Custody (CoC) certification by the Forest Stewardship Council® (FSC®), License Code FSC®-C106738. The certificate, issued by the Rainforest Alliance, an FSC®-accredited organization, authorizes the Company to feature the FSC® Recycled logo on its products which include 100% recycled white top (GreenWhiteTM) and brown (Turkraft) linerboard for corrugated packaging, as well as roll wrapping and file folder stock.

"Achieving FSC® Chain of Custody certification is a source of pride for our employees who make every effort on a daily basis to provide our clients with the highest quality recycled paperboard possible, while meeting the highest environmental standards", said Rob Latter, Vice President, Kruger

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11.18.2011

MWV to Spin Off Consumer & Office Products Business and Merge it with ACCO Brands Corporation

MeadWestvaco Corporation, a global leader in packaging, today announced that the company will spin off its Consumer & Office Products business and has signed a definitive agreement to merge the business into ACCO Brands Corporation (NYSE: ABD), one of the world’s largest office supply manufacturers. The tax-efficient transaction is valued at approximately $860 million to MWV and its shareholders on a pre-synergy basis.

MWV Consumer & Office Products is a leading manufacturer and marketer of school supplies, office products, and planning and organizing tools – including the Mead®, Five Star®, At-A-Glance® and Tilibra® brands. The business has significant operations in the United States, Canada and Brazil. With the addition of this business, ACCO Brands will add to its existing portfolio of top-brands – creating a global school and office products leader. ACCO Brands also will be able to expand its global footprint, including to the attractive market in Brazil, and create additional value through $30 million of estimated annual cost synergies. The transaction will enable MWV to sharpen its focus on profitable growth opportunities in large and growing global packaging markets, including food, beverage, healthcare, personal care, tobacco and home and garden.

“This is a transaction that will strengthen the market leadership positions of MWV and ACCO, and creates substantial value for both companies’ shareholders,” said John A. Luke, Jr., chairman and chief executive officer. “With our Consumer & Office Products business, ACCO will have a stronger presence in the global marketplace for branded school and office products. And, at the same time, we are taking a significant step in transforming MWV’s business to focus on and grow in our targeted global packaging markets.”

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11.17.2011

October 2011 Boxboard Report (AF&PA/UBS)

Oct US box data was generally positive. Shipments rose 0.9% y/y (adjusted + absolute). This compares to 0.4% erosion in Sept. The Oct trend was ahead of 2011 growth rates (absolute +0.5%, adjusted 0.0%). This is fairly encouraging in the context of macro uncertainty. With holidays approaching, markets are entering a period of seasonally-slower demand. The year-end drop off could be amplified as customers appear particularly focused on managing working capital for year-end.

Inventories fell 29.1kt (1.2% m/m). This is less than normal 52kt decline. Absolute inventories are low at 2.23mm tons. Oct inventories fell 0.5% y/y-the 1st y/y drop since Aug-10.

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11.17.2011

Containerboard October Total Production Flat Compared to Last Month

The American Forest & Paper Association released its October 2011 U. S. Containerboard Statistics Report today. Containerboard production was flat decreasing just 0.1% when compared to September 2011, however, the month over month average daily production, was down 3.3%. The containerboard operating rate for October 2011 was down slightly from October 2010 to 95.1% from 96.0%.

Additional key findings from the report include: Linerboard production was flat compared to last year. Medium production was down from October.

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11.17.2011

Oil Falls From Five-Month High on Signs Europe Crisis Spreading

Oil fell from a five-month high in New York as Spain’s borrowing costs surged, heightening concern that Europe’s debt crisis is spreading and will hurt demand.

Futures retreated as Spain sold 3.56 billion euros ($4.8 billion) of a new 10-year benchmark bond at an average yield of almost 7 percent, the most since the euro’s creation. Oil surged yesterday after the Energy Department said U.S. crude stockpiles declined for a second week and Enbridge Inc. said it will reverse the direction of the Seaway pipeline, adding an outlet to transport from the central U.S. and Canada to the coast of the Gulf of Mexico.

“We expect the euro zone to get into recession next year,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, who expects the price of Brent to slip to $100 a barrel by the end of the year. “I don’t think prices fully reflect the weakening outlook for Europe. There’s still some geopolitical fears priced in with Brent at $112.”

Crude for December delivery was at $102.25 a barrel, 34 cents lower in electronic trading on the New York Mercantile Exchange at 10:15 a.m. London time. Earlier it reached $103.37, the highest intraday price since May 31. Prices have gained 13 percent this year, after increasing 15 percent in 2010.

Brent oil for January settlement on the London-based ICE Futures Europe exchange was at $111.46 a barrel, down $1.42. The European contract was $8.35 higher than West Texas Intermediate crude, the smallest premium since March 9. The spread is down 71 percent from a record $27.88 on Oct. 14.

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11.17.2011

Colbert Receives AIB Certification for Food Contact Packaging in Elkhart

Colbert Packaging Corporation, a leading manufacturer of folding cartons, rigid paper boxes and paperboard specialty products, today announced that its Elkhart, Ind.-based manufacturing facility has been awarded a Food Contact Packaging Certification from the American Institute of Baking (AIB) International, a nonprofit organization internationally recognized for its commitment to protecting the safety of the food supply chain. AIB’s Food Contact Packaging Certification was awarded to Colbert Packaging following a rigorous inspection and audit of its Elkhart facility, which primarily manufactures folding cartons and rigid setup boxes for commercial industries, including food and confectionary products.

“We initiated the AIB Certification process at the request of our customers. We learned from our customer base that this certification is crucial to our ongoing success in providing packaging for food products, and we’re pleased to have achieved it for their benefit,” said Tim Price, vice
president and general manager of Colbert’s Elkhart facility. “This is already a cGMP-compliant facility, and now, together, AIB and cGMP ensure that our Elkhart customers benefit from unparalleled levels of compliance and quality for all their packaging needs.”

The AIB Food Contact Packaging Certification represents that Colbert’s Elkhart facility meets industry best practices and strict regulatory requirements, including those established by the U.S. Food and Drug Administration, and that the facility has been deemed to be wholesome and safe for the manufacture of food contact packaging. The certification is based on meeting AIB’s “Consolidated Standards for Inspection of Food Contact Packaging Manufacturing Facilities,” which inspects and audits the facilities, processes and procedures related to material handling, equipment maintenance, cleaning and sanitizing, pest management, and food safety programs.

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11.17.2011

Digital Ad Impressions 47 Percent Lower than Print Counterpart

Despite efforts in 2011 for the digital advertisement sector (including premium ad launches by brands like Hearst), audience consumption is still faltering. Down 47 percent when compared to its print counterpart, digital magazines with a circ of 100,000 only garner a total of 155 million advertising impressions. Print magazines with a circ of 100,000 generate 273 million ad impressions, according to Scout Analytics.

“In print, monetizable advertising impressions are calculated based on circulation, pass-along, number of issues and advertisements per issue,” says a Scout news statement. “For digital, the monetizable advertising impressions are calculated based on the ads per page view and the consumptions patterns of the audience as profiled in previous research.”

According to Scout, digital “pass-alongs” (also know as fly-bys, or users that visit a site once a month) make up the minority of page views, representing only 20 percent of total impressions with 25.9 million views. However, this group also makes up a large portion of visitors.

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11.17.2011

White Birch Paper Company to Idle Stadacona Mill in Quebec City

White Birch Paper Company today announced that it will cease production temporarily at its Stadacona paper mill, in Quebec City, commencing December 9, 2011. White Birch will review the viability of the mill in light of significant manufacturing cost disadvantages specific to the plant as well as the ongoing deterioration of economic conditions in the newsprint industry.

"I am deeply saddened that we are forced to idle the Stadacona mill and am very aware of the hardship this will impose on our quality employees who work there. However, the operation of Stadacona is simply unsustainable in the current cost environment," stated Christopher Brant, President, White Birch Paper Company. "We need to resolve an integrated package of challenges quickly to be able to turn the situation around for the entire White Birch family of mills in Quebec. This is a difficult time for everyone at White Birch, and in our industry at large, but I remain confident that we can find a way to secure important new investment and emerge as a renewed company that provides sustainable long-term opportunities for our employees and value to our shareholders and the broader community in Quebec."

Deteriorating economic conditions, which include decreasing demand for newsprint and higher fibre costs, coupled with the inability to come to an economic agreement with union employees, have contributed to this decision.

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11.17.2011

Sustainability at the heart of the European paper industry

Sustainability is central to the European paper industry and this new report details the achievements of the industry. Key figures in the report are:

80% of the wood used by CEPI members comes from CEPI countries
61% virgin wood fibre used by the industry is certified, 5% more than in 2008
94% of water used is returned to its source
69%, the European Paper Recycling Rate: a world record
90% of newspapers and corrugated boxes are made from recycled fibre
90% of production capacity has environmental management certification
14% reductionin energy consumption since 1990
86%less SO2 since 1990
95% reduction in AOX per tonne of product since 1990
58% reduction in the accident rate since 1990

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11.17.2011

Williams-Sonoma, Inc. Announces Strong Third Quarter 2011 Results

Williams-Sonoma, Inc. today announced operating results for the third quarter of fiscal 2011 ended October 30, 2011 (“Q3 11”).

Net revenues in Q3 11 increased 6.3% to $867 million versus $816 million in Q3 10. Comparable brand revenue in Q3 11 increased 7.3%.

Comparable brand revenue growth in Q3 11 increased 7.3% versus 12.5% in Q3 10 as shown in the table below. Comparable brand revenue growth includes both comparable store net revenues and total direct-to-customer net revenues.

Direct-to-customer (“DTC”) net revenues in Q3 11 increased 9.9% to $390 million versus $355 million in Q3 10, driven by increases across all brands, led by the Pottery Barn, West Elm and Pottery Barn Kids brands. E-commerce net revenues increased 14.6% to $339 million in Q3 11 versus $296 million in Q3 10. DTC net revenues generated 45% of total company net revenues in Q3 11 versus 43% in Q3 10, representing a channel mix shift of 200 basis points.

Retail net revenues in Q3 11 increased 3.6% to $478 million versus $461 million in Q3 10, primarily driven by the West Elm and Pottery Barn brands and international franchise operations. Retail leased square footage (“LSF”) decreased 4.0%, including the closure of our Williams-Sonoma Home stores at the end of FY 10. Excluding the Williams-Sonoma Home stores, retail net revenues increased 5.1%. Comparable store sales in Q3 11 increased 6.3% versus 8.1% in Q3 10.

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11.17.2011

Book Country launches self publishing services

Book Country, the online community dedicated to genre fiction launched by Penguin Group (USA) earlier this year, today introduced a suite of self-publishing tools, marking the first entry by a unit of a Big Six publisher into this fast-growing, non-traditional segment of the book industry.

"In combination with free access to our community and all it offers readers and writers of original genre fiction, these professional tools provide a direct path to publication for those who choose to go the self-publishing route," said Molly Barton, president of Book Country. "And the site remains a great way for authors to get their manuscripts read, critiqued and workshopped in preparation for readers."

The BookCountry.com site has attracted more than 120,000 unique visitors since going into public beta in May and has close to 4,000 members who have posted over 500 works of genre fiction and offered thousands of constructive critiques of those works. Publishing professionals have used the site to scout for new authors. A small number of writers in the community have secured agents. The new self-publishing tools will add another way for site members to reach readers.

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11.17.2011

Limited Brands Reports a 39% Increase in Adjusted and a 72% Increase in Reported Third Quarter Earnings Per Share

Limited Brands, Inc. today reported 2011 third quarter results and increased its 2011 full-year earnings guidance.

Adjusted earnings per share for the third quarter ended Oct. 29, 2011 increased 39% to $0.25 compared to earnings per share of $0.18 for the quarter ended Oct. 30, 2010, which exclude an income tax benefit in 2011 as detailed below. Third quarter operating income was $186.1 million compared to operating income of $149.1 million last year, and adjusted net income was $77.6 million compared to net income of $61.3 million last year.

The 2011 adjusted results above exclude an income tax benefit, primarily due to the resolution of certain tax matters, of $16.7 million, or $0.06 per share. Including this benefit, 2011 net income was $94.3 million and earnings per share were $0.31.

Comparable store sales for the third quarter increased 9 percent, and net sales were $2.173 billion compared to $1.983 billion last year.

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11.16.2011

SP Newsprint files bankruptcy

SP Newsprint Co, owned by newsprint magnate and fine art collector Peter Brant, filed for bankruptcy protection because of rising raw material costs and too much debt, and said it may sell itself to its lenders.

Tuesday's filing by the Greenwich, Connecticut-based company, which has called itself the fourth-largest North American newsprint manufacturer, followed a September 7 bankruptcy filing by NewPage Corp, North America's largest maker of magazine paper. New Page is owed by private equity firm Cerberus Capital Management LP.

Paper makers have struggled in recent years with rising costs, increased competition from Asia and Europe, and falling demand as more advertisers and readers move online.

Ed Sherrick, SP Newsprint's chief financial officer, in a statement said weak economic conditions and record prices for key raw materials shrank profit margins, leaving the company unable to continue paying its debts.

In a court filing, SP Newsprint said it is in talks to obtain financing to help it operate in bankruptcy.

It said it anticipates that its lenders, including General Electric Co's GE Capital unit, will require a sale of the company as a going concern, and that these lenders have "expressed a willingness" to serve as the initial bidder.

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11.16.2011

The American Forest & Paper Association Celebrates Another Year of Forest Products Industry Recycling Success

In recognition of America Recycles Day, the American Forest & Paper Association (AF&PA) is celebrating the efforts of millions of Americans who choose to recycle paper each day by highlighting the resulting success of those efforts.

In 2010, 87 percent of Americans (268 million) had access to curbside and/or drop-off paper recycling programs. With a 63.5 percent recovery for recycling rate in 2010, more paper is recycled than glass, plastic and aluminum combined. Enough paper was recovered for recycling in 2010 to fill 124 Empire State buildings, which is roughly 334 pounds for each man, woman and child in the country. Paper recycling saves 3.3 cubic yards of landfill space per ton of paper recovered for recycling. Since 1990, the paper recovery rate for recycling has nearly doubled.

“We’re proud to represent an industry that is committed to sustainability, and to demonstrate our continued commitment, we have set a goal to increase the paper recovery rate to more than 70 percent by 2020,” said AF&PA President and CEO Donna Harman. “Our members are proven environmental stewards, and our industry provides a wide array of paper and paper-based packaging products that are renewable, recyclable and sustainable.”

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11.16.2011

Crude Oil Slides From Near Its Three-Month High as Euro, Equities Retreat

Oil retreated from near its highest in three months as European stocks pared gains and the region’s single currency declined, signaling renewed concern that the debt crisis will damage economic growth.

West Texas Intermediate futures erased an earlier gain, following yesterday’s rally to the highest price since July 26. The Stoxx Europe 600 Index was unchanged as of 10:46 a.m. in London after gaining 1.2 percent. The euro was 0.3 percent weaker against the dollar at $1.3498.

“For quite a long time the oil price has correlated well with events in the sovereign debt crisis,” said Torbjoern Kjus, an Oslo-based senior market analyst at DnB NOR, who predicts the price of Brent crude will average $105 a barrel this quarter. “I would not be surprised to see prices falling back more. We are risking a banking crisis.”

Crude oil for December delivery on the New York Mercantile Exchange was down 41 cents at $98.96 a barrel at 10:49 a.m. London time. Earlier it lost as much as 98 cents. Prices rose as high as $99.84 yesterday.

Brent oil for January settlement was down 22 cents at $111.96 a barrel on the ICE Futures Europe exchange in London. The European contract’s premium to West Texas crude narrowed to $12.98.

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11.16.2011

Unfolding the Future – 2050 Roadmap to a low-carbon bioeconomy

The Confederation of European Paper Industries (CEPI) unfolded the future when launching their 2050 Roadmap to a low-carbon bio-economy.

The roadmap attempts to lay out the future of the forest fibre industry and its potential to meet future consumer demands, stay competitive and deliver a CO2 emission reduction. This initiative addresses the European Commission roadmap, which modeled an overall industrial reduction of 80% in CO2 by 2050. The CEPI roadmap explores the technical, financial and resource constraints that lie ahead, and the policy framework that will be needed to tackle them.

The forest fibre industry has the ambition to be at the heart of the 2050 bio-economy, an essential platform for a range of bio-based products and the recycling society. The industry is expected to grow in line with EU GDP, by about 1.5% a year for the next 40 years. The future sector will be a cluster of more and more integrated activities and industries.

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11.16.2011

Flint Group Flexographic Products announces further price increase for Printing Plates

Since the middle of 2010 raw material and energy costs have grown considerably - with some materials witnessing growth rates of up to 100%. Despite Flint Group continuously pushing productivity and cost savings initiatives, the raw material cost increases placed on the market have not been able to be absorbed and will have to be passed on. Subsequently Flint Group Flexographic Products is forced to increase prices for nyloflex® and nyloprint® printing plates in 2012.

“While the exaggerated cost situation is projected to stabilise at a high level for single raw material components, costs for key material to manufacture printing plates will continue to increase further while energy costs are forecasted to grow significantly in the near future”, comments Thomas Zwez, Vice President Operations, Flint Group Flexographic Products. “This situation is compounded further with the fact that the markets are still driven by capacity shortages, which stems back to the economic crisis in 2008, and by an increased global demand, in particular from emerging countries, which have escalated the competition for limited resources.“

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11.16.2011

Cutbacks at Braviken Paper Mill

Holmen Paper is opening union negotiations to reduce the workforce at Braviken Paper Mill, outside Norrköping. The reasons for the cutbacks are continued poor profitability and increasing competition.

Employees were informed on Wednesday about the coming job cuts, which will affect around 80 people.

"Holmen Paper's profitability is already low and we are continuing to experience tough market conditions," explains Henrik Sjölund, head of Holmen Paper. "We are therefore stepping up work on cutting our fixed costs. Unfortunately this will mean losing some employees."

In addition to job cuts at Braviken Paper Mill, Holmen Paper is also overhauling its central functions such as marketing and sales. Alongside this, the company is switching to more refined products.

"Holmen Paper is in the middle of restructuring the Swedish units so that they produce more refined and thus more profitable products, and that strategy will remain in place," states Henrik Sjölund. "We are exploiting the competitive advantages that our access to virgin fibre brings and increasingly becoming a specialist paper company."

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11.16.2011

NFL Magazine to 'Kick Off' in December

There are football magazines aplenty, but one with the blessing of the National Football League--with cumulative team and television revenues that would easily put it the upper rung of the Fortune 500--is a big deal. Enter the monthly NFL magazine with New York-based publishing partner Dauphin Media Group. The famous logo is there on the cover, as are contributors that include quarterback-turned-NFL Today commentator and WFAN (New York) host Boomer Esaison. Another contributor is NBC Sunday Night Football sideline commentator Andrea Kremer, and editor Jim Buckley comes from NFL Publishing.

The December 13 launch is no accident, because it is typically Thanksgiving through the Super Bowl when football interest peaks. Estimated opening print run is between 300,000 and 400,000, with Quad/Graphics the printer and Kable Media Services the distributor.

Subscription rate, per nfl.com/magazine, is $19.90 per year, with the 60% savings meaning a $5.50 single-copy price.

NFL magazine is following the nearly 14-year-old ESPN the magazine model in complementing digital and television components. Especially important is added exposure to the NFL Network and its personalities, with ex-player Warren Sapp and ex-coach Jim Mora among those in the launch issue.

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11.16.2011

Hadera Paper Ltd. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2011

Hadera Paper Ltd. today reported financial results for the third quarter (the "Third Quarter")and first nine months ended September 30, 2011 (the "Reported Period"). The Company, its subsidiaries and associated company - are referred to hereinafter as the "Group".

Consolidated sales during the Reported Period amounted to NIS 1,541.7 million, as compared with NIS 784.6 million last year, representing an increase of 96.5%, originating primarily from growth in the sales of the packaging paper and recycling sector as compared with the corresponding period last year, coupled with the consolidation of the sales of Hadera Paper - Writing and Printing Ltd ("Hadera Paper Printing"), starting January 1, 2011, in the total sum of NIS 554.0 million, net of inter-company sales totaling NIS 526.3 million.

The consolidated sales in the Third Quarter of the year totaled NIS 519.5 million, as compared with NIS 295.4 million in the corresponding quarter last year, representing growth of approximately 75.9%, originating primarily as a result of the consolidation of the sales of Hadera Paper Printing, in the amount of NIS 184.7 million, coupled with growth in the sales of the packaging paper and recycling sector in relation to the corresponding quarter last year and as compared with second quarter sales this year of NIS 504.6 million, representing growth of approximately 2.96%.

The operating profit totaled NIS 45.8 million during the Reported Period, 3.0% of sales, as compared with NIS 32.7 million, 4.2% of sales, in the corresponding period last year. Net of non-recurring revenues and expenditures during the Reported Period and the corresponding period last year, the operating profit decreased from NIS 19.1 million to NIS 16.4 million. The decrease in the operating profit from current operations during the Reported Period, as compared with the corresponding period last year, originates primarily from the consolidation of the results of the Hadera Paper Printing segment since January 1, 2011, following an operating loss of NIS 13.1 million in this segment. This decrease was offset as a result of a rise in the gross profit of the various segments, in view of the increase in sales.

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11.16.2011

Pregis Announces Third Quarter 2011 Financial Results

Pregis Corporation, a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, today announced its 2011 third quarter financial results.

For the third quarter of 2011, the Company generated net sales of $241.1 million, an increase of 7.8% versus net sales of $223.7 million in the third quarter of 2010. Gross margin as a percent of net sales was 20.9% for the third quarter of 2011 compared to 21.2% for the same period last year.

Adjusted EBITDA, or “Consolidated Cash Flow” as defined by our indentures, is a significant operating measure used by the Company to measure its operating performance and liquidity. Adjusted EBITDA was $22.9 million in the third quarter of 2011 compared to $20.2 million for the same period in 2010.

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11.16.2011

September Bookstore Sales Rise Slightly

Bookstore sales continued to do better than expected, at least as measured by the U.S. Census Bureau. According to preliminary estimates, sales in September rose 0.7%, to $1.55 billion and were up 2.8% for the first nine months of 2011. Revenue includes all sales made at stores where at least 50% of its sales come from books and also reflects the final going-out-of business sales at Borders.

For the entire retail segment, September sales rose 8.5%, and were up 8.1% in the first nine months of the year.

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11.16.2011

Standard Register Receives Two Industry Awards

Standard Register, a leading provider of critical communications management solutions, was recently recognized by the Tag & Label Manufacturers Institute, Inc. (TLMI) at the organization’s 34th Annual Awards Competition in Scottsdale, AR.

Standard Register received first place honors in two categories:

Non-pressure sensitive, all process, cut & stack: line/prime. The winning label offered the customer a thermally stable product that would not shrink in a hot mold, but still met critical color requirements to advance their brand.
Non-pressure sensitive all process cut & stack: color process prime. The winning label enabled the customer to increase the decorating area on their bottles by 100 percent for greater shelf appeal.
“These awards recognize our ability to elevate the image of manufacturers,” said Tom Furey, president of Standard Register’s Industrial Business Unit. “We’ve developed core capabilities around graphic design, critical color management, process printing and in-mold labeling. Through these we can help our customers produce products with exciting shelf appeal, more durable brand images, and truly innovative packaging. Receiving these honors from TLMI validates that our capabilities in these areas are among the best.”

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11.16.2011

Tembec reports financial results for its fourth quarter ended September 24, 2011

Consolidated sales for the three-month period ended September 24, 2011, were $421 million, as compared to $444 million in the comparable period of the prior year. The Company generated a net loss of $17 million or $0.17 per share in the September 2011 quarter compared to net earnings of $2 million or $0.02 per share in the September 2010 quarter. Operating earnings before depreciation, amortization and other specific or non-recurring items (EBITDA) was $19 million for the three-month period ended September 24, 2011, as compared to EBITDA of $36 million a year ago and EBITDA of $32 million in the prior quarter.

For the fiscal year ended September 24, 2011, consolidated sales were $1.7 billion, down from $1.9 billion in the prior year. The Company generated a net loss of $3 million or $0.03 per share compared to net earnings of $52 million or $0.52 per share in fiscal 2010. EBITDA was $95 million compared to $132 million in the prior year.

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11.16.2011

Abercrombie & Fitch Reports Third Quarter 2011 Results

Abercrombie & Fitch Co. today reported unaudited results which reflected net income of $50.9 million and net income per diluted share of $0.57 for the thirteen weeks ended October 29, 2011, compared to net income of $50.0 million and net income per diluted share of $0.56 for the thirteen weeks ended October 30, 2010.

Net sales for the thirteen weeks ended October 29, 2011 increased 21% to $1.076 billion from $885.8 million for the thirteen weeks ended October 30, 2010. U.S. sales, including direct-to-consumer sales, increased 14% to $820.2 million. International sales, including direct-to-consumer sales, increased 56% to $255.7 million. Total Company direct-to-consumer sales, including shipping and handling, increased 41% to $132.4 million.

Total comparable store sales for the quarter increased 7%. By brand, comparable store sales increased 4% for Abercrombie & Fitch, 6% for abercrombie kids, and 8% for Hollister Co. Total sales by brand were $436.1 million for Abercrombie & Fitch, $104.2 million for abercrombie kids and $518.0 million for Hollister Co.

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11.16.2011

Target Corporation Announces Strong Third Quarter 2011 Earnings

Target Corporation today reported net earnings of $555 million for the quarter ended October 29, 2011, compared with $535 million in the quarter ended October 30, 2010. Earnings per share in the third quarter increased 10.2 percent to $0.82 from $0.74 in the same period a year ago. As previously disclosed, third quarter 2010 earnings per share included the benefit of approximately 6 cents related to favorable state income tax settlements. Third quarter 2011 results included expenses related to Target’s investments in its 2013 Canadian market entry, which reduced earnings per share by approximately 5 cents. Excluding those two items, adjusted earnings per share increased 28 percent to $0.87 in third quarter 2011 from $0.68 in the same period a year ago. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.

As the company first reported in its sales release on November 3, 2011, Target’s sales in third quarter 2011 increased 5.4 percent to $16.1 billion from $15.2 billion a year ago, due to a 4.3 percent increase in comparable-store sales and the contribution from new stores. Segment earnings before interest expense and income taxes (EBIT) were $931 million in the third quarter of 2011, an increase of 14.1 percent from $816 million in 2010.

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11.16.2011

Domtar Releases New Wave of "Paper Because" Campaign

Building on its award-winning "Paper Because" campaign,Domtar Corporation today released a new series of videos promoting the important role paper plays in our lives.

The videos will debut on PaperBecause.com, Domtar.com, YouTube and social media sites - relying on satire to highlight how using paper responsibly makes business sense and how it's also an environmentally sound choice. The 30-second spots take a humorous look at office settings where the pressures to go paperless are taken to ridiculous lengths. In early 2012, new print ads will be added to the campaign in trade and consumer media, while the videos and banner ads will appear on a variety of news websites.

"Paper Because has enabled Domtar to communicate the importance of paper to business and opinion leaders," said Lewis Fix, Vice-President of Sustainable Business and Brand Management at Domtar. "Domtar has long been a leader in sustainable paper production. The Paper Because campaign promotes the responsible use of paper, while also reminding people of just how effective paper is in communicating on logical and emotional levels in so many business and personal settings."

Since Domtar unveiled the Paper Because campaign last year, there has been substantial support from paper industry, printing, graphic design and marketing partners. Many have picked up elements of the campaign and provided significant exposure on websites, in catalogs, at conferences and other outlets.

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11.16.2011

Strong Quarter in Book Manufacturing Boosts Courier Results

Courier Corporation, one of America’s leading book manufacturers and specialty publishers, today announced fourth-quarter and full-year results for its fiscal year ended September 24, 2011.

Courier’s fourth-quarter 2011 revenues were $73.7 million, up 5% from $70.2 million in last year’s fourth quarter. Net income for the quarter was up sharply to $6.4 million or $.53 per diluted share. In fiscal 2010, fourth-quarter net income was $1.1 million or $.09 per diluted share including a $4.7 million pretax impairment charge, and $4.2 million or $.35 per diluted share excluding that impairment charge.

For fiscal 2011 overall, Courier sales were $259.4 million, up slightly from $257.1 million in fiscal 2010. Net income for the year was $134,000 or $.01 per diluted share including earlier charges for impairment, restructuring and the writedown of receivables from Borders Group Inc. Excluding these charges, net income for fiscal 2011 would have been $10.7 million or $.89 per diluted share. For fiscal 2010, net income was $7.1 million or $.60 per diluted share including the fourth-quarter impairment charge, and $10.2 million or $.85 per diluted share excluding it. Details of the impairment charges and other costs can be found in the tables at the end of this release.

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11.16.2011

Discover's Holiday Shopping Survey Finds Consumers Plan to Slightly Increase Their Budgets This Holiday Season

Shoppers expect to spend approximately $748 this season compared to plans of spending $730 at this time last year, according to the Discover 2011 Annual Holiday Shopping Survey, which examines holiday spending intentions and trends for the upcoming holiday season.

Twenty-three percent of respondents indicated they intend to spend more in 2011, up from 13 percent that planned to spend more in 2010. Fifty percent of consumers intend to spend the same or more as they did last year; up from 43 percent.

One of the most important insights the survey revealed for consumer shopping intentions is Americans’ propensity to look to sites such as Groupon or Living Social for gift purchases. When asked if they would buy a gift through a group-buying site, more than half, 55 percent, of consumers gave a jolly nod to the idea, up from 22 percent who said the same last year. In 2010, just 6 percent of those surveyed said they had purchased a gift through a group-buying site, which more than tripled in 2011 to 20 percent.

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11.15.2011

Saks Incorporated Announces Results for the Third Quarter 2011

Retailer Saks Incorporated today announced results for the third quarter and nine months ended October 29, 2011.

For the third quarter ended October 29, 2011, the Company recorded net income of $17.8 million, or $.11 per diluted share.

For last year’s third quarter ended October 30, 2010, the Company recorded net income of $36.3 million, or $.20 per diluted share. Those results included a $26.7 million, or $.14 per share, gain related to the reversal of certain estimated income tax reserves deemed no longer necessary. Excluding this gain, the Company would have recorded net income of $9.7 million, or $.06 per share, for the third quarter ended October 30, 2010.

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11.15.2011

The Home Depot Announces Third Quarter Results

The Home Depot®, the world's largest home improvement retailer, today reported third quarter of fiscal 2011 net earnings of $934 million, or $0.60 per diluted share, compared with net earnings of $834 million, or $0.51 per diluted share, in the same period of fiscal 2010. For the third quarter of fiscal 2011, diluted earnings per share increased 17.6 percent from the prior year.

Sales for the third quarter totaled $17.3 billion, a 4.4 percent increase from the third quarter of fiscal 2010. Comparable store sales for the third quarter of fiscal 2011 were positive 4.2 percent, and comp sales for U.S. stores were positive 3.8 percent.

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11.15.2011

Staples, Inc. Announces Third Quarter 2011 Performance

Staples, Inc. announced today the results for its third quarter ended October 29, 2011. Total company sales for the third quarter of 2011 increased 0.5 percent to $6.6 billion compared to the third quarter of 2010. Net income for the third quarter of 2011 increased 13 percent year over year to $326 million. Diluted earnings per share, on a GAAP basis, increased 18 percent to $0.47 from $0.40 achieved in the third quarter of 2010, and increased 15 percent compared to adjusted diluted earnings per share of $0.41 achieved in the third quarter of 2010.

On a GAAP basis, third quarter 2011 operating income rate improved 25 basis points to 8.12 percent compared to the third quarter of 2010. Excluding the impact of integration and restructuring expense in the prior year period, third quarter 2011 operating income rate improved 11 basis points from 8.01 percent. This increase primarily reflects improved product margins, offset by increased supply chain costs and investments in labor to support growth initiatives.

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11.15.2011

Urban Outfitters Reports Record Q3 Sales

Urban Outfitters, Inc., a leading lifestyle specialty retail company operating under the Anthropologie, Free People, BHLDN, Terrain and Urban Outfitters brands today announced net income of $50.7 million and $146.0 million for the three and nine months ended October 31, 2011, respectively. Earnings per diluted share were $0.33 for the quarter and $0.91 for the nine months ended October 31, 2011.

For the third quarter of fiscal 2012, total company net sales increased 6% over the same quarter last year to $610 million. Comparable retail segment net sales, which include the direct-to-consumer channels, decreased 3% for the quarter, while comparable store net sales decreased 7% for the quarter. Comparable retail segment net sales at Free People increased 14%, were flat at Urban Outfitters, and decreased 7% at Anthropologie. Direct-to-consumer comparable net sales increased 15% and wholesale segment net sales rose 13% for the quarter.

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