Paper, in any form, is in short supply across the world - caused by disrupted supply chains, labor shortages, logistical problems and the insufficient acceptance of digital publications. How is all of this affecting businesses in the US? When I first got into the paper industry, in the mid-90s, paper was arguably at its peak in production and demand,” Bill Rojack says. "Ever since, there's been a steady decline in demand." Rojack is the vice president of the National Division of MIDLAND, one of America's biggest independent paper and packaging distributors . This steady downward trend had led many paper manufacturers either to close their plants or repurpose their equipment. “ Paper mills are incredibly expensive,” Rojack explains. “To start a paper mill costs about $2 billion (€1.8 billion). It takes about five years to build a mill. It's the third most energy-intensive business in the US” These high costs mean that manufacturers are under extreme pressure to ensure that adequate profits are made.

Second quarter highlights: *Second quarter earnings per share (EPS*) from continuing operations was $1.02, a decrease compared with an EPS of $1.06 in the year-ago quarter; continuing operations adjusted** EPS increased 25.9 percent to $1.59, up 26.5 percent on a constant currency basis *Second quarter sales from continuing operations increased 3.0 percent over the year-ago quarter to $33.8 billion, up 3.8 percent on a constant currency basis *Second quarter operating income from continuing operations increased to $1.2 billion, compared with operating income of $832 million in the year-ago quarter; adjusted operating income from continuing operations increased to $1.7 billion, up 35.9 percent on a constant currency basis

Kohl’s Corporation mailed a letter to shareholders detailing the steps the Board has taken to maximize shareholder value, including the robust and intentional process to evaluate potential bids. The letter also summarizes Macellum’s shifting narrative and short-term focus on a sale of the Company at any price.

Pearson notes the March 29, 2022 announcement from Apollo that it is no longer evaluating a possible cash offer for the Company and that it is consequently bound by the restrictions under Rule 2.8 of the City Code of Takeovers and Mergers. The Board of Pearson confirms that, on 28 March 2022, it received a third proposal from Apollo regarding a possible cash offer for the entire issued and to be issued share capital of the Company at 870 pence per share. Under Apollo's proposal, eligible Pearson shareholders would also be entitled to receive the previously announced FY 2021 dividend of 14.2 pence per share which, when taken together with the Proposal Price, represents a total value of 884.2 pence per share. The Third Proposal followed two previous proposals from Apollo which were unanimously rejected by the Board of Pearson, as detailed in Pearson's 11 March 2022 announcement.

Bloomsbury Publishing Plc announces a further year-end trading update for the 12 months ending 28 February 2022. Revenue is expected to be comfortably ahead and profit materially ahead of upgraded market expectations for the year ended 28 February 2022, surpassing the guidance provided in our statement on 26 January 2022*. Nigel Newton, Chief Executive, said: “Bloomsbury excellent performance demonstrates the strength and resilience of our business and the successful execution of our digital and acquisition strategy. In February, the final month of our financial year, Bloomsbury delivered exceptional sales, in part driven by Sarah J. Maas’ new title, Crescent City: House of Sky and Breath, which was a global number one bestseller.

The Postal Regulatory Commission issued its FY 2021 Annual Compliance Determination (ACD) assessing the Postal Service’s compliance with rates and service standards. The Commission is required to issue its ACD 90 days after the filing of the Postal Service’s Annual Compliance Report (39 U.S.C. Section 3653). This ACD is the first compliance review by the Commission following its implementation of new pricing rules for Market Dominant products in FY 2021. Those rules included new rate authority mechanisms, new requirements for workshare discounts and non-compensatory products, and several procedural changes. The Commission’s primary areas of review, its findings, as well as recommendations and directives, include: MARKET DOMINANT RATES AND FEES; COMPETITIVE PRODUCTS RATES AND FEES; SERVICE PERFORMANCE; FLAT-SHAPED MAIL

The publishing industry faces continuing supply chain issues and paper shortages while another set of challenges have appeared in early 2022, employee resignations and work/life balance. These challenges were the focus of the webinar, “Publishing Now '22: Driving Business Forward,” presented by PW with support from Westchester Publishing Services on March 22. After two years in which book sales did surprisingly well despite problems posed by the pandemic, the industry faces more uncertainties in 2022 because of inflation and rising costs that are eating into companies’ operating margins, said Jim Milliot, editorial director of PW: “It’s safe to say things are a little more complicated.” Jim Fetherston, president and CEO at the printer Worzalla, was quick to point to the root cause of printing delays—the steady closing of printing plants has resulted in “North American print capacity being at historic low levels,” while demand for books remains extremely high.

FedEx Corp. announced that, effective June 1, 2022, Frederick W. Smith, Chairman and Chief Executive Officer, will become Executive Chairman, and Raj Subramaniam, President and Chief Operating Officer, will be promoted to President and CEO. In addition, R. Brad Martin, Chair of the Board’s Audit Committee, is now non-executive Vice Chairman of the Board. As Vice Chairman of the Board, Martin is the Board’s designated successor to serve as Chairman of the Board. David P. Steiner, Chair of the Board’s Governance, Safety, and Public Policy Committee, will continue to serve as Lead Independent Director. Smith and Subramaniam will both report directly to the Board, and the Chief Operating Officer position will not be backfilled. As part of the transition, Subramaniam has been named President and CEO-elect of FedEx Corp. effective immediately.

The United States Postal Service reported new delivery performance metrics showing the average time to deliver a mailpiece across the postal network continues is 2.7 days. Through March 18, Marketing Mail and Periodicals performance was consistent with the fiscal first quarter. The Postal Service continues its top-down focus on operational precision across the postal network to improve First-Class Mail performance evident in week over week performance to date in March. Second quarter service performance scores covering Jan.1 through March 18 included: *First-Class Mail: 86.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.4 percentage points from the fiscal first quarter. *Marketing Mail: 92.1 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.4 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.

The Postal Service announced today that it placed its initial Next Generation Delivery Vehicle (NGDV) delivery order with Oshkosh, WI, based Oshkosh Defense at a cost of $2.98 billion. The first order is for 50,000 vehicles – a minimum of which will be for 10,019 battery electric vehicles (BEVs). “We are pleased to be moving forward with this much needed investment in our fleet,” said Postmaster General and USPS Chief Executive Officer Louis DeJoy. ”Since I came on board a year and a half ago, we have continuously evaluated and adjusted our vehicle purchase strategy based on our future network initiatives, ongoing review of BEV application to our operational strategy, and our financial outlook as we undertake our ongoing implementation of the Delivering for America plan. Based upon this work and our improving outlook, we have determined that increasing our initial electric vehicle purchase from 5,000 to 10,019 makes good sense from an operational and financial perspective.

The Association of American Publishers (AAP) today released its StatShot report for January 2022 reflecting reported revenue for all tracked categories, including Trade (Consumer Books), K-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses. Total revenues across all categories for January 2022 were up 3.7% as compared to January 2021, coming in at $1.3 billion.

First Quarter Fiscal Year 2022 Financial Highlights *Adobe achieved record revenue of $4.26 billion in its first quarter of fiscal year 2022, which represents 9 percent year-over-year growth or 17 percent adjusted year-over-year growth1. Diluted earnings per share was $2.66 on a GAAP basis and $3.37 on a non-GAAP basis. *GAAP operating income in the first quarter was $1.58 billion, and non-GAAP operating income was $1.99 billion. GAAP net income was $1.27 billion, and non-GAAP net income was $1.60 billion. *Cash flows from operations were $1.77 billion. *Adobe repurchased approximately 3.8 million shares during the quarter.

The United States Postal Service reported new delivery performance metrics showing the average time to deliver a mailpiece across the postal network continues to average 2.7 days. Through March 11, performance for Marketing Mail and Periodicals was consistent with performance from the fiscal first quarter. The Postal Service continues to focus on operational precision across the postal network to improve First-Class Mail performance. Second quarter service performance scores covering Jan.1 through March 11 included: *First-Class Mail: 86.3 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.8 percentage points from the fiscal first quarter. *Marketing Mail: 91.9 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 81.0 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter.

Kohl’s Corporation provided the following update regarding the Board of Directors’ ongoing review of expressions of interest in acquiring the Company. The Board acknowledged receipt of multiple preliminary indications of interest. The proposals received are non-binding and without committed financing. The Board has authorized Goldman Sachs to coordinate with select bidders who have submitted indications of interest to assist with further due diligence so that they have the opportunity to refine and improve their proposals and include committed financing and binding documentation.

Kohl’s Corporation mailed definitive proxy materials previously filed with the Securities and Exchange Commission in connection with the Company’s Annual Meeting of Shareholders, which is scheduled to be held on May 11, 2022. Kohl’s shareholders of record as of the close of business on March 7, 2022 will be entitled to vote at the Annual Meeting. In conjunction with the definitive proxy mailing, Kohl’s is providing the following letter from the Company’s Board of Directors to shareholders: PROTECT THE VALUE OF YOUR INVESTMENT IN KOHL’S – VOTE THE BLUE PROXY CARD TODAY FOR ALL OF KOHL’S HIGHLY QUALIFIED DIRECTOR NOMINEES

Third quarter operating income improved due to higher revenue per shipment and a net fuel benefit at all transportation segments. The quarter's results also benefited from lower variable compensation expense and less severe winter weather, resulting in favorable year-over-year comparisons. The improved results were partially offset by the effects of the Omicron variant, as well as higher purchased transportation costs and wage rates. FedEx Ground operating results declined primarily due to increased rates for purchased transportation and employee wages, network inefficiencies, and expansion-related costs. These costs were partially offset by higher revenue per package, a boost from two additional ground commercial operating weekdays, and a net fuel benefit. Average daily volume was flat, as Ground Economy declined and growth in commercial and FedEx Home Delivery services was constrained by the effects of the Omicron variant. FedEx Freight third quarter operating income nearly tripled, driven by a continued focus on revenue quality and profitable growth. Revenue per shipment increased 19% and average daily shipments grew 2% during the quarter, while the operating margin increased 850 basis points to 15.0%.

Canon Solutions America, Inc. provides industry leading enterprise, production and large format printing solutions, supported by exceptional professional service offerings. The Production Print Solutions group specializes in high-speed, high-volume printing and is best known for its industry leading production inkjet portfolio. The company strives to protect the environment throughout the entire life cycle of its products, from its energy efficient product design and manufacturing processes to its large format ink cartridge collection/recycling program and the elimination of hazardous substances from its products and services wherever possible. Canon’s enthusiastic support of Two Sides is yet another way the company demonstrates its sustainability commitment. “Canon is proud to be a Two Sides member as both organizations work to promote the sustainable narrative of print,” says Ed Jansen, Canon Solutions America Vice President of Marketing and Two Sides Board Member. “Working together, we are dispelling common environmental misconceptions by providing consumers with verifiable information on why print on paper is an attractive, practical and sustainable communications medium.”

Barnes & Noble announces the shortlists for the Barnes & Noble Children’s & Young Adult Book Awards. These annual awards give a national platform to new and emerging talent in Children’s Publishing. The shortlist in each category of Picture Books, Young Readers and Young Adult is selected by the booksellers at Barnes & Noble who specialize in Children’s bookselling in stores across the country. Barnes & Noble has an astonishing track record for discovering, establishing and championing the careers of many authors with its Book Clubs, Monthly Picks and Book of the Year, and the Children’s & YA Book Awards play a similar role, launching hitherto little-known authors that will shape children’s literature for years to come. Last year, for its inaugural Overall Winner, B. B. Alston’s debut, Amari and the Night Brothers, enchanted the hearts of Barnes & Noble booksellers from coast to coast and went on to achieve extraordinary success.

Dear Industry Member: While we wait for President Biden to sign the Senate-passed Postal Service Reform Act (and our intel says this will happen soon), now is an ideal time to reach out to your senators if you heeded to our call to request their support of the bill. Why Bother? As an industry stakeholder, your advocacy has been critical in driving the legislation forward and it's important that legislators and staff hear from you, especially when signature pieces of legislation are enacted that will help the industry. As importantly, expressing your company's recognition and appreciation to Congressional staffs for their hard work is an essential component to relationship-building in Washington. Please try to get this done early this week by following these simple steps: • The ACMA has prepared this template for you to use. Just be sure to add your company's own information where indicated. • Click here to see which senators voted in favor of the bill - obviously, make sure you're only thanking those who voted YEA. • Click here for a list of all Senate legislative directors, which contains their email addresses and phone numbers. It's advised that you simply email them your thank-you notes.

Tilly’s, Inc. announced that its Board of Directors has authorized a share repurchase program, pursuant to which the Company may repurchase up to two million shares of the Company’s Class A common stock over the next twelve months through March 14, 2023. Repurchases of Class A common stock by the Company pursuant to the Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company is not obligated to repurchase any specific number or amount of shares of Class A common stock pursuant to the Program, and it may modify, suspend or discontinue the Program at any time. The Company will determine the timing and amount of repurchased shares, if any, in its discretion based on a variety of factors, such as the market price of Class A common stock, corporate requirements, general market economic conditions and applicable legal requirements.

Consistent with the rest of the shipping industry, USPS experienced delays in both ground and air transportation during the month of February due to inclement weather events including winter storms in the Midwest, South and Northeast regions. The Postal Service continues to implement mitigation plans to move mail and packages effectively across the nation. Additional second quarter service performance scores covering Jan.1 through March 4 included: *First-Class Mail: 86.9 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.3 percentage points from the fiscal first quarter. *Marketing Mail: 91.7 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .5 percentage point from the fiscal first quarter. *Periodicals: 80.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of .4 percentage point from the fiscal first quarter.

Gap Inc. and NEXT Plc announced the opening of the first Gap-branded shop-in-shop within NEXT’s largest West End store on London’s Oxford Street, marking the first milestone of the joint venture franchise relationship between the two companies to manage Gap’s e-commerce business as well as Gap-branded shop-in-shops at NEXT locations. The location in central London cements Gap’s physical return to the British high street. As the largest brand shop within the store, covering over 4,000 square feet of retail space, the Gap store embodies the brand’s reinvented approach to retail in the UK with an open, modern and minimal design. Customers can shop curated collections of elevated everyday essentials including denim, fleece, khakis, shirting and iconic logo product for women, men and kids. A customization shop offering embroidery, badging and monogramming will also be available to all Gap customers.

For the second year in a row, HH Global has completed a full assessment of the carbon footprint of our business and disclosed the results to CDP. CDP is a not-for-profit organization that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. Their aim is to see a thriving economy that works for both people and planet in the long term. We are proud to announce that we have increased our rating from a C to a B for our climate change disclosure, with A ratings given for the strength of our governance and emissions reduction initiatives.

For the Fourth Quarter of Fiscal 2021: *Net sales increased 24.1% to $2.7 billion compared to $2.2 billion in the fourth quarter of fiscal 2020 due to the favorable impact from stronger consumer confidence and fewer COVID-19 restrictions compared to the fourth quarter of fiscal 2020. *Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) increased 21.4% compared to a decrease of 4.8% in the fourth quarter of fiscal 2020, driven by a 10.4% increase in transactions and a 9.9% increase in average ticket. Compared to the fourth quarter of fiscal 2019, comparable sales increased 15.4%. *Gross profit increased to $1.0 billion compared to $771.0 million in the fourth quarter of fiscal 2020. As a percentage of net sales, gross profit increased to 37.6% compared to 35.1% in the fourth quarter of fiscal 2020, primarily due to leverage of fixed costs, favorable channel mix shifts, and improvement in merchandise margins. *Net income increased to $289.4 million compared to $171.5 million in the fourth quarter of fiscal 2020. Adjusted net income for the fourth quarter of fiscal 2020 was $193.4 million.

Fiscal 2021 Fourth Quarter Results Overview *Total net sales were $204.5 million, an increase of $26.6 million or 14.9%, compared to $177.9 million last year. Total comparable net sales, including both physical stores and e-commerce, increased by 12.5% compared to last year. *Net sales from physical stores were $152.2 million, an increase of $29.6 million or 24.2%, compared to $122.5 million last year. Comparable net sales from physical stores increased by 20.7%. Net sales from stores represented 74.4% of total net sales compared to 68.9% of total net sales last year. The Company ended fiscal 2021 with 241 total stores compared to 238 total stores at the end of fiscal 2020. *Net sales from e-commerce were $52.3 million, a decrease of $(3.1) million or (5.6)% compared to $55.4 million last year. E-commerce net sales represented 25.6% of total net sales compared to 31.1% of total net sales last year. Consumer behavior in 2021 favored stores over e-commerce relative to last year during which stores were more constricted in operating hours and customer occupancy limits than this year. *Gross profit was $70.4 million, an increase of $12.1 million or 20.8%, compared to $58.3 million last year. Gross margin, or gross profit as a percentage of net sales, was 34.4%, an improvement of 170 basis points compared to 32.7% last year. Total buying, distribution and occupancy costs improved by 190 basis points collectively, despite increasing by $1.9 million in total, due to leveraging these costs against higher net sales. Product margins decreased by 20 basis points as a percentage of net sales primarily due to an increase in sales return reserves and less favorable inventory shrink results than last year, the combination of which more than offset a lower markdown rate compared to last year. *Net income was $12.1 million, or $0.38 per diluted share, compared to $8.9 million, or $0.29 per diluted share, last year. Weighted average shares were 31.4 million this year compared to 30.1 million last year.

S&P Global Ratings has suspended commercial operations in Russia. The safety and well-being of our people come first, and we continue to support them. We will also maintain analytical coverage for existing ratings from outside Russia. We have in place a comprehensive business continuity plan to ensure our ongoing ability to deliver our data and opinions to market participants while maintaining our adherence to our legal and regulatory obligations. This report does not constitute a rating action.

Our hearts are with all those directly and indirectly impacted by the tragic events in Ukraine. With a reported 2 million people fleeing the violence and suffering in the region—most of whom are women and children with little more than the clothes on their backs—Gap Inc.’s brands will make a collective in-kind donation of more than $1 million worth of women and children's clothes to the UNHCR for communities in need. We are also encouraging employees to contribute company-matched donations to USA for UNHCR, CARE and the International Rescue Committee. As a values-led company, one that is proud to do the right thing over the past 53 years in business, at this time, we have also suspended deliveries to Russia, where we have a small franchise presence. We also have a handful of franchise locations in the Ukraine, which are currently closed, and we are working through our partner to account for the safety of those employees.

I'm excited to report the Senate passed the Postal Service Reform Act tonight, with a strong bipartisan vote of 79-19. The legislation marks the most significant overhaul to the USPS' operations since the Postal Accountability and Enhancement Act (PAEA), signed in 2006. The Postal Service Reform Act now heads to the desk of President Biden, who has previously indicated he will sign it. On behalf of ACMA, I would like to thank our members and others for your continuous advocacy and engagement efforts both in the House and Senate. At this critical juncture in Washington, the legislation would not have passed but for engagement from the industry and stakeholders. We worked diligently with other industry groups to engage you and others in the mailing community and you stepped up. Here are some highlights of the bill: • ends the requirement (from PAEA) that the Postal Service prefund retiree health care expenses and requires postal retirees to enroll in Medicare; • retains six-day delivery for mail and packages; and • requires the Postal Service to develop a service performance dashboard

The U.S. Postal Service congratulated the leadership and members of the U.S. Senate for its bipartisan approval of the Postal Service Reform Act. The bill, which was approved by the House on Feb. 8, now goes to the White House to be signed into law by President Biden. “With the legislative financial reforms achieved today, combined with our own self-led operational reforms, we will be able to self-fund our operations and continue to deliver to 161 million addresses six days per-week for many decades to come,” said Postmaster General and CEO Louis DeJoy. “I thank the Senate and our Committee leadership that broke the 10-year logjam which has long constrained the finances of the Postal Service. The Postal Service serves every American every day and so it’s only right that our future is now collectively assured by members of all political parties.” As passed by the House and Senate, the key elements of the Postal Service Reform Act are that it eliminates the unfair, outdated, and burdensome retiree health benefit prefunding requirement, and it integrates our retiree health benefit program with Medicare in a manner that is fully consistent with private sector best practices. The bill also formalizes our obligation to deliver mail and packages six days per-week through an integrated delivery network, and includes accountability, transparency and reporting requirements.

The Postal Regulatory Commission is pleased to announce that it has been awarded funding and support through the Technology Modernization Fund (TMF) to invest in mission-critical information technology infrastructure optimization initiatives. The Commission will use the TMF award to adopt a cloud-based applications system and develop three critical platforms that are essential to its role as the regulator of the U.S Postal Service. Specifically, the Commission will invest in 1) a new user-friendly public-facing website, 2) a replacement of its legacy docketing system, and 3) the development and deployment of a comprehensive data management system. Complementing these initiatives, the Commission recently hired its first chief data officer to lead data governance and open data efforts. The TMF investment will accelerate the agency’s ability to deploy and scale these important projects to meet its mission of ensuring the transparency and accountability of the Postal Service to the American public.

The Great Lakes Graphics urges all industry members to read this message, act, and share with your industry network. These programs are critical to the future of the printing industry. The undergraduate Graphic Communications (GCOM) program at the University of Wisconsin-Stout prepares students for careers in the graphic communications industry. The hands-on major and minor cover the fundamentals of print production, including pre-press/premedia; color management; offset, digital, flexo and gravure print technologies; post-press/finishing processes; project management and estimating; marketing techniques; and business practices. UW-Stout campus leaders recently have announced the suspension of new admissions to the GCOM program for incoming freshmen effective Fall 2022. The GCOM program website now states the following: Admission to this program is suspended effective Fall 2022. A group of industry professionals, faculty and higher education consultants are working on revising the current curriculum to meet the printing industry needs. Courses for currently enrolled students who are pursuing a GCOM major or minor will continue to be offered.

THIRD QUARTER SUMMARY: GAAP Results: Revenue of $516 million (+7%), Operating Income of $46 million (+34%), and EPS of $0.63 (+62%) NINE MONTHS SUMMARY: GAAP Results: Revenue of $1,537 million (+9%), Operating Income of $161 million (+20%), EPS of $1.86 (-2%), Cash Provided by Operating Activities of $158 million (+2%)

Consistent with the rest of the shipping industry, USPS experienced delays in both ground and air transportation during the month of February due to inclement weather events including winter storms in the Midwest, South and Northeast regions. The Postal Service continues to implement mitigation plans to move mail and packages effectively across the nation. Additional second quarter service performance scores covering Jan.1 through Feb. 25 included: *First-Class Mail: 86.6 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 2.5 percentage points from the fiscal first quarter. *Marketing Mail: 91.4 percent of Marketing Mail delivered on time against the USPS service standard, a decrease of .8 percentage point from the fiscal first quarter. *Periodicals: 80.3 percent of Periodicals delivered on time against the USPS service standard, a decrease of .5 percentage point from the fiscal first quarter.

Kohl’s Corporation will host a virtual Investor Day during which it will provide an update on the Company’s strategy to drive growth and become the retailer of choice for the Active and Casual lifestyle. Kohl’s will also announce an updated long-term financial framework. “Kohl's is undergoing a significant transformation of our business model and brand to be the retailer of choice for the Active and Casual lifestyle. We have fundamentally restructured our business to drive sustainable and profitable growth, while providing a strong return to shareholders,” said Michelle Gass, Kohl’s chief executive officer. “We have laid the foundation for our winning strategy and have started to implement key initiatives that will scale and accelerate our growth in the years ahead. We delivered record EPS in 2021 and achieved our operating margin goal two years ahead of schedule, reflecting our progress to drive more profitable growth. The initiatives we are announcing today, including plans to drive the Sephora business to $2 billion, are further positioning us for long-term value creation.”

All timber originating from Russia and Belarus is ‘conflict timber’ and therefore cannot be used in PEFC-certified products, the Board of PEFC International clarified today. PEFC is extremely concerned about the Russian government's attack on Ukraine. The military invasion is in direct opposition to our core values. This aggression causes unspeakable and unacceptable pain and death to innocent people, including women and children. It also has an immediate and long-term destructive impact on the environment, on forests, and on the many people that depend on forests for their livelihoods. The clarification that timber from Russia and Belarus is conflict timber follows an extraordinary meeting by the PEFC International Board to discuss Mr Putin's military aggression against Ukraine and its implications for PEFC and PEFC-certified forest owners and companies.

Net sales for the quarter increased 16.1 percent, to $50.94 billion, from $43.89 billion last year. Net sales for the first 24 weeks increased 16.4 percent, to $100.35 billion, from $86.23 billion last year. Net income for the quarter was $1,299 million, $2.92 per diluted share. Last year’s second quarter net income was $951 million, $2.14 per diluted share, which included $246 million pretax, $0.41 per diluted share, in costs incurred primarily from COVID-19 premium wages. Net income for the first 24 weeks was $2.62 billion, or $5.90 per diluted share, compared to $2.12 billion, $4.76 per diluted share, last year. For the four-week reporting month of February, ended February 27, 2022, the Company reported net sales of $16.29 billion, an increase of 15.9 percent from $14.05 billion last year.

*Fourth quarter 2021 net sales of $4.5 billion increased 2% year-over-year and were down 3% compared to 2019; Comparable sales were up 3% year-over-year and increased 3% versus 2019 *Fiscal year 2021 net sales of $16.7 billion increased 21% year-over-year and were up 2% compared to fiscal year 2019; Comparable sales were up 6% year-over-year and increased 8% versus 2019 *Returned over $400 million to shareholders in fiscal 2021 through dividend program and share repurchase plan

Urban Outfitters, Inc. announced net income of $41 million and earnings per diluted share of $0.41 for the three months ended January 31, 2022. For the year ended January 31, 2022, net income was $311 million and earnings per diluted share were a record $3.13. Total Company net sales for the three months ended January 31, 2022, were a record $1.33 billion. Net sales increased 13.9% compared to the three months ended January 31, 2020. Comparable Retail segment net sales increased 14%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales primarily due to reduced store traffic. By brand, comparable Retail segment net sales increased 49% at the Free People Group, 14% at the Anthropologie Group and 3% at Urban Outfitters. Total Retail segment net sales increased 15%. Wholesale segment net sales decreased 22% primarily from reducing the Free People Group’s sales to promotional wholesale customers. Nuuly segment net sales increased by $11.3 million driven by the continued expansion of the number of subscribers since its launch at the end of the second quarter of fiscal 2020. For the year ended January 31, 2022, total Company net sales increased 14.2% compared to the year ended January 31, 2020.

Nordstrom, Inc. reported fourth quarter results in line with the Company's fiscal year 2021 outlook, demonstrating progress against its long-term growth strategy. The Company reported net earnings of $200 million, or $1.23 per diluted share ("EPS"), and earnings before interest and taxes ("EBIT") of $299 million, or 6.8 percent of sales, for the fourth quarter. For the fiscal year ended January 29, 2022, net earnings were $178 million and diluted EPS was $1.10, with EBIT of $492 million, or 3.4 percent of sales. Net earnings for the fiscal year included an $88 million debt refinancing charge ($65 million after tax, or diluted EPS of $0.40) in the first quarter. For the fourth quarter ended January 29, 2022, net sales increased 23 percent versus the same period in fiscal 2020 and decreased 1 percent versus the same period in fiscal 2019. Gross merchandise value ("GMV") increased 24 percent versus the same period in fiscal 2020 and was flat versus the same period in fiscal 2019. Nordstrom banner net sales were flat and GMV increased 2 percent compared with the fourth quarter of 2019. Net sales for Nordstrom Rack decreased 5 percent versus the fourth quarter of fiscal 2019, a sequential improvement of 320 basis points over the third quarter.

•Fourth quarter and full year operating margin of 8.4% and 9.2% on a reported basis, respectively, and 8.6% and 9.6% on an adjusted non-GAAP basis, the highest in over a decade. •Fourth quarter and full year net income per diluted share of $1.12 and $4.20, respectively on a reported basis and $1.14 and $4.35, respectively on an adjusted non-GAAP basis. •Repurchased $142 million, or 4.1 million shares in the fourth quarter for a total of $377 million, or 10.2 million shares in Fiscal 2021; contributing to a 15% reduction in shares outstanding from Fiscal 2020.

*Fourth quarter diluted earnings per share of $2.20 exceeds expectations *Record full year 2021 adjusted diluted earnings per share of $7.33, eclipsing previous high of $5.60 in 2018 *Repurchased $548 million of shares in the quarter and $1.355 billion of shares in 2021 *Expects full year 2022 ne t sales to increase 2% to 3% as compared to 2021, operating margin to be in the range of 7.2% to 7.5% and earnings per share to be in the range of $7.00 to $7.50 *Increasing the quarterly dividend by 100%, which equates to an annual dividend of $2.00 per share, and planning to repurchase at least $1.0 billion in shares in 2022, of which $500 million is expected to be repurchased through open market transactions or an accelerated share repurchase (ASR) program executed in Q2 2022

YETI Holdings, Inc. announced that its Board of Directors has authorized the repurchase of up to $100 million (exclusive of fees and commissions) of YETI’s common stock. This share repurchase program is effective immediately and extends through February 27, 2023. Matt Reintjes, President and Chief Executive Officer, commented, “We remain confident in driving near and long-term demand for the YETI brand while also focused on efforts to drive shareholder value. Given recent market dynamics, we believe our shares are undervalued and this share buyback provides the ability to take advantage of the current valuation. At the same time, we have the financial flexibility to pursue both organic and inorganic growth opportunities.”

News Corp announced that it has completed the acquisition of the Oil Price Information Service (OPIS) and related assets, including the Coal, Mining and Metals business from S&P Global and IHS Markit. OPIS, a highly profitable and growing digital data, analytics and insights provider, will join Dow Jones’ professional information business, expanding Dow Jones’ presence in the energy, commodities and renewables markets. News Corp acquired OPIS for $1.150 billion in a cash transaction, subject to customary adjustments (and expects to receive an estimated tax benefit of $180 million as part of the transaction1). News Corp also has an agreement to acquire the Base Chemicals business from S&P Global and IHS Markit; that acquisition is expected to close in the coming months.