Congress to Hold Hearing on Book Bannings in Schools and Libraries (publishersweekly.com)

First Quarter Fiscal 2023 - Financial Results: *Net sales of $3.28 billion, down 6% compared to last year, inclusive of an estimated 1-point foreign exchange headwind and 2 percentage points of negative impact from the sale of Gap China. Net sales were in line with the company's expectations for a mid-single digit decline in the quarter. *Reported gross margin was 37.1%. Excluding $4 million in restructuring costs, adjusted gross margin of 37.2% increased 570 basis points versus last year. *Reported operating loss was $10 million; reported operating margin of negative 0.3%.

Hearst Magazines International today announced the launch of the print edition of Harper’s BAZAAR Italy, further expanding the iconic fashion brand’s digital, social and experiential presence in the Italian market. Daria Veledeeva, formerly the editor-in-chief of Harper’s BAZAAR Russia, has been appointed editor-in-chief and will oversee the content strategy and development of the magazine. The announcement was made today by Hearst Magazines International President Jonathan Wright and Hearst Italy CEO Giacomo Moletto. “The prestige and influence of the Harper’s BAZAAR brand in the U.S. and around the world is unmatched and the print expression is an important experience – our audience engages deeply and marketers can therefore connect with them in a more profound way,” Wright said. “With Daria’s leadership, vision, and deep connections in the fashion industry, Harper’s BAZAAR Italy will be a must-read for anyone who is passionate about fashion, culture and the issues that matter today.”

*Reported Revenue Increased 42% vs. Prior Year and Decreased 5% vs. Pro Forma Revenue; Adjusted Revenue Decreased 5% vs. Non-GAAP Pro Forma Adjusted Revenue *Growth Across Five of Six Divisions, Offset by a Sharp Decline in Revenue Related to Debt Issuance *Reported Operating Profit Margin Decreased 530 Basis Points to 49.5% from Prior Year and Increased 1,140 Basis Points to 49.5% from Pro Forma Operating Margin *Company has Repurchased $8.5B in Shares YTD; on Track to Complete $12B ASR by Year-end