Revenue is now expected to be over £260 million and profit before taxation and highlighted items is expected to be some £30 million for the year ended 28 February 2023.* This follows strong trading at the end of the year. Commenting on the results, Nigel Newton, Chief Executive of Bloomsbury, said: “Bloomsbury’s unique position in combining consumer and academic publishing combined with our investment in high quality content and company acquisitions has enabled us to achieve excellent trading for the year. We have seen strong demand for our titles - in print, ebook and audio - and continued digital growth. Two of our strongest performances in the year have come from very disparate ends of our publishing strategy - fantasy novels on the one hand and academic digital resources on the other - showing how well our balanced consumer and academic portfolio is working in practice."

*Net sales of $4.24 billion, down 6% compared to last year, inclusive of an estimated 1-point foreign exchange headwind. Net sales were in-line with the company’s expectations for mid-single digit declines in the quarter. -Comparable sales down 5% year-over-year. -Store sales decreased 3% compared to last year. -Online sales decreased 10% compared to last year and represented 41% of total net sales. *Gross margin was 33.6%, deleveraging 10 basis points versus last year. -Merchandise margin increased 20 basis points versus last year as higher discounting and inflationary commodity price increases were offset by lower air freight expense. -Rent, occupancy, and depreciation (ROD) deleveraged 30 basis points versus last year primarily due to lower online sales in the quarter. *Operating loss was $30 million; operating margin of negative 0.7%. *Net loss of $273 million; diluted loss per share of $0.75.

FY23 second quarter service performance scores covering Jan. 1 through Mar. 3, included: *First-Class Mail: 91.2% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.5% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.9% of Periodicals delivered on time against the USPS service standard, an increase of 2.2 percentage points from the fiscal first quarter.

*GAAP Results: Revenue of $491 million (-5% vs. prior year), Operating loss of $67 million (-$113M vs. prior year), and EPS loss of $1.29 (-$1.92 vs. prior year). Losses primarily due to non-cash goodwill impairment in Education Services/University Services and restructuring charges *Fiscal 2023 Outlook: Reduced to reflect increased Academic headwinds and a publishing pause in a Hindawi special issues program *Accelerating wide-ranging simplification and optimization efforts to drive meaningful margin improvement

Adobe announced the latest online inflation data from the Adobe Digital Price Index (DPI), powered by Adobe Analytics. Online prices in February 2023 fell 1.4% year-over-year (YoY), marking the sixth consecutive month of a YoY price decrease, with over half of the categories (10 of 18) tracked by Adobe seeing falling prices on an annual basis. On a monthly basis, online prices in February fell 0.3%. February’s YoY price decline was primarily driven by sharp drops in discretionary categories including electronics (down 12.6% YoY, down 1.7% MoM), computers (down 16.4% YoY, down 1.4% MoM) and toys (down 6.5% YoY, down 0.4% MoM). Consumers also saw prices fall YoY for home goods: Appliances were down 3.8% YoY (down 1.8% MoM), while home/garden products fell 3.8% YoY (up 0.2% MoM). The furniture/bedding category fell for the first time after rising for 33 consecutive months, dropping 0.1% YoY (down 0.6% MoM).

Savvas Learning Company, a K-12 next-generation learning solutions leader, announced today that it has acquired Whooo’s Reading and its AI-driven technology that enables teachers to quickly and easily determine whether their students comprehend the books they are reading. “Artificial intelligence technology has the power to transform K-12 education by dramatically helping to personalize the teaching and learning experience,” said Bethlam Forsa, CEO of Savvas Learning Company. “The AI-driven technology that supports Whooo’s Reading is a great example of this. It gives students personalized and adaptive feedback on their writing and reading skills, empowering them to grow as learners. It also provides teachers with valuable insights into which skills their students need extra support with, allowing them to customize instruction.”

FY23 second quarter service performance scores covering Jan. 1 through Feb. 24 included: *First-Class Mail: 91.2% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.4% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.6% of Periodicals delivered on time against the USPS service standard, an increase of 1.9 percentage points from the fiscal first quarter.

Nordstrom, Inc. reported fourth quarter net earnings of $119 million, and earnings before interest and taxes of $187 million, or 4.5 percent of sales, for the quarter ended January 28, 2023. For the fiscal year ended January 28, 2023, net earnings were $245 million, with EBIT of $465 million, or 3.1 percent of sales. For the fourth quarter ended January 28, 2023, net sales decreased 4.1 percent versus the same period in fiscal 2021 and gross merchandise value decreased 4.2 percent.

Costco Wholesale Corporation announced its operating results for the second quarter and the first 24 weeks of fiscal 2023, ended February 12, 2023. Net sales for the quarter increased 6.5 percent, to $54.24 billion, from $50.94 billion last year. Net sales for the first 24 weeks increased 7.3 percent, to $107.68 billion, from $100.35 billion last year. Net income for the quarter was $1,466 million, $3.30 per diluted share. Last year’s second quarter net income was $1,299 million, $2.92 per diluted share. Net income for the first 24 weeks was $2.83 billion, or $6.37 per diluted share, compared to $2.62 billion, $5.90 per diluted share, last year. For the four-week reporting month of February, ended February 26, 2023, the Company reported net sales of $17.06 billion, an increase of 4.7 percent from $16.29 billion last year.

If you’re strolling down the Marylebone High Street in London, you’ll stumble across a popular bookstore called Daunt Books. Inside, sunlight pours through stained glass windows, dappling rows of books organized by country, rather than theme, to appeal to armchair travelers who want to explore the world through reading. “It’s how I like to read, personally,” says James Daunt, who opened the bookstore in 1990 when he was in his twenties. “But it muddles the books because you abandon traditional subject categories.” Daunt acknowledges that his approach to bookselling is unusual, and perhaps a little risky. But it’s been a hit. He went on to open five other Daunt Book locations across London, which have thrived over the past 33 years, even as Amazon has grown explosively, putting many bookstores out of business.

Penguin Random House Verlagsgruppe U.S. has announced organizational changes to the structure of its publishing groups, accompanied by some high-profile promotions. As announced yesterday in New York by Nihar Malaviya, Interim CEO of Penguin Random House, the former Random House Group will be split into two new publishing groups: Random House Publishing Group and Crown Publishing Group. The new Random House Publishing Group will be headed by Sanyu Dillon, previously Chief Marketing Officer of Penguin Random House U.S. As President, Random House Publishing Group, she will oversee Random House, The Dial Press, Hogarth, The Modern Library, One World, Ballantine Bantam Dell/Delacorte, Random House Worlds, Harmony/Rodale, Convergent, and WaterBrook & Multnomah. The new Crown Publishing Group will be led by David Drake, previously President Crown Publishing Group, who has been appointed President of the new Crown Publishing Group. His group now includes Crown, Currency, Clarkson Potter and Ten Speed Press publishers.

Fourth Quarter 2022 Highlights - Net sales of $8.3 billion, down 4.6% versus the fourth quarter of 2021; down 0.9% versus the fourth quarter of 2019. Comparable sales down 3.3% on an owned basis and down 2.7% on an owned-plus-licensed basis versus the fourth quarter of 2021; up 3.1% and up 3.3%, respectively, versus the fourth quarter of 2019. Full-Year 2022 Highlights -Net sales of $24.4 billion, down 0.1% versus 2021; down 0.5% versus 2019. Comparable sales up 0.3% on an owned basis and up 0.6% on an owned-plus-licensed basis versus 2021; up 3.5% and up 3.7%, respectively, versus 2019.

Fourth Quarter 2022 Results - Net sales decreased 7.2% year-over-year, to $5.8 billion, with comparable sales down 6.6%. Gross margin as a percentage of net sales was 23.0%, a decrease of 1,016 basis points. Clearance markdowns impacted margin by approximately 750 basis points and product cost inflation impacted margin by approximately 200 bps. Net loss was $273 million, or ($2.49) per diluted share. This compares to net income of $299 million, or $2.20 per diluted share in the prior year. Fiscal Year 2022 Results - Net sales decreased 7.1% year-over-year, to $17.2 billion, with comparable sales down 6.6%. Gross margin as a percentage of net sales was 33.2%, a decrease of 485 basis points. Net loss of $19 million, or ($0.15) per diluted share. This compares to net income of $938 million, or $6.32 per diluted share, and adjusted net income of $1.1 billion, or $7.33 per diluted share, in the prior year.

Fourth Quarter 2022 Summary: Total reported sales of $2.1 billion, up 3% versus the prior year, primarily as a result of higher sales in our B2B distribution division, ODP Business Solutions, offsetting lower sales in our consumer division, Office Depot. Office Depot sales were lower partially driven by 58 fewer retail locations in service compared to the prior year as a result of planned store closures and lower traffic. Consolidated sales results include the favorable impact related to the 53rd week in fourth quarter of 2022 of $128 million. GAAP operating income of $55 million and net income from continuing operations of $36 million, versus $31 million and $32 million, respectively in the prior year. Operating income results include the favorable impact related to the 53rd week in fourth quarter of 2022 of $20 million. Full Year 2022 Summary: Total reported sales of $8.5 billion, flat versus the prior year. Consolidated sales results include the favorable impact related to the 53rd week in 2022 of $128 million. GAAP operating income of $243 million and net income from continuing operations of $178 million, versus $234 million and net income from continuing operations of $187 million, respectively in the prior year. Operating income results include the favorable impact related to the 53rd week in 2022 of $20 million.

Total Company net sales for the three months ended January 31, 2023, increased 3.9% to a record $1.38 billion. Total Retail segment net sales increased 2%, with comparable Retail segment net sales increasing 3%, partially offset by a 1% negative impact of foreign currency translation. The increase in Retail segment comparable net sales was driven by mid- single-digit positive growth in retail store sales and low single-digit positive growth in digital channel sales. By brand, comparable Retail segment net sales increased 15% at the Free People Group and 9% at the Anthropologie Group and decreased 10% at Urban Outfitters. Wholesale segment net sales decreased 7% driven by a 13% decrease in Free People Group wholesale sales due to a decrease in sales to department stores partially offset by growth in specialty and close out account partners, while Urban Outfitters wholesale sales increased by $3 million. Nuuly segment net sales increased by $25.5 million driven by a 149% increase in our subscribers as of the current quarter end versus the end of the prior year’s comparable quarter.

Overall, the Postal Service’s total investment in vehicles is expected to reach $9.6 billion, including $3 billion from Inflation Reduction Act (IRA) funds. The December 2022 plan announced intended acquisitions over the next five years of a 75 percent electric fleet of Next Generation Delivery Vehicles (NGDV). Acquisitions of NGDV after 2026 will be 100 percent electric. As part of the earliest stages of the delivery vehicle replacement plan, a contract for 9,250 commercial-off-the-shelf (COTS) internal combustion engine vehicles will also be concurrently awarded to fill the urgent need for vehicles. The specific locations for deployment of the vehicles and infrastructure have not yet been finalized and will depend on route characteristics, including whether a left-hand drive vehicle is mission-suitable as well as other business considerations. The Postal Service plans to begin building out its charging infrastructure across a minimum of 75 locations within the next 12 months, and thereafter to continue the infrastructure build out in the succeeding years at many additional facilities as a part of our delivery vehicle electrification strategy.

Kohl's announced that 30-year retail veteran Dave Alves has been named Kohl's President & Chief Operating Officer, reporting to CEO Tom Kingsbury, effective in April. In this role, Alves will be responsible for Kohl's enterprise operations including its nearly 1,200 stores, global supply chain and distribution centers, real estate portfolio, purchasing, sustainability, risk management & compliance functions. "We are thrilled to have Dave join our senior leadership team as we drive the business forward," said Kingsbury. "Kohl's is a tremendous company with a strong and loyal customer base, and Dave is joining us at a time when we are elevating our business and our offerings for the next generation of shoppers. His deep retail background in department stores and off-price, and his experience across U.S. and global markets will be a great addition to our team."

FY23 second quarter service performance scores covering Jan. 1 through Feb. 17 included: *First-Class Mail: 91.0% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.4% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.1% of Periodicals delivered on time against the USPS service standard, an increase of 1.5 percentage points from the fiscal first quarter.

On the closing day of the American Booksellers Association Winter Institute 2023, a keynote and idea exchange tackled book banning and other threats to the freedom to read. Stories of outrage were easy to come by: booksellers report going uninvited to book fairs, moving children’s books off tables occupied by general “adult” titles, or second-guessing whether to host Drag Queen Story Time. But solutions were in shorter supply. Booksellers are frustrated with schools’ and libraries’ capitulations to uninformed book challenges, despite understanding the fears of harassment and violence driving those chilling decisions. ABA chief communications officer Ray Daniels moderated a panel that included Gender Queer author Maia Kobabe, Rediscovered Books co-owner Laura DeLaney, Green Feather Book Company proprietor Heather Hall, and Kendrick Washington, director of policy at the ACLU of Washington. “I have had a wild ride over the past couple of years,” said Kobabe, whose memoir tops the American Library Association’s list of 10 most-challenged books. “I have seen a rise of book sales, but I think most of those sales are to adults and people who listen to NPR. People in book deserts are the ones missing out. We shouldn’t have to have a lawsuit in every single school district just to have the books in schools and libraries. It’s such a drain on resources.”

Fourth Quarter 2022 Results - Sales increased 1% to $448.0 million, compared to $443.1 million during the same period last year. Sales include a $38.4 million unfavorable impact related to the voluntary recalls, which impacted certain products in Coolers & Equipment. Gross profit decreased 34% to $167.0 million, or 37.3% of sales, compared to $254.8 million, or 57.5% of sales, in the fourth quarter of 2021. Gross profit included a $97.0 million, or 1,700 basis points, unfavorable impact related to the voluntary recalls. Gross profit was also negatively impacted by higher inbound freight, higher product costs, and the unfavorable impact of foreign currency exchange rates, partially offset by favorable channel mix and the price increases implemented in the first quarter of 2022. Full Year 2022 Results - Sales increased 13% to $1,595.2 million, compared to $1,411.0 million in the prior year. Sales include a $38.4 million unfavorable impact related to the voluntary recalls, which impacted certain products in Coolers & Equipment. Gross profit decreased 6% to $763.4 million, or 47.9% of sales, compared to $816.1 million, or 57.8% of sales in the prior year. Gross profit included a $97.0 million, or 480 basis points, unfavorable impact related to the voluntary recalls. Gross profit was also negatively impacted by higher inbound freight, higher product costs, and the unfavorable impact of foreign currency exchange rates, partially offset by the price increases implemented in the first quarter of 2022.

Fourth Quarter 2022 Financial Highlights: • Total revenues of $730.7 million decreased 11.6% compared to the fourth quarter of 2021 ◦ Same store revenues(2) decreased 10.3% compared to the fourth quarter of 2021 • Total digital revenues were $269.2 million or 36.8% of total revenues, down 0.4% over the same period in the prior year on a same store(2) basis mainly as a result of declines in digital media year-over-year • Net income attributable to Gannett of $32.8 million, an income margin of 4.5%

The global debate over what constitutes a publication may have received some clarity in the UK, although it is not likely to make anyone happy. Britain’s top court ruled that Rupert Murdoch’s News Corp. cannot claim its online publications are “newspapers,” which are not responsible for value-added tax (VAT), Reuters reports. A Murdoch spokesperson told Reuters that "Four courts have now considered the position and all found that the print and digital editions had fundamentally the same public purpose required to justify a zero rating and provided the same content.” This decision effectively negates that. News Corp. hoped to recoup more than 35 million pounds paid between 2010 and 2016,” Reuters continues.

FY23 second quarter service performance scores covering Jan. 1 through Feb. 10 included: *First-Class Mail: 90.9% of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Marketing Mail: 94.3% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.2% of Periodicals delivered on time against the USPS service standard, an increase of 1.5 percentage points from the fiscal first quarter.

The Book Manufacturers’ Institute (BMI) released the February results for its monthly survey on capacity and lead times for soft cover and hard cover books. This month’s survey also featured an update to the questions, factoring in both digital and offset printing methods. In looking at digital printing, the average hard cover capacity is only 59%. That is well below the January overall capacity number. Lead time for digital hard cover books is only 21 days. Digital soft cover books are running at 68% capacity and 17 days lead time. Both of those numbers are less than the overall January numbers as well. According to responses regarding offset printing, hard cover manufacturers are running at 76% of their capacity, with a 40 day lead time. The average soft cover capacity usage is 82% which is higher than the January overall average. Offset soft cover lead time is 27 days, continuing the trend of overall soft cover lead times going down.

In recent years, a surge in the use of counterfeit postage has been found in the mail stream. The intentional use, or sale, of counterfeit postage is a crime because it seeks to obtain services without payment. This activity reflects an intentional effort to defraud the Postal Service of the funds it needs to provide services to the public. In response to this problem, the Postal Service is filing a federal register notice about changes to the Mailing Standards of the United States Postal Service, Domestic Mail Manual (DMM®), that will allow the Postal Service to treat items found in the mail stream bearing counterfeit postage as abandoned. “As the most trusted government agency in the nation, we will continue to work together with other law enforcement and government agencies to protect the sanctity of the mail,” said Chief Postal Inspector Gary Barksdale.

Q4 2022 Highlights: * Angi Inc. revenue increased 6% year-over-year to $442 million, operating loss increased to $60 million (compared to a loss of $29 million in Q4 2021) and Adjusted EBITDA increased to $16 million (compared to a loss of $3 million in Q4 2021). * Dotdash Meredith Digital revenue was $260 million and Print revenue was $224 million. Pro Forma revenue decreased 26% due to 14% Digital declines and 36% Print declines. o Operating loss of $9 million and Adjusted EBITDA of $73 million in Q4 2022 reflect $21 million of restructuring charges and transaction-related items *Emerging & Other revenue decreased 16% year-over-year to $177 million, operating income increased 583% to $8 million and Adjusted EBITDA increased 2% to $12 million. Q4 revenue reflects: o The sale of Bluecrew on November 9, 2022, and 34% lower IAC Films revenue o 53% growth from Vivian Health and 3% growth from Care.com

The U.S. Postal Service announced its financial results for the first quarter of fiscal year 2023 (Oct. 1, 2022 - Dec. 31, 2022). The Postal Service's operating revenue was $21.5 billion for the quarter, an increase of $206 million, or 1.0 percent, on a volume decline of 1.7 billion pieces, or 4.8 percent, compared to the same quarter last year. Marketing Mail revenue decreased $106 million, or 2.4 percent, on a volume decline of 879 million pieces, or 4.7 percent, compared to the same quarter last year. Revenue declined at a lesser rate than volume due to price increases. Marketing Mail has been challenged by commercial mailers’ increasing use of digital and mobile advertising, which was accelerated by the pandemic. Nevertheless, Marketing Mail has generally proven to be a resilient marketing channel, and its value to U.S. businesses remains strong due to customer returns on investment and better data and technology integration.

States apparently are getting tired of waiting for national legislation that would support local journalism. The Massachusetts legislature, to name one, is mulling a bill that would provide a tax credit to reimburse the cost of local newspaper subscriptions. To benefit from this, a local print or digital publication would have to primarily serve the local community and consist of content derived from primary sources and relating to news and current events. It would also have to employ at least one local news journalist who resides in the community.

Fourth quarter GAAP net income decreased 36% to $433 million and GAAP diluted earnings per share decreased 52% to $1.33 driven by continued declines in Ratings revenue and amortization of acquired intangibles. For the full year, reported revenue increased 35% to $11.18 billion. 2022 GAAP net income increased 7% to $3.25 billion and GAAP diluted earnings per share decreased 18% to $10.20.

FY23 second quarter service performance scores covering Jan. 1 through Feb. 3 included: *First-Class Mail: 91.8% of First-Class Mail delivered on time against the USPS service standard, an increase of .8 percentage point performance from the fiscal first quarter. *Marketing Mail: 94.3% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 86.3% of Periodicals delivered on time against the USPS service standard, an increase of 1.7 percentage points performance from the fiscal first quarter.

The New York Times Company announced fourth quarter 2022 diluted earnings per share from continuing operations of $.43 compared with $.41 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.59 in the fourth quarter of 2022 compared with $.43 in the fourth quarter of 2021. Operating profit decreased to $93.0 million in the fourth quarter of 2022 from $94.1 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment (“NYTG”) and the impact from six additional days in the quarter were more than offset by a one-time charge related to the Company’s withdrawal from a multiemployer pension plan and operating losses at The Athletic segment (“The Athletic”). Adjusted operating profit (defined below) increased to $141.8 million from $109.3 million in the prior year, as higher digital subscription revenues at NYTG and the impact from the additional six days more than offset operating losses at The Athletic. Adjusted operating profit at NYTG increased to $148.7 million from $109.3 million as higher digital subscription and other revenues more than offset lower digital advertising revenues.

*Revenues in the quarter were $2.52 billion, a 7% decrease compared to $2.72 billion in the prior year, reflecting a $171 million, or 6%, negative impact from foreign currency fluctuations. Adjusted Revenues decreased 3% *Net income in the quarter was $94 million compared to $262 million in the prior year *Total Segment EBITDA in the quarter was $409 million compared to $586 million in the prior year *In the quarter, reported EPS were $0.12 compared to $0.40 in the prior year – Adjusted EPS were $0.14 compared to $0.44 in the prior year

The Association of American Publishers (AAP) today released its StatShot report for December 2022 reflecting reported revenue for Trade (Consumer Books), Higher Education Course Materials, and Professional Publishing. The report does not include PreK-12 revenue due to delays in data collection. Total revenues across all categories, excluding PreK-12, for December 2022 were down 10.0% as compared to December 2021, coming in at $995.9 million. Year-to-date revenues were down 6.4%, at $12.6 billion for the year of 2022. Trade revenues were down 6.2%, at $9.1 billion for the calendar year. Hardback revenues were down 13.9%, coming in at $3.2 billion; Paperbacks were up 1.1%, with $3.3 billion in revenue; Mass Market was down 25.5% to $181.6 million; and Special Bindings were down 8.1%, with $206.4 million in revenue. eBook revenues were down 6.6% as compared to 2021 for a total of $1.0 billion. The Downloaded Audio format was up 7.0%, coming in at $839.5 million in revenue. Physical Audio was down 29.8% coming in at $15.8 million.

As adopted by the Joint Explanatory Statement accompanying the Consolidated Appropriations Act, 2022, the House of Representatives Report 117-79 states: First-Class Service Standards.—The Committee is concerned about further changes to the service standards for market-dominant mail products, particularly the Postal Service’s recent proposal to extend first-class service standards to as long as five days. The Committee believes this change would further erode public confidence in the USPS. The Committee directs the PRC to analyze the feasibility of restoring service standards for market-dominant products that were in effect on July 1, 2012, including an examination of the resources and structural and operational changes needed, and the impacts on market growth and revenue. If service standards are decreased from their January 2021 levels, the PRC shall also conduct a similar analysis of the costs and benefits of restoring USPS service and performance levels to their January 1, 2021, levels. The PRC shall report to the Committee on its findings within 1 year of enactment of this Act.

Gannett Co., Inc. announced that the Company used proceeds of $21.3 million from real estate sales completed in January 2023 to reduce its first lien debt by $22.3 million. Approximately $5.0 million of the proceeds were used to repurchase approximately $6.1 million of 6.00% first lien notes due November 1, 2026, representing a discount to par. The remaining $16.3 million of proceeds were used to repay amounts under its five-year senior secured term loan facility. “We continue to make meaningful progress in reducing our first lien debt, which will continue to lead toward an improved capital structure and stronger balance sheet. We expect to sell another $50 million to $60 million in real estate and other assets in 2023, the proceeds of which we expect to use to pay down debt. As a result, we expect to reduce our debt within the year by approximately $120 million through the sale of real estate and other assets, along with our scheduled quarterly amortization payments,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

Publisher Lee Enterprises has discovered “material weaknesses” in its financial reporting and has not yet filed its annual report for the fiscal year ended September 25, 2022, the company states in a Form 8-K filing with the Securities and Exchange Commission. Management “did not maintain appropriately designed information technology general controls in the areas of user access for certain of its information systems that are relevant to the preparation of the Company's consolidated financial statements and system of internal control over financial reporting,” Lee says.

FY23 second quarter service performance scores covering Jan. 1 through Jan. 27 included: *First-Class Mail: 91.8% of First-Class Mail delivered on time against the USPS service standard, an increase of 0.9 percentage point performance from the fiscal first quarter. *Marketing Mail: 94.3% of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal first quarter. *Periodicals: 85.8% of Periodicals delivered on time against the USPS service standard an increase of 1.1 percentage points performance from the fiscal first quarter.

Like a post-holiday hangover that just won’t go away, many retailers are struggling with unsold products even after holding New Year sales. According to a new survey of 500 U.S. retailers from e-commerce inventory planning software provider Inventory Planner, 50% of respondents still have goods they cannot sell after post-Christmas and January discounting. Close to half (46%) of respondents say this is a “major concern.” More than half of U.S. retailers (53%) told Inventory Planner there would be ‘dangerous ramifications’ for their business if they failed to sell excess stock.

Penguin Random House’s bid to buy Simon & Schuster was always going to change the future of the world’s largest trade book publisher, but the remake is not happening along the lines former PRH CEO (and current CEO emeritus) Markus Dohle had originally planned. The ruling by Judge Florence Pan that stopped the acquisition set off a string of events that included Dohle’s resignation, the promotion of PRH US COO Nihar Malaviya to interim global CEO, and PRH US CEO Madeline McIntosh’s decision, announced last week, to step down once she has helped Malaviya complete the creation of a new organizational structure for PRH. Though the restructuring is still a work in progress, its goal is to reinvigorate internal competition for new titles among PRH’s many imprints while also providing multiple touch points for agents to pitch their books to different PRH editors.

Fourth Quarter 2022 - Net sales increased 9% to $149.2 billion in the fourth quarter, compared with $137.4 billion in fourth quarter 2021. Excluding the $5.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with fourth quarter 2021. Operating income decreased to $2.7 billion in the fourth quarter, compared with $3.5 billion in fourth quarter 2021. Fourth quarter 2022 operating income includes approximately $2.7 billion of charges for changes in estimates related to self-insurance liabilities, impairments of property and equipment and operating leases, and estimated severance costs. These charges primarily impacted the North America segment. Net income decreased to $0.3 billion in the fourth quarter, or $0.03 per diluted share, compared with $14.3 billion, or $1.39 per diluted share, in fourth quarter 2021. All share and per share information for comparable prior year periods throughout this release have been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022. Full Year 2022 - Net sales increased 9% to $514.0 billion in 2022, compared with $469.8 billion in 2021. Excluding the $15.5 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 13% compared with 2021. Operating income decreased to $12.2 billion in 2022, compared with $24.9 billion in 2021. Net loss was $2.7 billion in 2022, or $0.27 per diluted share, compared with net income of $33.4 billion, or $3.24 per diluted share, in 2021.

For decades, tech watchers have been predicting the rise of the paperless society, where businesses and homes are fully digital, without a scrap of paper in sight. The reality is that while email and digital record-keeping have perhaps reduced the amount of paper in our lives, they haven’t done away with it entirely — which means we still need to create and maintain good paper management systems. At Domtar, we’re strong advocates for the use of paper in our daily lives for everything from record keeping to sustainable packaging. Studies have shown that paper is a sustainable alternative to single-use plastics, while other reports highlight the hidden environmental costs of digital communications. But did you know a robust paper management system that organizes paper statements, receipts, invoices and written budgets can also help you become more financially responsible? Here are four reasons why: You can see paper. Paper tells the truth. You learn more with paper. Paper offers security.

Costco Wholesale Corporation reported net sales of $16.84 billion for the retail month of January, the four weeks ended January 29, 2023, an increase of 6.9 percent from $15.76 billion last year. Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year. The shift negatively impacted January’s Other International and Total Company sales by approximately 2% and 0.25%, respectively. For the 22 weeks ended January 29, 2023, the Company reported net sales of $99.00 billion, an increase of 7.5 percent from $92.10 billion last year.