Costco Wholesale Corporation announced its operating results for the first quarter (twelve weeks) of fiscal 2023, ended November 20, 2022. Net sales for the first quarter increased 8.1 percent, to $53.44 billion from $49.42 billion last year. Net income for the quarter was $1,364 million, $3.07 per diluted share, compared to $1,324 million, $2.98 per diluted share, last year. This year’s results included a charge of $93 million pre-tax, $0.15 per diluted share, primarily related to downsizing our charter shipping activities, and a tax benefit of $53 million, $0.12 per diluted share, related to stock-based compensation. Last year’s results included a write-off of certain information technology assets of $118 million pre-tax, $0.20 per diluted share, and a tax benefit of $91 million, $0.21 per diluted share, related to stock-based compensation.

Lee Enterprises is on course with its digital transformation, judging by its Q4 and fiscal 2022 results. The publisher, which now bills itself as a digital-first subscription platform, reported total digital revenue of $65 million in Q4, a 31% increase YoY. In contrast, overall revenue was flat at $194 million. The results were similar for fiscal 2022: Total operating revenue was $781 million, down 2% from the prior year. But digital revenue grew by 27% to $240 million.

In separate court filings this week, lawyers for Amazon and the Big Five publishers said that a revived class action suit accusing them of colluding to fix e-book prices is not significantly different from the case that was dismissed in September for lack of evidence, and should not be allowed to go forward. “Defendants’ actions remain better explained as independent, self-interested business decisions than as an illogical conspiracy to entrench Amazon at the publisher defendants’ expense,” reads a letter from the publishers’ lawyers, requesting a pre-motion conference ahead of filing a formal motion to dismiss. “To state a claim, plaintiffs must—but fail to—allege concerted action and a specific intent to monopolize.”

“We’ve made tremendous progress improving our service performance in the past year thanks to investments under our Delivering for America plan and an organization-wide commitment to better serving our customers,” said Louis DeJoy, Postmaster General and CEO. “We are headed in the right direction but there is more work to be done to deliver the reliable service the American people expect and deserve.” Final FY2022 USPS service performance scores showed: *First-Class Mail: 91.0 percent of First-Class Mail delivered on time against the USPS service standard, an 8.3 percentage point improvement from FY21 (82.7 percent). *Marketing Mail: 93.3 percent of Marketing Mail delivered on time against the USPS service standard, a 5.7 percentage point improvement from FY21 (87.6 percent). *Periodicals: 83.7 percent of Periodicals delivered on time against the USPS service standard, a significant 8.1 percentage point increase over FY21 (75.6 percent).

*GAAP Results: Revenue of $515 million (-3% vs. prior year), Operating Income of $57 million (-22% vs. prior year), and EPS of $0.68 (-31% vs. prior year) *Fiscal 2023 Outlook: Wiley is lowering its revenue outlook at constant currency due to consumer spending and enrollment headwinds in Academic & Professional Learning. Reaffirms full year outlook for Adjusted EBITDA and Free Cash Flow; Adjusted EPS trending to lower end of range mainly due to rising interest expense. “Despite the challenging economic environment, we continue to see good underlying momentum in our core growth areas of Research Publishing, Research Solutions, and Corporate Talent Development,” said Brian Napack, President and CEO. “This quarter’s results were weighed down by difficult market conditions in our publishing lines in Academic & Professional Learning. We are aggressively managing costs to offset these challenges while continuing to scale our growth offerings in line with favorable long-term trends.”

The New York Times scored a coup on Tuesday both online and in its legacy medium, print. General Electric took over all of the paper’s pages, running 22 full-page color ads and five partial pages in a seven-figure campaign that also includes ads on desktop and mobile homepages, on three section webpages, in audio form on the podcast "The Daily" and in two newsletters briefings. It's the first time ever that all of the paper’s real estate has been taken over by a single advertiser. The package was designed to promote GE’s coming split into three separate companies: GE HealthCare, GE Aerospace, and GE Vernova, all publicly traded, the Boston Globe reports.

The Association of American Publishers (AAP) today released its StatShot report for September 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 September 2022 were down 1.4% as compared to September 2021, coming in at $1.4 billion. Year-to-date revenues were down 4.5%, at $9.3 billion for the first nine months of the year. Trade (Consumer Books) sales were down 2.6% in September, coming in at $917.5 million.

Fiscal 2022 Third Quarter Operating Results Overview: *Total net sales were $177.8 million, a decrease of $28.2 million or 13.7%, compared to $206.1 million last year. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 14.9%. *Gross profit, including buying, distribution, and occupancy costs, was $54.6 million, or 30.7% of net sales, compared to $76.7 million, or 37.2% of net sales, last year. *Operating income was $6.3 million, or 3.6% of net sales, compared to $29.0 million, or 14.1% of net sales, last year, due to the combined impact of the factors noted above. *Net income was $5.1 million, or $0.17 per diluted share, compared to $20.8 million, or $0.66 per diluted share, last year. Weighted average diluted shares were 30.0 million this year compared to 31.4 million last year.

For the Third Quarter of Fiscal 2022: *Net sales increased 17.2% to $2.3 billion compared to $2.0 billion in the third quarter of fiscal 2021 primarily due to the favorable impact from the continued resilience of the beauty category, retail price increases, and the impact of new brands and product innovation compared to the third quarter of fiscal 2021. *Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 14.6% compared to an increase of 25.8% in the third quarter of fiscal 2021, driven by a 10.7% increase in transactions and a 3.5% increase in average ticket. *Gross profit increased 22.0% to $962.8 million compared to $789.5 million in the third quarter of fiscal 2021. *Operating income increased 27.3% to $361.9 million, or 15.5% of net sales, compared to $284.2 million, or 14.2% of net sales, in the third quarter of fiscal 2021. *Net income increased 27.5% to $274.6 million compared to $215.3 million in the third quarter of fiscal 2021.

Urban Outfitters, Inc. announced that Francis Pierrel, President, Urban Outfitters Group, has left the Company. We appreciate the contributions he made during his tenure and wish him well in his future endeavors. Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of the Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues brands.

Costco Wholesale Corporation reported net sales of $19.17 billion for the retail month of November, the four weeks ended November 27, 2022, an increase of 5.7 percent from $18.13 billion last year. For the twelve-week first quarter ended November 20, 2022, the Company reported net sales of $53.44 billion, an increase of 8.1 percent from $49.42 billion last year. For the thirteen weeks ended November 27, 2022, the Company reported net sales of $58.36 billion, an increase of 7.9 percent from $54.10 billion last year.

The Postal Regulatory Commission released its advisory opinion on a Postal Service plan to revise the critical entry times (CETs) for some categories of Periodicals mail. The CET is the latest time a mailpiece may be tendered to the Postal Service and still have the day count when measuring that mail’s service performance. (Docket No. N2022-2). Specifically, the Postal Service proposes to standardize four of the five Periodicals CETs (i.e., CETs for all non-palletized Periodicals mail). Instead of the current CET range of 0800-1400 for the affected categories of Periodicals mail, the Postal Service proposes that all of those categories would share a CET of 0800. The Postal Service asserts that this change would “promote simplification of mail processing operations, and hence more effective allocation and use of processing personnel and equipment.” The Commission’s evaluation of the Postal Service’s proposal finds: *The proposed changes will likely enable the Postal Service to project more easily and accurately the Periodicals volumes and, therefore, will likely improve Periodicals processing. *The proposed changes are likely to result in more efficient use of the Postal Service’s equipment, particularly its bundle/package sortation machines. *A subset of affected Periodicals mailers have indicated that they will not be able to achieve the revised CETs and are likely to have an additional service day added to the delivery of their mailpieces. *The Postal Service has not analyzed how the expected impact on Periodicals mailers would affect Periodicals volumes, worksharing, or the recipients of Periodicals mail.

The House will vote today on legislation to avert a potentially devastating freight rail strike. While Congress races to avoid the disaster through a legislative fix, retailers and businesses are scrambling to establish backup plans if the strike of 100,000 union members moves ahead. Some companies are proactively shifting their shipping volume from rail to trucks and are considering changing the timing of orders and shipments.

Are you in a position to give a child or family some extra magic this season? If so, you can now adopt a letter written to Santa at USPSOperationSanta.com. USPS Operation Santa relies solely on random acts of kindness and the generosity of strangers. The program is 110 years old this year. It allows people to help children and families have a magical holiday when they otherwise may not. Since Sep. 15, the Postal Service has been receiving letters from all across the country and delivering them to Santa’s workshop at 123 Elf Road, North Pole, 88888. Letters sent with accurate postage and complete return addresses have been posted on USPSOperationSanta.com, and today is the day customers can begin reading and adopting them.

Business groups are increasing the pressure on lawmakers to intervene and block a railroad strike before next month’s deadline in the stalled contract talks. A coalition of more than 400 business groups sent a letter to Congressional leaders Monday urging them to step into the stalled talks because of fears about the devastating potential impact of a strike that could force many businesses to shut down if they can’t get the rail deliveries they need. Commuter railroads and Amtrak would also be affected in a strike because many of them use tracks owned by the freight railroads. The business groups led by the U.S. Chamber of Commerce, National Association of Manufacturers and National Retail Federation said even a short-term strike would have a tremendous impact and the economic pain would start to be felt even before the Dec. 9 strike deadline because the railroads would stop hauling hazardous chemicals, fertilizers and perishable goods up to a week beforehand to keep those products from being stranded somewhere along the tracks.

FY2023 first quarter service performance scores covering Oct. 1 through Nov. 18 included: *First-Class Mail: 92.2 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 0.9 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.1 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.6 percentage points from the fiscal fourth quarter. *Periodicals: 86.6 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

Nordstrom, Inc. reported a third quarter net loss of $20 million for the quarter ended October 29, 2022. For the third quarter, net sales decreased 2.9 percent versus the same period in fiscal 2021 and gross merchandise value decreased 2.5 percent. Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a negative impact of approximately 200 basis points on net sales compared with 2021. During the quarter, Nordstrom banner net sales decreased 3.4 percent, which included a negative impact of approximately 300 basis points from Anniversary Sale timing, and GMV decreased 2.9 percent. Net sales for Nordstrom Rack decreased 1.9 percent.

National Retail Federation (NRF) President and CEO Matthew Shay said a nationwide rail strike during the peak holiday season will be “devastating” for American businesses, consumers and the U.S. economy — particularly amid today’s increased prices due to persistent inflation. Shay's statement was made yesterday when members of the nation’s largest rail union rejected a contract agreement with freight rail management that had been brokered by the White House among the labor unions and freight railroads. The vote raises the possibility of a strike in the coming weeks that could seriously damage the U.S. economy. "Millions of hardworking Americans rely on the freight rail system for their jobs and the economic security of our country," said Shay. He added that American businesses and families are already facing increased prices due to inflation, and a rail strike will create greater inflationary pressures and will threaten business resiliency.

Dear Colleagues, I am writing today because, as you may have heard, Paramount has terminated its agreement to sell Simon & Schuster to Penguin Random House, and there will be no appeal of Judge Florence Pan’s decision to block the merger of the two companies. This news is still fresh, and at this point I have no specific information to impart about what will happen in the coming months. You may read or hear rumors and speculation about our future, but you can be assured that I will keep you informed as soon as there is pertinent news I can share. I am grateful for your patience and dedication to our mission during all that has transpired over these many months since the sale began. Ultimately, what matters the most is the work we do together, on behalf of our authors and our books. Over the past three years, we have reached new heights of accomplishment. Simon & Schuster has never been more profitable and valuable than it is today. And that is because of the effort, ingenuity, and perseverance that you bring to our endeavors.

The Company's third quarter highlights include: *Consistent strong results : Chico's FAS posted $0.20 net income per diluted share for the third quarter, driven by strong comparable sales growth and selling, general and administrative expenses ("SG&A") leverage. This performance was more than 30% over the thirteen weeks ended October 30, 2021 ("last year's third quarter") and the seventh consecutive quarter of year-over-year double-digit earnings growth. *Powerful portfolio performance : For the third quarter, total Chico's FAS net sales grew 14.3% and comparable sales increased 16.5% versus last year's third quarter, led by the Company's apparel brands. Chico's and White House Black Market ("WHBM") comparable sales grew 28.8% and 17.0%, respectively, in the third quarter versus last year's third quarter. *Solid operating income growth: Third quarter income from operations was $31.6 million, or 6.1% of net sales, compared to $22.0 million, or 4.9% of net sales, in last year's third quarter, driven by strong sales growth and SG&A leverage, partially offset by higher raw material costs. *Strong balance sheet: The Company ended the third quarter with $140.7 million in cash and marketable securities, after repaying $30.0 million of long-term debt during the quarter.

A summary of results for the third quarter ended October 29, 2022 as compared to the third quarter ended October 30, 2021: *Net sales of $880 million, down 3% as compared to last year on a reported basis and approximately flat on a constant currency basis. *Gross profit rate of 59.2%, down approximately 450 basis points as compared to last year. The year-over-year decrease was primarily driven by 370 basis points of higher freight and raw material costs and 60 basis points from the adverse impact of exchange rates. *Operating expense, excluding other operating income, net, approximately flat compared to last year, with decreases in marketing and incentive-based compensation, offset by higher inflation and digital fulfillment expenses. Operating expense as a percentage of sales increased to 57.2% from 55.8% last year. *Operating income of $18 million and $21 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $73 million and $79 million last year, on a reported and adjusted non-GAAP basis, respectively.

Total Company net sales for the three months ended October 31, 2022, increased 3.9% over the same period last year to a record $1.18 billion. Total Retail segment net sales increased 2%, with comparable Retail segment net sales increasing 4%, partially offset by a 2% negative impact of foreign currency translation. The increase in Retail segment comparable net sales was driven by mid-single-digit positive digital channel sales and low single-digit positive retail store sales. By brand, comparable Retail segment net sales increased 13% at the Anthropologie Group and 8% at the Free People Group and decreased 9% at Urban Outfitters. Wholesale segment net sales decreased 3%, driven by a 4% decrease in Free People Group wholesale sales, partially offset by a 6% increase in Urban Outfitters wholesale sales. Nuuly segment net sales increased by $22.6 million driven by a 185% increase in our subscribers during the quarter versus the prior year’s comparable quarter. For the nine months ended October 31, 2022, total Company net sales increased 6.0% compared to the same period last year. Total Retail segment net sales increased 5%, with comparable Retail segment net sales also increasing 5%.

Online sales reached double-digit growth in Q3 after four quarters of modest ecommerce growth. Amazon moving its Prime Day sale into Q3 aided this sales bump. More than 20% of consumer spending from July-September occurred online. Key takeaways: *U.S. ecommerce grew 10.8% in Q3 2022. *Amazon moved its Prime Day sale to July this year from June last year. This pushed dollars into Q3 and bolstered ecommerce growth for the quarter. *Amazon, Walmart and Target’s collective performance drove the overall market for the three-month period. *20.6% of all dollars spent on retail purchases came from online orders. *Sales through all channels grew 7.7% in Q3, while in-store and other offline sales grew 7.0%.

On November 17th, the ACMA cleared a major hurdle in its complaint in the Superior Court in San Francisco that a previously-issued California Franchise Tax Board (FTB) regulation in the form of a technical advisory memorandum wrongly and substantially expanded the reach of income taxes on out-of-state merchants with no physical presence in the Golden State. The Superior Court of California County of San Francisco overruled the FTB's demurrer to ACMA's complaint for declaratory relief. “This is a significant and positive development in our case,” said ACMA CEO Hamilton Davison. “Although we still have aways to go, we now have a clear path to obtain a decision on the merits.” For more information, please visit www.catalogmailers.org.

*Net sales of $4.04 billion, up 2% compared to last year. Comparable sales were up 1% year-over-year. -Online sales increased 5% compared to last year and represented 39% of total net sales. -Store sales increased 1% compared to last year. The company ended the quarter with 3,380 store locations in over 40 countries, of which 2,743 were company operated. *Reported gross margin was 37.4%; adjusted gross margin, excluding $53 million in impairment charges related to Yeezy Gap, was 38.7%, deleveraging 320 basis points versus last year. *Reported operating income was $186 million; reported operating margin of 4.6%. *Reported net income of $282 million.

The United States Postal Service announced it has completed the installation of 137 new package sorting machines ahead of the holiday mailing and shipping season. The new equipment combined with increased operational precision will expand USPS’s daily package processing capacity to 60 million. FY2023 first quarter service performance scores covering Oct. 1 through Nov. 11 included: *First-Class Mail: 92.1 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 1 percentage point from the fiscal fourth quarter. *Marketing Mail: 94 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. *Periodicals: 86.4 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

*Comparable sales down 3.1% on an owned basis and down 2.7% on an owned-plus-licensed basis *Inventories up 4% versus 2021, reflecting ongoing planning and supply chain discipline *Net sales of $5.2 billion, down 3.9% versus the third quarter of 2021; up 1.1% versus the third quarter of 2019. *Digital sales decreased 9% versus the third quarter of 2021; up 35% versus the third quarter of 2019. *Brick-and-mortar sales decreased 1% versus the third quarter of 2021; down 9% versus the third quarter of 2019.

The Association of American Publishers (AAP) released its StatShot report for August 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 but will be updated as soon as that data becomes available. Total revenues across all categories, excluding PreK-12, for August 2022 were down 9.0% as compared to August 2021, coming in at $1.4 billion. Year-to-date revenues were down 5.0%, at $7.9 billion for the first eight months of the year. Trade (Consumer Books) sales were down 10.5% in August, coming in at $744.3 million.

The Book Manufacturers’ Institute (BMI) released the November results for its monthly survey on capacity and lead times for soft cover and hard cover books. As the book manufacturing landscape has changed recently, BMI put together the survey to get a better idea of what manufacturers were facing and what publishers should expect. This month held fairly steady on capacities, but showed lead times continuing to decline. According to responses regarding hard cover books, the average manufacturer was running at 82% of their capacity, equal to October. The average lead time for completed hard cover books went down to 59 days from 62 days, based on 16 responses. For soft cover books, capacity usage dropped to 81% from 83%. The average lead time dropped to 38 days from 45 days, based on 20 responses.

*Third quarter comparable sales decrease 6.9% and net sales decrease 7.2% *Third quarter diluted earnings per share of $0.82 *Kohl’s Board has formed search committee to oversee the search for a new CEO while Tom Kingsbury has agreed to serve as Interim CEO during the transition period

*Comparable sales increased 2.7 percent, on top of 12.7 percent growth last year. *Comparable sales growth was driven by 1.4 percent traffic growth and a 1.3 percent increase in average ticket. *Category performance was led by growth in frequency businesses including Beauty, Food and Beverage and Household Essentials, which offset continued softness in discretionary categories. *The Company saw unit share gains across all five core merchandising categories.*Third quarter operating margin rate of 3.9 percent improved meaningfully compared with the second quarter results, but fell far short of expectations.

Of those working in English-speaking news and publishing, 60% say news deserts are a problem, and over 25% say they are an increasingly significant one, according to the Local News Deserts Survey Report Factsheet from PressReader. Only 15% see no issue. And while 86% agree that local news is vital to democracy, 45% believe that access to it has decreased in the past decade. Almost 50% are pessimistic about the industry’s ability to reverse the problem.

FY2023 first quarter service performance scores covering Oct. 1 through Nov. 4 included: *First-Class Mail: 92.3 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 0.9 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.2 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.6 percentage points from the fiscal fourth quarter. *Periodicals: 86.9 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

*No price increase for Parcel Select Ground which, coupled with our recently improved service standard to 2-5 days from 2-8 days, offers a reliable and economical option for shippers *No price increase for USPS Connect Local, which gives businesses of all sizes the ability to reach local customers at affordable rates *Reduced pricing for some Retail Priority Mail Flat-Rate products below the temporary price currently in place *Priority Mail Commercial rate to increase by 3.6 percent, well below the rate of inflation

Sales increased 20% to $433.6 million, compared to $362.6 million during the same period last year. Gross profit increased 7% to $222.4 million, or 51.3% of sales, compared to $207.0 million, or 57.1% of sales, in the third quarter of 2021. Selling, general, and administrative (“SG&A”) expenses increased 11% to $153.9 million, compared to $138.3 million in the third quarter of 2021. Operating income decreased slightly to $68.5 million, or 15.8% of sales, compared to $68.7 million, or 19.0% of sales during the prior year quarter. Net income decreased 14% to $45.5 million, or 10.5% of sales, compared to $53.0 million, or 14.6% of sales in the prior year quarter; Net income per diluted share decreased 13% to $0.52, compared to $0.60 per diluted share in the prior year quarter.

Fiscal 2023 First Quarter Key Financial Highlights *Revenues in the quarter were $2.48 billion, a 1% decrease compared to $2.50 billion in the prior year, driven by a $153 million, or 6%, negative impact from foreign currency fluctuations and lower Book Publishing segment revenues. Adjusted Revenues increased 3% *Net income in the quarter was $66 million compared to $267 million in the prior year *Total Segment EBITDA in the quarter was $350 million compared to $410 million in the prior year

* Dotdash Meredith Digital revenue was $221 million and Print revenue was $251 million. Pro Forma revenue decreased 19% due to 13% Digital declines and 24% Print declines. o Operating loss of $95 million and Adjusted EBITDA of $31 million in Q3 2022 reflect restructuring charges and transaction-related items associated with the acquisition of Meredith ($25 million impacting operating loss and $18 million impacting Adjusted EBITDA) * Angi Inc. revenue increased 8% year-over-year to $498 million and operating loss improved to $11 million (compared to a loss of $15 million in Q3 2021) and Adjusted EBITDA increased 85% to $23 million. o Angi Ads and Leads revenue increased 7% year-over-year, the second consecutive quarter of growth o Angi Services revenue was $132 million, increasing 12% year-over-year * Emerging & Other revenue increased 7% year-over-year to $181 million reflecting: o 13% growth from Care.com o 77% growth from Vivian Health * IAC repurchased approximately 367,000 shares at an average price of $71.56 in Q3 2022.

The New York Times Company announced thirdquarter 2022 diluted earnings per share from continuing operations of $.22 compared with $.32 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.21 in the third quarter of 2022 compared with $.23 in the third quarter of 2021. Operating profit increased to $51.0 million in the third quarter of 2022 from $49.0 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment more than offset expected operating losses at The Athletic Media Company (“The Athletic”). Adjusted operating profit (defined below) increased to $69.0 million from $65.1 million in the prior year, as a result of the same drivers. Adjusted operating profit at The New York Times Group segment increased to $78.6 million from $65.1 million as digital subscription revenues more than offset lower print subscription, print advertising and other revenues. See “Key Highlights” on the following page for additional metrics.

FY2023 first quarter service performance scores covering Oct. 1 through Oct. 28 included: *First-Class Mail: 92.4 percent of First-Class Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 86.6 percent of Periodicals delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter.

Costco Wholesale Corporation reported net sales of $17.73 billion for the retail month of October, the four weeks ended October 30, 2022, an increase of 7.7 percent from $16.47 billion last year. For the nine weeks ended October 30, 2022, the Company reported net sales of $39.19 billion, an increase of 9.0 percent from $35.97 billion last year.

Third Quarter 2022 Financial Highlights: • Total revenues of $717.9 million decreased 10.3% compared to the third quarter of 2021 ◦ Same store revenues(2) decreased 9.0% compared to the third quarter of 2021 • Total digital revenues were $256.4 million or 35.7% of total revenues, down 2.3% over the same period in the prior year on a same store(2) basis mainly as a result of weakness in digital media year-over-year • Net loss attributable to Gannett of $54.1 million, a loss margin of 7.5% • Cash provided by operating activities of $31.3 million • Free cash flow(2) of $18.6 million

A union representing 6,000 rail workers, said its members have voted against ratifying the tentative contract that was brokered between rail companies, unions and the Biden administration in September. The Brotherhood of Railroad Signalmen is the second union to reject the White House-brokered agreement. Earlier this month, the Brotherhood of Maintenance of Way Employees Division of the Teamsters rejected the tentative contract over frustration with compensation and working conditions, with the biggest issue being a lack of paid sick days. The unions that voted down the agreement have vowed to continue negotiations at least until Nov. 19, when a strike could potentially occur, although the timeline is uncertain.

*Net sales increased 15% to $127.1 billion in the third quarter, compared with $110.8 billion in third quarter 2021. Excluding the $5.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 19% compared with third quarter 2021. *Operating income decreased to $2.5 billion in the third quarter, compared with $4.9 billion in third quarter 2021. *Net income decreased to $2.9 billion in the third quarter, or $0.28 per diluted share, compared with $3.2 billion, or $0.31 per diluted share, in third quarter 2021. *Operating cash flow decreased 27% to $39.7 billion for the trailing twelve months, compared with $54.7 billion for the trailing twelve months ended September 30, 2021.

Third Quarter Highlights *Delivered sales of $3.9 billion, up 16.9%, compared to the third quarter of 2021 on a reported and daily basis; up 20.3% on a daily, constant currency basis *Expanded gross margin by 145 bps compared to the third quarter of 2021 *Generated operating earnings of $603 million, up 37.6%, resulting in diluted EPS of $8.27, an increase of 46.4% versus the third quarter of 2021 *Produced $380 million in operating cash flow and returned $286 million to shareholders through dividends and share repurchases