Total sales were $786 million for the quarter and $3.7 billion for the full year, decreasing 4.3% and 6.0% over the prior year periods, respectively. Comparable store sales declined 4.1% for the fourth quarter and 5.4% for the full year. The consolidated fourth quarter net loss was $21.1 million, or $0.29 per share, compared to a loss of $13.4 million, or $0.19 per share, in the prior year. Fourth quarter results include $7.7 million of non-recurring charges associated with the Company’s strategic initiatives. The fiscal 2018 consolidated net loss was $125.5 million, or $1.73 per share, compared to net earnings of $22.0 million, or $0.30 per share, in the prior year. Fiscal 2018 results include non-cash asset impairment charges of $135.4 million, $16.2 million of severance charges and $15.3 million of strategic initiative costs. Click Read More below for additional information.
“I am proud of the financial and operational results FedEx delivered in fiscal 2018 and extend well-deserved congratulations to our more than 425,000 team members worldwide for their continued dedication to the Purple Promise, which simply states, ‘I will make every FedEx experience outstanding,’” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “It was a year of opportunities and challenges—anticipated and unexpected—and FedEx emerged more competitive than ever. In all my years at FedEx, I have never been so optimistic and so sure of our strategy and our ability to deliver an exciting future.” Fourth quarter operating results benefited from higher base rates, increased volume and the favorable net impact of fuel at each transportation segment. Accelerated wage increases for certain hourly employees partially offset these benefits. Click Read More below for additional information.
Amazon.com announced its selections for Best Books of the Year So Far, naming Tara Westover’s memoir Educated: A Memoir the top pick overall. The annual list is hand selected by the Amazon Books Editors and features the Top 20 books released between January and June 2018—offering readers a mid-year look at the best books. The Amazon Books Editors’ picks for the first 10 of the Top 20 Best Books of the Year So Far are: 1. Educated: A Memoir by Tara Westover: Tara Westover didn’t see the inside of a classroom until she was seventeen, but it was an experience that dramatically changed the trajectory of her life. This stirring memoir chronicles how she survived her survivalist upbringing, eventually earning a PhD from Cambridge University. It’s a rousing reminder that knowledge is, indeed, power. 2. The Great Alone: A Novel by Kristin Hannah: In this pressure cooker of a page-turner, a damaged Vietnam vet moves his family to the wilds of Alaska. Initially it’s a welcome change, but as winter approaches, and his mental state deteriorates, his wife and daughter find themselves in an increasingly precarious position. Like her mega-bestselling The Nightingale, Kristin Hannah’s The Great Alone highlights the heroics of everyday people, especially women. 3. The Feather Thief by Kirk Wallace Johnson: Clever, informative, and sometimes endearingly bumbling, this mix of natural history and crime opens up new worlds. Readers will never look at an old stuffed bird or an elaborately tied fishing fly the same way again. Click Read More below for additional information.
Midland Specialty Paper & Film, a division of Midland Paper, Packaging + Supplies, is excited to announce the official launch of two (2) new stand-alone Specialty Paper & Film Catalogs – Specialty Paper and Film for HP Indigo and Specialty Substrates for Offset Printing. These new catalogs provide a unique, powerful single source for all of a printer’s Digital and Offset Specialty Substrate needs: • HP Indigo Catalog – A 170 page catalog with the most extensive offering of Indigo-compatible Coated Paper, Uncoated Paper, Text & Cover, Pressure Sensitive Films, Non Pressure Sensitive Films and Pressure Sensitive Paper in the industry. • Offset Specialty Paper and Film Catalog – A 40 Page catalog containing Offset-printable Pressure Sensitive Film, Non Pressure Sensitive Film and Pressure Sensitive Paper Substrates. Click Read More below for additional information.
ACMA's Legal Team Successfully Leads Online Seller Newegg in 'Bama. While not necessarily a precursor to the forthcoming Supreme Court decision in South Dakota v. Wayfair, Inc., we're excited to report a significant win for ACMA’s lawyers at Brann & Isaacson. Yesterday, the Alabama Tax Tribunal ruled in favor of e-commerce merchant Newegg in its challenge when the Alabama Department of Revenue sought enforcement of its economic nexus regulation in 2016. This ruling negates the first significant “Kill Quill” measure by Alabama Commissioner of Revenue Julie Magee, to promulgate the rule that required companies such as Newegg to register to collect the sales tax even though they did not have a physical presence. Newegg was one of the few companies that fought the Department. Click Read More below for additional information.
American Media, Inc. announced that it has reached an agreement to acquire 13 brands from Bauer Media USA. The addition of the Bauer titles, including In Touch, Life & Style, and Closer as well as the nine brands that make up the Bauer Teen Group, including J-14 and Girls World, will now be part of the AMI Entertainment Group. Combined, the new AMI Entertainment Group will reach 38 million readers and deliver the youngest median age in the category. Newsstand sales will average 1 million copies weekly with less than 25 percent reader duplication. Click Read More below for additional information.
China has pledged a tit-for-tat response. In April, it said it would levy 25% tariffs on imports of 106 U.S. products in response to proposed American duties. The White House on Friday imposed $50 billion of tariffs on Chinese goods—a move, it says, will protect American workers and businesses from unfair trade practices. But the country’s largest retail trade association and some analysts are not buying that argument. “Tariffs are taxes on American consumers, plain and simple,” Matthew Shay, CEO of the National Retail Federation (NRF) said in a statement. “These tariffs won’t reduce or eliminate China’s abusive trade practices, but they will strain the budgets of working families by raising consumer prices.” Click Read More below for additional information.
Today, in an effort to protect printers and publishers from unwarranted tariffs, Senators Susan Collins (R-ME) and Angus King (I-ME) introduced S. 2835, the “Protecting Rational Incentives in Newsprint Trade Act of 2018,” or “PRINT Act.” Senators Roy Blunt (R-MO), Shelley Moore Capito (R-WV), Deb Fischer (R-NE), Johnny Isakson (R-GA), Doug Jones (D-AL), Claire McCaskill (D-MO), Jerry Moran (R-KS) and Roger Wicker (R-MS) joined as original co-sponsors. The PRINT Act would suspend new tariffs currently being imposed on imported uncoated groundwood paper from Canada, which is the primary source of newsprint and other paper used by domestic newspapers, book publishers and commercial printers. Simultaneously, the legislation would require the Department of Commerce to review the economic health of the printing and publishing industries. Newspapers and printers across the United States have told Congress that the new import tariffs – as high as 32 percent – would jeopardize the viability of the industry and threaten to decimate the U.S. paper industry’s customer base. Click Read More below for additional information.
Financial Highlights • Adobe achieved record quarterly revenue of $2.20 billion in its second quarter of fiscal year 2018, which represents 24 percent year-over-year revenue growth. • Operating income grew 39 percent and net income grew 77 percent year-over-year on a GAAP-basis; operating income grew 33 percent and net income grew 62 percent year-over-year on a non-GAAP basis. • Cash flow from operations was $976 million, and deferred revenue grew 27 percent year-over-year to approximately $2.63 billion. Click Read More below for additional information.
The specialty outdoor retailer named Damien Huang as president. He was most recently Eddie Bauer’s senior VP of merchandising & design. In his new role, Huang will oversee the design, merchandising, marketing, retail, e-commerce, licensing, international, and wholesale functions of the business. He will report to Mike Egeck, CEO of PSEB, the new operating company composed of Eddie Bauer and PacSun. “He [Huang] has played a pivotal role in the transition of the Eddie Bauer business into a performance outdoor brand – and it comes as no surprise that performance product has grown at a double digit rate over the last five years under his leadership,” said Egeck. “His passion for the outdoors and his knowledge in building award-winning product will ensure that Eddie Bauer continues its strong momentum.” Click Read More below for additional information.