The U.S. Postal Service today announced its financial results for the 2021 second quarter ended March 31, reporting a net loss of $82 million, compared to a net loss of approximately $4.5 billion for the same quarter last year, as a pandemic surge in demand for package deliveries was not enough to offset increased operating costs and a decline in revenue from mail services. *Adjusted loss of $1.7 billion for the quarter compared to an adjusted loss of $1.9 billion a year earlier (excludes non-cash workers' compensation adjustments) *Results reflect a pandemic surge in demand for package deliveries, increased operating costs and a continued decline in revenue from mail services *Quarter featured the release of the 10-year 'Delivering for America' plan - a comprehensive vision for restoring financial sustainability and service excellence to USPS *Service performance improved in the quarter, with improvements continuing. Network infrastructure investments projected to meet customer’s evolving needs ahead of the 2021 holiday season.
First Quarter 2021 Consolidated Results • First quarter revenues of $777.1 million decreased 18.1% as compared to the prior year quarter. ◦ Same store revenues decreased 16.5% compared to the first quarter of 2020, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry. • Digital advertising and marketing services revenues reached $195.2 million in the first quarter, or 25.1% of total revenues. • Digital-only circulation revenues of $23.2 million grew 46.7% in the first quarter of 2021 compared to the same period in the prior year attributable to a 37% increase compared to the same period in the prior year in digital-only subscriptions. Digital-only subscriptions totaled approximately 1.2 million at the end of the first quarter of 2021, adding 120,000 net new subscriptions in the first quarter. • Net loss attributable to Gannett of $142.3 million in the first quarter reflects a $126.6 million non-cash loss on the derivative associated with the 6% senior secured convertible notes due 2027 (the "2027 Convertible Notes"), a $19.4 million loss associated with the early extinguishment of debt and an additional $10.2 million related to costs incurred in connection with our debt refinancing activities during the quarter.
*Revenues were $2.34 billion, a 3% increase compared to $2.27 billion in the prior year, driven by the continued strong momentum across our key growth pillars *Net income of $96 million compared to a net loss of $(1) billion in the prior year, which included non-cash impairment charges of $1.1 billion *Total Segment EBITDA was $298 million compared to $242 million in the prior year *Book Publishing Segment EBITDA increased 45%, benefiting from the success of numerous backlist titles, including the Bridgerton series *Dow Jones Segment EBITDA increased 61%, with another strong increase in digital advertising revenues, record digital subscriptions, and continued robust growth at Risk & Compliance *Reached multi-year partnership agreements with Google and Facebook for news content
Costco Wholesale Corporation reported net sales of $15.21 billion for the retail month of April, the four weeks ended May 2, 2021, an increase of 33.5 percent from $11.39 billion last year. For the thirty-five weeks ended May 2, 2021, the Company reported net sales of $126.58 billion, an increase of 17.6 percent from $107.64 billion last year. This year’s April retail month had one additional shopping day versus last year, due to the calendar shift of Easter. This positively impacted total and comparable sales by approximately two and one-half percent.
News Corp announced today that it has successfully completed its acquisition of Investor’s Business Daily (IBD) from O’Neil Capital Management. As previously announced, the high margin, profitable and rapidly growing financial news and research business will be operated by Dow Jones, a News Corp subsidiary. "We welcome IBD and its talented employees to News Corp and Dow Jones, and look forward to the many and varied ways in which this thriving digital business will expand our expertise and provide extra value to readers, clients and investors,” said Robert Thomson, Chief Executive of News Corp. “I have long admired the investment nous and digital savvy of IBD, and its timely arrival will enable us to cross-sell and upsell products across our flourishing portfolio.”
*Group revenues increase to over 4.2 billion euros in Q1 2021 *Organic sales growth seven percent above 2019 pre-Corona levels and ten percent above prior year 2020 *Strategic progress across all eight business divisions. Bertelsmann has made a successful start to 2021, reporting quarterly revenues that are significantly above both its pre-Corona level in 2019 and the previous year 2020. Group revenues increased organically by around ten percent to €4.2 billion (prior-year quarter: €4.1 billion) and by seven percent compared to the pre-Corona year. At the same time, the operating margin also improved. The Group’s publishing division Penguin Random House, the music business BMG, and the services division Arvato delivered particularly strong performances, with double-digit organic growth rates. RTL Group recorded organic growth of close to four percent.
Fitch Group, a global leader in financial information services owned by Hearst, announced that it has completed its acquisition of CreditSights, Inc., a leading provider of independent credit research to the global financial community. Fitch Group announced its agreement to acquire CreditSights from the founders, along with other shareholders and investors, on January 14, 2021. CreditSights will become part of Fitch Solutions, which is a leading provider of data, research and analytics. The addition of CreditSights will strongly complement Fitch Solutions’ existing businesses. With its fundamental, in-depth research on investment grade and high-yield debt securities, CreditSights’ products significantly deepen Fitch Solutions’ capabilities across multiple fixed income and credit asset classes and sectors.
HMH reported net sales of $146 million for the first quarter of 2021, down 4% compared to $152 million in 2020. Billings for 2021 increased $11 million, or 11%, from 2020. Overall cost of sales decreased by $12 million to $86 million in 2021, primarily due to lower print costs. Net loss of $52 million for 2021 was $294 million lower compared to a net loss of $346 million in the same period of 2020. Loss from continuing operations for 2021 was $49 million, a $289 million improvement from the $338 million loss from continuing operations in the same period of 2020 due primarily to the same factors impacting operating loss offset by an unfavorable change in our tax provision of $11 million due primarily to the non-cash impairment on goodwill.
In a compelling report published this week, PISA, the OECD’s Programme for International Student Assessment, affirms that students perform better when they read from printed materials rather than digital devices. This research sends a clear signal to parents and education providers that more must be done to safeguard reading in print for the future of education. Overall, approximately one-third of students rarely or never read books, according to the OECD/PISA report. Whereas one-third read books more often in paper format, 15% read more often on digital devices, and 13% read equally often in paper and digital formats. These figures are alarming. While it is positive that printed books remain the preferred medium for reading, two-thirds of students are not reading enough – or enough in print – to obtain the best chance of developing strong literacy skills.
Gap Inc. has entered into an agreement to sell Intermix, a leading omni-channel fashion boutique for customers seeking a highly curated shopping experience, to private equity firm Altamont Capital Partners. Altamont Capital Partners intends to acquire the entire Intermix business, including all store leases, e-commerce and assets. This transaction is another milestone as Gap Inc. continues to execute against its Power Plan 2023, with acute focus on growing its purpose-led, billion-dollar lifestyle brands by leveraging the power of its portfolio and its platform. In April, Gap Inc. completed a transaction to sell Janie and Jack, a leader in premium children’s apparel and accessories, to Go Global Retail.