Costco Wholesale Corporation Reports October Sales Results

The U.S. Postal Service recognized Shutterfly Inc. with its Partnership for Growth Award on the final day of the National Postal Forum (NPF), the country’s premier mailing and shipping conference. The Partnership for Growth Award is given annually at NPF to recognize a strong mailing industry contributor that drives innovation and growth using USPS. Shutterfly was selected to receive this year’s Award by Postmaster General and CEO Megan J. Brennan and the USPS Executive Leadership Team. Shutterfly is being recognized for continuously working with the Postal Service to ensure the company reaches its customers using new and innovative technologies that increase the value of the mail. Click Read More below for additional information.

Macy’s, Inc. announced details of a restructuring that will align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic, including the closure of stores from March 18 through May 4, 2020 and gradual re-opening. The company will reduce corporate and management headcount by approximately 3,900. Additionally, Macy’s, Inc. has reduced staffing across its stores portfolio, supply chain and customer support network, which it will adjust as sales recover. The company expects the actions announced to generate expense savings of approximately $365 million in fiscal 2020 and approximately $630 million on an annualized basis. These savings will be additive to the anticipated $1.5 billion in annual expense savings announced in February, which the company expects to fully realize by year-end 2022.

Fiscal 2022 First Quarter Key Financial Highlights: *Revenues were $2.50 billion, an 18% increase compared to $2.12 billion in the prior year, driven by growth across key segments *Net income of $267 million compared to $47 million in the prior year *Total Segment EBITDA was $410 million compared to $268 million in the prior year *Reported EPS were $0.33 compared to $0.06 in the prior year – Adjusted EPS were $0.23 compared to $0.08 in the prior year *Digital Real Estate Services segment revenues grew 47%, driven primarily by strong yield and demand at both REA Group and Move, operator of realtor.com® *Dow Jones saw its highest first quarter revenue and profitability since its acquisition *Book Publishing segment revenues grew 19%, benefiting from the HMH acquisition and continued strong consumption patterns *Subscription Video Services Segment EBITDA grew 46% as Foxtel’s streaming products reached approximately 2.1 million paid subscribers, up 69% compared to the prior year *News Media segment revenues grew 18%, benefiting from the rebound in the advertising market, strong digital subscriber gains and new content licensing revenues from recent news payment agreements with major tech platforms *Announced a $1 billion stock repurchase program and the termination of the Stockholder Rights Agreement