eBay’s US sales grow almost 5% while global GMV accelerates the most in 3 years

"We have made significant progress executing on these initiatives since we closed on the acquisition just six weeks ago," said Meredith President and CEO Tom Harty. "For example, today we are announcing we have completed our portfolio review and decided to explore the sale of the TIME, Sports Illustrated, Fortune, and Money brands. These are attractive properties with strong consumer reach. However, they have different target audiences and advertising bases, and we believe each brand is better suited for success with a new owner. We are pleased with the inbound interest we have received, and we are confident these brands will be positioned for growth with an owner that shares Meredith's respect for editorial integrity and independence." Finally, Meredith announced headcount reductions, part of its plan to realize between $400 to $500 million of cost synergies from the Time Inc. acquisition. Approximately 200 employees have been notified that their positions have been eliminated. Additionally, Meredith said approximately 1,000 more positions will be eliminated over the next 10 months. Previously, Meredith announced the elimination of approximately 600 positions as it transitions subscription fulfillment operations to a lower-cost provider. These headcount reductions do not include the impact of any potential divestitures. Click Read More below for additional information.

It’s time to kick off the summer 2021 vacation season. For most people, the furthest they traveled from home last summer was to an essential business or a local park. This year, however, travel restrictions and lockdowns have been lifted in many areas, thanks to compliance with local mandates and vaccine availability. How do you want to spend your summer? Whether you plan to travel or explore your own backyard, make sure reading is on your to-do list. Here are some books — all printed on Domtar publishing paper — that can inspire your summer 2021 reading list. click read more below for recommendations...

Urban Outfitters, Inc. announced net income of $77 million and record earnings per diluted share of $0.78 for the three months ended October 31, 2020. For the nine months ended October 31, 2020, net loss was $27 million and loss per diluted share was $0.28. Total Company net sales for the three months ended October 31, 2020, decreased 1.8% over the same period last year to $970 million. Comparable Retail segment net sales were flat as a result of negative retail store sales driven by lower store productivity due to reduced store traffic, offset by strong double-digit growth in the digital channel. By brand, comparable Retail segment net sales increased 17% at Free People and 4% at Urban Outfitters and decreased 9% at the Anthropologie Group. Wholesale segment net sales decreased 24%. For the three months ended October 31, 2020, the gross profit rate increased by 79 basis points versus the prior year’s comparable period. Gross profit dollars increased 0.6% to $322.9 million from $321.1 million. For the nine months ended October 31, 2020, the gross profit rate decreased to 24.3% from 32.2% in the prior year’s comparable period. Net income for the three months ended October 31, 2020, was $77 million and earnings per diluted share was $0.78. Net loss for the nine months ended October 31, 2020, was $27 million and loss per diluted share was $0.28.