“Macy’s, Inc. delivered another quarter of comparable sales growth. That said, we had a slow start to the quarter and finished below our expectations. Rising inventory levels became a challenge based on a combination of factors: a fashion miss in our key women’s sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international tourism. We took markdowns to clear the excess Spring inventory and are entering the Fall season with the right inventory to meet anticipated customer demand,” said Jeff Gennette, Macy’s, Inc. chairman & chief executive officer. “While we had seasonal inventory challenges in Spring, there are many areas of the business that are performing well, notably our Destination Businesses. We continue to see healthier sales within our brick and mortar business, led by our Growth50 stores and Backstage expansion. Our digital business posted its fortieth consecutive quarter of double-digit growth, and mobile remained our fastest growing channel.”
Gannett Co., Inc. (NYSE: GCI) (“Gannett” or “company” or “we” or “our”) today reported second quarter 2018 financial results for the period ended June 30, 2018 (1).
“We are excited by the continued momentum in our digital business driven by strong growth in our marketing services and national media businesses,” said Robert J. Dickey, president and chief executive officer. “On July 2nd, we successfully closed the WordStream acquisition, which adds more software-as-a-service solutions to our digital marketing services product portfolio and will further propel our digital transformation that is already well underway.”
“The strong margin improvement at our ReachLocal segment and the continued focus on driving efficiencies within our publishing and corporate operations reflect strong execution on our objectives,” said Ali Engel, senior vice president and chief financial officer. “Adjusted EBITDA grew year-over-year and we delivered better than expected margin expansion in the quarter. We are increasing our Adjusted EBITDA guidance range for the year as a result of our stronger first-half performance, combined with the integration of WordStream.”
Second Quarter 2018 Consolidated Results (2)
• Operating revenues were $730.8 million, compared to $774.5 million in the second quarter of 2017.
• Favorable changes in foreign currency exchange rates benefited revenues by $4.7 million.
• Same store operating revenues declined 7.5% year-over-year, consistent with the first quarter decline of 7.2%.
• Total digital revenues increased 8% to $260.9 million, or approximately 36% of total revenue.
• GAAP net income was $16 million, including $22.8 million of after-tax restructuring, asset impairment charges and other costs.
more detail at: https://investors.gannett.com/press-release/gannett-reports-second-quarter-results