The Postal Regulatory Commission today today ruled that the US Postal Service has justified the recovery of $1.191B of contribution in addition to the $2.766B of contribution the PRC previously granted from the original 2013 exigent rate request. That amounted to an extra 4.3% increase on top of the January 2014 rate hike. Bottom line to catalogers is reasonable considering the possibilities: Expect the exigent surcharge to be in place for about eight more months. Below are highlights from the full PRC ruling. * The PRC finds the USPS has justified the recovery of $1.191 billion of contribution in addition to the $2.766 billion of contribution previously found justified by its previous order. * The exigent surcharge shall remain in effect until removed in accordance with the surcharge removal plan filed June 2, 2014, and the provisions of PRC's prior orders. * The Postal Service must continue to report incremental and cumulative surcharge revenue to the PRC 45 days after the end of each quarter as required by the PRC's previous orders. * The Postal Service must notice the removal of the exigent surcharge at least 45 days before the date of the removal. * The Postal Service shall provide bi-weekly estimates of the incremental and cumulative surcharge revenue beginning the quarter in which the Postal Service anticipates removing the surcharge.
Gap Inc. (NYSE: GPS) today reported that net sales for the fourweek period ended January 28, 2017 increased 2 percent to $828 million compared with net sales of $813 million for the four-week period ended January 30, 2016. For the fourth quarter of fiscal year 2016, Gap Inc.’s net sales increased 1 percent to $4.43 billion compared with $4.39 billion for the fourth quarter last year.
“Against a challenging retail backdrop, we’re pleased to report growth in our top-line and comp sales during the critical holiday quarter,” said Art Peck, chief executive officer, Gap Inc. “We remain focused on actions that will strengthen our brands and recapture market share.”
January Comparable Sales Results:
Gap Inc.’s comparable sales for January 2017 were up 1 percent compared with a decline of 8 percent last year. Comparable sales by global brand for January 2017 were as follows:
* Old Navy Global: positive 2 percent versus negative 6 percent last year * Gap Global: positive 3 percent versus negative 6 percent last year * Banana Republic Global: negative 4 percent versus negative 17 percent last year
Fourth Quarter Comparable Sales Results:
Gap Inc.’s comparable sales for the fourth quarter of fiscal year 2016 were up 2 percent compared with a decline of 7 percent last year. Comparable sales by global brand for the fourth quarter were as follows:
* Old Navy Global: positive 5 percent versus negative 8 percent last year * Gap Global: flat versus negative 3 percent last year * Banana Republic Global: negative 3 percent versus negative 14 percent last year