J. C. Penney Company, Inc. announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the Company and is having ongoing productive negotiations with landlords. The announcement follows a lengthy, structured, and thoughtful decision-making process. In connection with this organizational realignment, the Company will reduce its workforce by approximately 1,000 corporate, field management, and international positions. This organizational restructuring will create a smaller, more financially flexible company, and will help ensure JCPenney emerges from both Chapter 11 and the Coronavirus (COVID-19) pandemic as an even stronger retailer.
Q1 2022 HIGHLIGHTS
- Dotdash Meredith revenue increased 665% year-over-year to $500 million, benefitting from the Meredith acquisition.
o Digital revenue was $216 million and Print revenue was $290 million.
o Operating loss of $56 million and Adjusted EBITDA of $9 million reflect $26.5 million of restructuring charges incurred and transaction-related items associated with the acquisition of Meredith incurred in Q1 2022.
- Angi Inc. revenue increased 13% year-over-year to $436 million, the 6th consecutive quarter of double-digit growth.
o Angi Services revenue was $113 million, increasing 107% year-over-year and up over 100% for the 4th straight quarter. Trailing twelve months Angi Services revenue was $416 million, up 126% period-over-period.
o Monetized Transactions were nearly 4 million and Transacting Service Professionals were 204,000.
- Emerging & Other revenue increased 9% to $167 million reflecting:
o $90 million from Care.com, up 17% year-over-year.
o 84% year-over-year growth from Bluecrew and Vivian Health on a combined basis.
o On April 26, 2022, Vivian Health completed a $60 million primary and secondary equity raise led by Thoma Bravo with participation from IAC and Collaborative Fund.
- IAC holds 63.5 million shares of MGM Resorts International (“MGM”). IAC’s Net (loss) earnings and Diluted (loss) earnings per share reflect decreases or increases in MGM’s share price in the quarter as unrealized losses and gains. As a result, Net (loss) earnings and Diluted (loss) earnings per share can be very volatile, which reduces their ability to be effective measures to assess operating performance. IAC’s stake in MGM was purchased for $1.2 billion in 2020 and Q1 2022 and is worth $2.4 billion as of May 6, 2022.
details at: https://ir.iac.com/static-files/6fd52f81-cb1c-47d9-be34-158cfade41e1