Since 2005, 2,100 newspapers have closed, almost one-quarter of the 9,000 newspapers that were being published in 2004, according to a report from the Hussman School of Journalism and Media at the University of North Carolina, Chapel Hill. Can newspapers be saved? The Rebuild Local News coalition has an ambitious plan.RLN is not turning to government for a bailout; it sees it as an ally. The gist of the plan is for Americans to step up and help save local news, which is essential to ensure communities have a watchdog to fight corruption and waste. One bipartisan idea is a $250 refundable tax credit used to buy local news subscriptions or as a donation to a local nonprofit news endeavor.
“Second quarter results were impacted by a weakening macro environment, high inflation and dampened consumer spending, which especially pressured our middle-income customers. We have adjusted our plans, implementing actions to reduce inventory and lower expenses to account for a softer demand outlook. Kohl’s has navigated difficult periods in the past and I am confident in our ability to successfully manage through the current uncertainty. I want to thank our incredible associates around the country for their commitment to Kohl’s and for providing excellent service to our customers every day. We continue to execute on our transformation strategy and are pleased to deliver outsized performance in the nearly 600 stores which have been refreshed and elevated, featuring Sephora as a key cornerstone,” said Michelle Gass, Kohl’s chief executive officer.
“While 2022 has turned out to be more challenging than initially expected, Kohl’s remains a financially strong company with significant long-term growth potential. Our $500 million accelerated share repurchase underscores our steadfast confidence in Kohl’s future and focus on creating shareholder value. We also remain firmly committed to our current dividend,” said Gass.
Second quarter comparable sales decrease 7.7% and net sales decrease 8.5%
Second quarter diluted earnings per share of $1.11
Company enters into $500 million accelerated share repurchase agreement