Time Inc. reported financial results for its second quarter ended June 30, 2017. Time Inc. President and CEO Rich Battista said, “I am pleased with our second quarter Adjusted OIBDA of $88 million, which was roughly flat year-over-year. Our revenues continued to be impacted by disruption through the first half of 2017, as we said on our last call. Despite that revenue disruption, we executed in a highly disciplined way, which enabled us to beat Adjusted OIBDA expectations. The third quarter represents an important turning point for the Company as we are seeing strong momentum and sequential improvement of year-over-year trends for total advertising revenues. Today, we are reaffirming our 2017 Adjusted OIBDA outlook.” Battista continued: “On our last earnings call, we outlined aggressive actions—building on what we had accomplished to date—to reduce costs, expand margins, rationalize our portfolio and extend our brands into new growth revenue streams. We’ve been moving with speed and, most significantly, we are announcing today, a strategic transformation program based on a thorough review of Time Inc.’s business. Through this review, we have greater confidence in our path to accelerate the optimization of costs and revenue growth drivers. We have already targeted more than $400 million of run-rate cost savings, with the majority of initiatives expected to be implemented over the course of the next 18 months. Click Read More below for additional detail.
L Brands, Inc. (NYSE: LB) reported net sales of $1.596 billion for the four weeks ended Dec. 1, 2018, compared to net sales of $1.267 billion for the four weeks ended Nov. 25, 2017. Comparable sales increased 9 percent for the four weeks ended Dec. 1, 2018 compared to the four weeks ended Dec. 2, 2017.
The company reported net sales of $9.980 billion for the 43 weeks ended Dec. 1, 2018, compared to net sales of $9.077 billion for the 43 weeks ended Nov. 25, 2017. Comparable sales increased 4 percent for the 43 weeks ended Dec. 1, 2018, compared to the 43 weeks ended Dec. 2, 2017.