Postmaster General Megan Brennan paid a visit to the American Catalog Mailers' forum in Washington, tossed aside her notes, and invited the catalogers in the room to air their concerns. The interchange was refreshing, though not surprising. Catalogers wanted to know why the Postal Service couldn't just tear all the red tape off of rates and let catalog volumes and mail revenues flourish. Brennan agreed with a lot of what they had to say, but reminded them, in essence, that unsnarling red tape and process delays is what she does for a living. Brennan began by telling the group that one of her chief goals was to engage with key stakeholders in an effort to find ways to help the mailing industry grow in an increasingly digital age. To that end--despite the financial pressures still mounting on the Postal Service absent legislative relief--Brennan said her current budget includes $2 billion in capital spending compared to only $700 million last year.
L Brands, Inc. (NYSE: LB) reported net sales of $1.058 billion for the five weeks ended Oct. 6, 2018, an increase of 8 percent, compared to net sales of $981.6 million for the five weeks ended Sept. 30, 2017. Comparable sales increased 5 percent for the five weeks ended Oct. 6, 2018, compared to the five weeks ended Oct. 7, 2017.
The company reported net sales of $7.524 billion for the 35 weeks ended Oct. 6, 2018, an increase of 7 percent compared to net sales of $7.015 billion for the 35 weeks ended Sept. 30, 2017. Comparable sales increased 3 percent for the 35 weeks ended Oct. 6, 2018, compared to the 35 weeks ended Oct. 7, 2017.
As part of an ongoing effort to drive shareholder value and in order to focus on its larger core businesses, the company announced that it is pursuing all alternatives for its La Senza business. La Senza currently has 126 company-owned and operated stores in North America and 188 non-company owned international stores. Operating results for La Senza are included in the company’s Other segment for financial reporting. The company estimates that La Senza’s 2018 revenues and operating loss will be approximately $250 million and $40 million, respectively.