Highlights: *Net sales of $5 billion, down 7% versus the first quarter of 2022. -Brick-and-mortar sales decreased 6% versus the first quarter of 2022. -Digital sales decreased 8% versus the first quarter of 2022. *Comparable sales down 7.9% on an owned basis and down 7.2% on an owned-plus-licensed basis. *Gross margin rate for the quarter was 40.0%, up from 39.6% in the first quarter of 2022. Versus the first quarter of 2019, gross margin rate increased 180 basis points from 38.2%.
The New York Times and the New York Times Guild have reached a contract agreement that would give union members an immediate 12.5% salary raise.
The deal follows two years of often contentious negotiations and events such as a 24-hour strike.
“After more than two years of negotiations, we can finally say it: @NYTimesGuild and @nytimes have reached a tentative agreement on a groundbreaking new collective bargaining agreement,” the union tweeted Tuesday.
The five-year deal must still be ratified by the union membership. A vote is expected in the coming week, the Times reports.