The Company reported net sales of $2.7 billion in the first quarter of 2017 compared to $2.8 billion last year. Comparable store sales were (3.5) % for the quarter. Home, Sephora, Fine Jewelry and Salon all comped positively, and were the Company's top performing divisions during the quarter. Geographically, the Southwest and Southeast were the best performing regions of the country. For the first quarter, gross margin was 36.3 % of sales, an increase of 10 basis points compared to the first quarter last year. Gross margin was positively impacted by improved selling margins throughout the quarter, which was partially offset by the continued growth in the Company's online and major appliance businesses. click Read More below for additional detail
Meredith Corp. doesn’t just publish magazines. It manufactures them.
That was the conclusion of a three-year legal battle that ended last week when attorneys for the U.S. Department of Justice dropped an appeal against Meredith. The conclusion of the civil lawsuit clears the path for the Des Moines-based publisher of titles such as Better Homes and Gardens, People, Magnolia and Southern Living to collect a $12.2 million tax deduction.
At issue was whether Meredith is technically a manufacturer, which would qualify the company for the tax break, which is designed to keep production jobs in the U.S. Although it does not print its magazines, Meredith argued it broadly fits the description of a manufacturer because of all the other work it does to make the product.
“Meredith strongly believed, and the Court found, that these were, in fact, Meredith’s magazines from start to finish,” Executive Director of Corporate Communications Mike Lovell said in a statement Monday.
more at source: https://www.desmoinesregister.com/story/money/business/2020/07/27/tax-case-establishes-magazine-publisher-meredith-manufacturer-too/5519364002/