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A summary of results for the first quarter ended April 30, 2022 as compared to the first quarter ended May 1, 2021: *Net sales of $813 million, up 4% as compared to last year. *Gross profit rate of 55.3%, down approximately 810 basis points as compared to last year. The year-over-year decline is driven by approximately $80 million of higher freight costs, partially offset by higher average unit retail on lower promotions. *Operating expense, excluding other operating income, net, was up 5% compared to last year. Approximately half of the increase was due to the lapping of COVID-related rent abatements and payroll credits last year, and the other half due to an increase in marketing and digital fulfillment expenses. Operating expense as a percentage of sales increased to 56.9% from 56.2% last year. *Operating loss of $10 million and $6 million on a reported and adjusted non-GAAP basis, respectively, as compared to operating income of $57 million and $60 million last year, on a reported and adjusted non-GAAP basis, respectively.

Hearst Magazines announced that Runner’s World is the recipient of two prestigious awards, a Pulitzer Prize and a National Magazine Award, both in the Feature Writing category, for “Twelve Minutes and a Life,” a story about the tragic killing of 25-year-old Ahmaud Arbery. The announcement was made by Hearst Magazines President Debi Chirichella. “Twelve Minutes and a Life,” published in Runner’s World’s September/October 2020 issue and written by contributor Mitchell S. Jackson, examines racism in running in America and recounts the last 12 minutes of the young Black man’s life as he was chased and fatally shot while jogging near his home. “Hearst has a long history of important reporting and storytelling in serving our communities,” said Hearst President and Chief Executive Officer Steve Swartz. “Runner’s World’s remarkable piece, covering a crucial topic and a devastating incident in the killing of Ahmaud Arbery, is a significant example of our duty as journalists to tell these stories. Congratulations to Mitchell S. Jackson and the Runner’s World team on these well-deserved honors from two of the most prestigious awards in our industry.”