As part of its ongoing commitment to return value to shareholders, L Brands, Inc. (NYSE:LB) announced today that its Board of Directors has authorized a new $250 million share repurchase program, which includes $10.3 million remaining under its previous $250 million share repurchase program.
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Dotdash Meredith is giving up a deal with the state of Iowa in which it was to receive tax incentives for hiring and keeping workers in Des Moines. The publishing company was to receive $460,000 in tax credits and refunds under the arrangement, in return for adding 41 employees by March 2021 for at least $29.12 per hour and retaining them through March 2023, according to the Des Moines Register. Dotdash Meredith informed the Iowa Economic Development Authority (IEDA) in an August 10 letter that it would close the tax-incentive contract. Dotdash Meredith, facing reduced ad spending, suffered a $28 million operating loss in Q2.
Revenues grew to $3.0 billion, up 5 percent. Earnings from continuing operations were $307 million, compared to a loss of $209 million. Adjusted EBITDA was $683 million, compared to $548 million. Key accomplishments included: *Digital advertising revenues surpassing magazine for the first time in Meredith's history. Digital advertising grew 31 percent. Additionally, Meredith's licensing and digital and other consumer driven revenues grew 27 percent and 25 percent, respectively. *$254 million debt reduction, enabled by record Cash Flow from Operations and Free Cash Flow. Debt reduction was enabled by total company revenue performance along with proactive actions to enhance Meredith's financial flexibility. *Agreeing to sell Meredith's Local Media Group for $2.825 billion, representing a 10x valuation. The transaction, which also includes spinning Meredith's National Media Group, comprising digital and magazine, out to shareholders, is expected to advance the company's financial priorities including reducing net debt, improving financial flexibility, optimizing capital allocation to high-potential opportunities, and providing returns to shareholders.
Nordstrom announced that it's acquiring two leading retail technology companies: BevyUp, a digital selling tool, and MessageYes, a platform rooted in conversational commerce. More specifically, BevyUp is a platform that allows sales associates to communicate with each other on the back end, and encourages shoppers to share information with each other and browse items together online. Its digital selling platform will be incorporated into a new mobile app for Nordstrom's employees, rolling out next year, the companies said. MessageYes offers brands the opportunity to send shoppers more personalized notifications, with their consent, while they browse online. Shoppers can ultimately respond "Yes" to one of Nordstrom's messages to instantly buy products from their phones. Click Read More below for additional information.