“FedEx operating income grew in our second quarter, driven by strong revenue growth and effective management of our cost and expected labor availability challenges,” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. “While adjusted earnings per share was unchanged year over year, this year’s effective tax rate was significantly higher, as last year’s earnings included a $0.71 per share tax benefit.” Second quarter operating income improved due to higher revenue per shipment at all transportation segments, despite the negative effect of labor market challenges that have contributed to global supply chain disruptions. The challenging labor market affected the availability and cost of labor resulting in network inefficiencies, higher purchased transportation costs, and higher wage rates, which increased costs by an estimated $470 million year over year, primarily at FedEx Ground. The quarter’s results also benefited from continued strategic management actions to improve revenue quality and favorable net fuel.

Time Inc. has reportedly reached an agreement to sell off Golf Magazine and its related assets to Howard Milstein, chairman of Emigrant Savings Bank. The deal was first reported by Golfweek senior writer Geoff Shackelford, citing “sources briefed on the sale.” Time Inc. has not confirmed the deal, and a spokeswoman tells Folio:, “The sales process for Golf is proceeding well and as soon as there are further developments we will share them.” Click Read More below for additional information.

For the Third Quarter of Fiscal 2020 *Net sales decreased 7.8% to $1.6 billion compared to $1.7 billion in the third quarter of fiscal 2019 due to the impact of COVID-19. *Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) decreased 8.9% compared to an increase of 3.2% in the third quarter of fiscal 2019. In the third quarter of fiscal 2020, transactions declined 15.4% and average ticket increased 7.6%. *Gross profit decreased 12.5% to $545.5 million compared to $623.4 million in the third quarter of fiscal 2019. *Tax rate increased to 25.1% compared to 23.1% in the third quarter of fiscal 2019. The higher effective tax rate is primarily due to less investment tax credits received. *Net income was $74.8 million compared to $129.7 million in the third quarter of fiscal 2019. Adjusted net income was $92.5 million compared to $128.6 million in the third quarter of fiscal 2019. For the First Nine Months of Fiscal 2020 *Net sales decreased 22.4% to $4.0 billion compared to $5.1 billion in first nine months of fiscal 2019 due to the impact of COVID-19.*Comparable sales decreased 23.8% compared to an increase of 5.4% in the first nine months of fiscal 2019. During the first nine months of fiscal 2020, transactions declined 30.1% and average ticket increased 9.0%. *Gross profit decreased to $1.2 billion compared to $1.9 billion in the first nine months of fiscal 2019. *Net income was $4.3 million compared to $483.2 million in the first nine months of fiscal 2019.