Costco Wholesale Corporation Reports September Sales Results

Costco Wholesale Corporation reported net sales of $15.21 billion for the retail month of July, the four weeks ended August 1, 2021, an increase of 16.6 percent from $13.04 billion last year. For the forty-eight weeks ended August 1, 2021, the Company reported net sales of $176.30 billion, an increase of 17.8 percent from $149.66 billion last year.

Hearst announced it has agreed to acquire QGenda, LLC from investment firms Francisco Partners and ICONIQ Growth. QGenda is a leading provider of healthcare workforce management solutions. More than 4,500 organizations, including leading physician groups, hospitals, academic medical centers and health systems use QGenda to advance workforce scheduling, optimize capacity and improve access to care. The announcement was made by Steven R. Swartz, president and CEO of Hearst; Gregory Dorn, M.D., president of Hearst Health; and Greg Benoit, CEO of QGenda, who will continue to lead the company. Terms were not disclosed. Pending regulatory approval, QGenda will become part of Hearst Health, the healthcare division within Hearst. Hearst Health is currently comprised of market-leading companies FDB, Homecare Homebase, MCG, MHK and Zynx Health. The transaction is expected to close later this year.

Fiscal 2021 third quarter revenues declined 5 percent to $665 million. Key performance indicators included: *21 percent increase in National Media Group digital advertising revenues. Sessions grew 17 percent, led by PEOPLE, Allrecipes, Southern Living, and Martha Stewart. Meredith continues benefiting from its proprietary technology platform that brings together content, unique taxonomy, and first party data. *31 percent increase in National Media Group licensing/digital and other consumer driven revenues. Performance was driven by Apple News+, strong sales of Better Homes & Gardens-branded products at Walmart, and performance marketing via retail partners. *6 percent increase in non-political spot advertising and retransmission revenues. Non-political spot advertising growth was the first since the start of the COVID-19 pandemic, and was driven primarily by the professional services, gaming, and home categories. *19 percent decline in combined magazine advertising, subscription, and newsstand revenues. Advertising performance was impacted primarily by lower than expected performance in the food & beverage and prescription drug categories. Subscription revenue performance reflects a stable 36 million rate base and Meredith's ongoing strategy to engage subscribers directly. This strategy reduces revenue and increases profitability by fostering a stronger and more profitable relationship with subscribers, including the opportunity for rate increases over time. Newsstand performance was impacted primarily by lower demand and fewer issues published.