Lachlan Murdoch, Fresh Off Consolidating Power Over Fox Corp., Says Resolution of Family Drama ‘Gives Us Clarity About Our Strategy Going Forward’

The Paper Receipts Converting Association (PRCA) is pleased to announce that California Bill AB 1347, which proposed stringent regulations on the use of paper receipts in the state, failed to move past Senate Appropriations last week. A victory for consumers and industry alike, the bill will not move forward in the state’s 2023-24 legislative session. Upon AB 1347’s introduction earlier this year, PRCA quickly began to communicate the value of paper receipts to lawmakers in California, working closely with other groups such as the American Forest and Paper Association, the California Chamber of Commerce, the California Retail Council, and local community groups like the Imperial Valley Food Bank and Long Beach’s Su Casa. As the bill aimed to limit the use of paper receipts in the state, PRCA championed not only the consumers who prefer tangible paper records, but also those who depend on them.

Second Quarter 2021 Financial Highlights: • Total revenues of $804.3 million rose 4.9% compared to the prior year quarter ◦ Same store revenues (as defined and reconciled on Table No. 5 below) increased 6.8% compared to the second quarter of 2020 • Total digital revenues were $259.3 million or 32.2% of total revenues • Net income attributable to Gannett of $15.1 million • Adjusted EBITDA totaled $115.8 million, an increase of $37.8 million or 48.4% compared to the second quarter of 2020 and represented a 14.4% margin • Net cash flow provided by operating activities of $31.3 million • Free cash flow of $23.1 million

For the First Quarter of Fiscal 2023 *Net sales increased 12.3% to $2.6 billion compared to $2.3 billion in the first quarter of fiscal 2022 due to increased comparable sales, strong new store performance, and growth in other revenue compared to the first quarter of fiscal 2022. *Gross profit increased 12.1% to $1.1 billion compared to $941.0 million in the first quarter of fiscal 2022. As a percentage of net sales, gross profit decreased to 40.0% compared to 40.1% in the first quarter of fiscal 2022, primarily due to higher inventory shrink, lower merchandise margins, higher supply chain costs, and deleverage of salon expenses, partially offset by strong growth in other revenue and leverage of store fixed costs. *Operating income increased 1.0% to $442.1 million, or 16.8% of net sales, compared to $437.7 million, or 18.7% of net sales, in the first quarter of fiscal 2022. *Net income increased 4.7% to $347.1 million compared to $331.4 million in the first quarter of fiscal 2022.