- Victoria’s Secret & Co. held its top line mostly steady in Q1 but, according to GlobalData research, lost market share. Net sales were essentially flat to last year, nearing $1.4 billion, as comps dropped 1%.
- Gross margin shrank by 170 basis points to 35.2%, but the lingerie chain reached $2.8 million in net income, from last year’s $2.5 million net loss. The security breach that scuttled its Memorial Day sale is expected to siphon about $10 million from Q2 operating income, excluding any insurance payment, CFO Scott Sekella said Wednesday.
- Former Anthropologie Chief Marketing Officer Elizabeth Preis has taken that role at Victoria’s Secret & Co., CEO Hillary Super announced on the earnings call.
Victoria’s Secret expects $10M hit to Q2 operating income from cybersecurity breach | Retail Dive
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The Association of American Publishers (AAP) welcomes the release of the 2018 Special 301 Report by the Office of the U.S. Trade Representative (USTR). The Report highlights key markets in which publishers have significant copyright concerns and face market-access barriers. The Report is a critical tool for policymakers to identify barriers that impede the ability of U.S. copyright owners to compete in foreign markets. The Report notes that the U.S. “remains deeply troubled by the ambiguous education-related exception to copyright that has significantly damaged the market for educational publishers and authors.” This overbroad fair dealing exception for education has led to systematic, uncompensated copying and confusing guidance to courts. Reform is necessary to instill balance into the law and ensure that authors and publishers are appropriately compensated for the use of their works. Click Read More below for additional information.
Keep US Posted — a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs, and small businesses — warned that postage rate hikes are contributing to the U.S. Postal Service’s mounting losses, after the USPS announced a loss of $6.5 billion for the fiscal year 2023 — the same year it was projected to break even under Postmaster General DeJoy’s Delivering for America plan. During yesterday’s open session, the USPS Board of Governors announced the staggering $6.5 billion loss for the year, driven by mail volume declines of more than 9 percent and an over 2 percent drop in package volumes. The Board of Governors also announced that it anticipates a $6.3 billion loss next year, and noted that the 10-year Delivering for America plan—which depended on package growth that has not materialized — could face changes.