The Shanghai consumer coupons were introduced as part of the city's efforts to stimulate economic recovery and encourage spending in the wake of the pandemic. These vouchers are intended to be used by residents for various consumption purposes, such as dining, shopping, entertainment, and more. However, the limited availability of these coupons has led to a frenzy among scalpers, who are exploiting the situation for their own gain.According to the WTO report, the volume of world merchandise trade is estimated to have increased by around 2.5% in the fourth quarter of the year. This growth, although moderate, is a positive sign considering the uncertainties and disruptions faced by the global trade environment. The increase in trade volumes was driven by a combination of factors, including improved consumer demand in key markets, government stimulus measures, and the gradual recovery of industrial production.
Q3 Net Sales Increase of 14.6% to $843.7 million ; Comparable Sales Increase of 0.6% Q3 GAAP Diluted EPS of $0.03 , Q3 Adjusted Diluted EPS of $0.42 Increases Full Year 2024 Guidance PHILADELPHIA, PA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Five Below, Inc. FIVE today announced financial results for the third quarter and year to date period ended November 2, 2024. For the third quarter ended November 2, 2024 : Net sales increased by 14.6% to $843.7 million from $736.4 million in the third quarter of fiscal 2023; comparable sales increased by 0.6%. The Company opened 82 new stores and ended the quarter with 1,749 stores in 44 states. This represents an increase in stores of 18.1% from the end of the third quarter of fiscal 2023. Operating loss was $0.6 million compared to operating income of $16.1 million in the third quarter of fiscal 2023. Adjusted operating income (1) was $27.6 million. The effective tax rate was 23.4% compared to 25.4% in the third quarter of fiscal 2023. Net income was $1.7 million compared to $14.6 million in the third quarter of fiscal 2023. Adjusted net income (1) was $23.3 million. Diluted income per common share was $0.03 compared to $0.26 in the third quarter of fiscal 2023. Adjusted diluted income per common share (1) was $0.42. (1) A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See als o "Non-GAAP Information." Ken Bull, Interim CEO and COO of Five Below said, "We are pleased to report third quarter results that exceeded our outlook. We delivered stronger performance across a broader group of our merchandise worlds compared to the second quarter and improved our operational execution. We were encouraged to see the positive results from the initiatives we undertook to add newness and deliver value in key categories. We opened a record 82 new stores during this period with new store performance also surpassing our expectations. Our merchant and operational teams across the organization are focused on our key priorities of product, value and store experience, and I want to thank them for their efforts in delivering these results." Mr. Bull continued, "We will build on this progress and are focused on delivering for our customers in the all-important fourth quarter. Our solid Black Friday weekend results were an encouraging start to the holiday season, though the highest volume selling days lie ahead. In addition, this year we have five fewer shopping days between Thanksgiving and Christmas, which is reflected in our outlook." For the year to date period ended November 2, 2024 : Net sales increased by 11.9% to $2.49 billion from $2.22 billion in the year to date period of fiscal 2023; comparable sales decreased by 2.6%. The Company opened 205 new stores compared to 141 new stores in the year to date period of fiscal 2023. Operating income was $77.1 million compared to $117.1 million in the year to date period of fiscal 2023. Adjusted operating income (2) was $102.8 million. The effective tax rate was 24.7% compared to 23.1% in the year to date period of fiscal 2023. Net income was $66.2 million compared to $98.9 million in the year to date period of fiscal 2023. Adjusted net income (2) was $85.5 million. Diluted income per common share was $1.20 compared to $1.78 in the year to date period of fiscal 2023. The benefit from share-based accounting was approximately $0.01 in the year to date period of fiscal 2024 compared to approximately $0.07 in the year to date period of fiscal 2023. Adjusted diluted income per common share (2) was $1.55. The Company repurchased approximately 267,000 shares in the year to date period of fiscal 2024 at a cost of approximately $40.0 million (2) A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See also "Non-GAAP Information." Appointment of Chief Executive Officer Five Below also announced today the appointment of Winnie Park to the role of Chief Executive Officer, effective December 16, 2024. Ken Bull, Chief Operating Officer, who was serving as Interim CEO, will continue in his role as COO, and Tom Vellios will remain Executive Chairman. This announcement was made concurrently this afternoon and can be found at investor.fivebelow.com/investors. Fourth Quarter and Fiscal 2024 Outlook: The Company expects the following results for the fourth quarter and full year fiscal 2024: For the fourth quarter of Fiscal 2024 : Net sales are expected to be in the range of $1.35 billion to $1.38 billion based on opening approximately 22 net new stores and assumes an approximate 3% to 5% decrease in comparable sales. Net income is expected to be in the range of $174 million to $184 million. Adjusted net income (3) is expected to be in the range of $179 million to $189 million. Diluted income per common share is expected to be in the range of $3.15 to $3.33 on approximately 55.3 million diluted weighted average shares outstanding. Adjusted diluted income per common share (3) is expected to be in the range of $3.23 to $3.41. (3) Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes retention awards, costs associated w it h cost -optimization initiatives and stock compensation benefits , net of income tax impacts. For the full year of Fiscal 2024 : Net sales are expected to be in the range of $3.84 billion to $3.87 billion based on opening approximately 227 net new stores and assumes an approximate 3% decrease in comparable sales. Net income is expected to be in the range of $240 million to $250 million. Adjusted net income (4) is expected to be in the range of $265 million to $275 million. Diluted income per common share is expected to be in the range of $4.34 to $4.52 on approximately 55.3 million diluted weighted average shares outstanding. Adjusted diluted income per common share (4) is expected to be in the range of $4.78 to $4.96. Gross capital expenditures are expected to be approximately $340 million in fiscal 2024. (4) Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes inventory write- off , ret ention awards , stock compensation benefits, costs associated with cost-optimization initiatives , settlement of employment-related litigation , and asset disposal, net of income tax impacts. Conference Call Information: A conference call to discuss the financial results for the third quarter of fiscal 2024 is scheduled for today, December 4, 2024, at 4:30 p.m. Eastern Time. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call. Investors and analysts interested in participating in the call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call. Non-GAAP Information: This press release includes adjusted operating income, adjusted net income, and adjusted diluted income per common share, each is a non-GAAP financial measure. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures within this filing. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a meaningful evaluation of its quarterly and fiscal year 2024 diluted income per common share and actual results on a comparable basis with its quarterly and fiscal year 2023 results. In evaluating these non-GAAP financial measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this filing. The Company's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company's industry may calculate these items differently than it does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Forward-Looking Statements: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect management's current views and estimates regarding the Company's industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, store count potential and other financial and operating information. Investors can identify these statements by the fact that they use words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future" and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks related to disruption to the global supply chain, risks related to the Company's strategy and expansion plans, risks related to our ability to attract, retain, and integrate qualified executive talent, risks related to disruptions in our information technology systems and our ability to maintain and upgrade those systems, risks related to the inability to successfully implement our online retail operations, risks related to cyberattacks or other cyber incidents, risks related to increased usage of machine learning and other types of artificial intelligence in our business, and challenges with properly managing its use; risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, the availability of suitable new store locations and the dependence on the volume of traffic to our stores, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, including wage rates, risks related to inflation and increasing commodity prices, risks related to potential systematic failure of the banking system in the United States or globally, risks related to extreme weather, pandemic outbreaks, global political events, war, terrorism or civil unrest (including any resulting store closures, damage, or loss of inventory), risks related to leasing, owning or building distribution centers, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company's merchandise, increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to our ability to protect our brand name and other intellectual property, risks related to customers' payment methods, risks related to domestic and foreign trade restrictions including duties and tariffs affecting our domestic and foreign suppliers and increasing our costs, including, among others, the direct and indirect impact of current and potential tariffs imposed and proposed by the United States on foreign imports, risks associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards and risks associated with leasing substantial amounts of space. For further details and a discussion of these risks and uncertainties, see the Company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov . If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. About Five Below: Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by teens and pre-teens. We believe life is better when customers are free to "let go & have fun" in an amazing experience filled with unlimited possibilities. With most items priced between $1 and $5, and some extreme value items priced beyond $5 in our incredible Five Beyond shop, Five Below makes it easy to say YES! to the newest, coolest stuff across eight awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and New & Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,750 stores in 44 states. For more information, please visit www.fivebelow.com or find Five Below on Instagram, TikTok, and Facebook @FiveBelow. Investor Contact: Five Below, Inc. Christiane Pelz Vice President, Investor Relations 215-207-2658 InvestorRelations@fivebelow.com FIVE BELOW, INC. Consolidated Balance Sheets (Unaudited) (in thousands) November 2, 2024 February 3, 2024 October 28, 2023 Assets Current assets: Cash and cash equivalents $ 169,702 $ 179,749 $ 162,928 Short-term investment securities 46,941 280,339 — Inventories 817,832 584,627 763,349 Prepaid income taxes and tax receivable 20,348 4,834 23,906 Prepaid expenses and other current assets 157,396 153,993 140,816 Total current assets 1,212,219 1,203,542 1,090,999 Property and equipment, net 1,259,768 1,134,312 1,075,275 Operating lease assets 1,692,978 1,509,416 1,475,095 Long-term investment securities — 7,791 — Other assets 20,354 16,976 16,069 $ 4,185,319 $ 3,872,037 $ 3,657,438 Liabilities and Shareholders' Equity Current liabilities: Line of credit $ — $ — $ — Accounts payable 352,180 256,275 349,340 Income taxes payable — 41,772 — Accrued salaries and wages 28,758 30,028 19,357 Other accrued expenses 143,388 146,887 158,272 Operating lease liabilities 351,062 240,964 231,197 Total current liabilities 875,388 715,926 758,166 Other long-term liabilities 8,962 6,826 4,625 Long-term operating lease liabilities 1,616,964 1,497,586 1,455,358 Deferred income taxes 68,153 66,743 61,364 Total liabilities 2,569,467 2,287,081 2,279,513 Shareholders' equity: Common stock 549 551 551 Additional paid-in capital 147,453 182,709 177,877 Retained earnings 1,467,850 1,401,696 1,199,497 Total shareholders' equity 1,615,852 1,584,956 1,377,925 $ 4,185,319 $ 3,872,037 $ 3,657,438 FIVE BELOW, INC. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 843,710 $ 736,405 $ 2,485,642 $ 2,221,633 Cost of goods sold (exclusive of items shown separately below) 585,668 513,577 1,692,294 1,499,422 Selling, general and administrative expenses 215,367 173,121 594,362 511,430 Depreciation and amortization 43,281 33,584 121,933 93,652 Operating (loss) income (606 ) 16,123 77,053 117,129 Interest income and other income 2,808 3,434 10,852 11,423 Income before income taxes 2,202 19,557 87,905 128,552 Income tax expense 515 4,963 21,751 29,645 Net income $ 1,687 $ 14,594 $ 66,154 $ 98,907 Basic income per common share $ 0.03 $ 0.26 $ 1.20 $ 1.78 Diluted income per common share $ 0.03 $ 0.26 $ 1.20 $ 1.78 Weighted average shares outstanding: Basic shares 55,007,054 55,452,533 55,067,467 55,592,536 Diluted shares 55,110,433 55,576,140 55,152,976 55,717,987 FIVE BELOW, INC. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 Operating activities: Net income $ 66,154 $ 98,907 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 121,933 93,652 Share-based compensation expense 11,303 13,366 Deferred income tax expense 1,410 2,213 Other non-cash expenses 861 172 Changes in operating assets and liabilities: Inventories (233,205 ) (235,629 ) Prepaid income taxes and tax receivable (15,514 ) (15,008 ) Prepaid expenses and other assets (6,889 ) (12,530 ) Accounts payable 96,900 123,374 Income taxes payable (41,772 ) (19,928 ) Accrued salaries and wages (1,270 ) (6,063 ) Operating leases 45,914 33,841 Other accrued expenses 21,288 15,521 Net cash provided by operating activities 67,113 91,888 Investing activities: Purchases of investment securities and other investments (4,508 ) (128,950 ) Sales, maturities, and redemptions of investment securities 245,696 195,795 Capital expenditures (271,855 ) (231,921 ) Net cash used in investing activities (30,667 ) (165,076 ) Financing activities: Net proceeds from issuance of common stock 600 440 Repurchase and retirement of common stock (40,226 ) (80,541 ) Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units 1 288 Common shares withheld for taxes (6,868 ) (16,395 ) Net cash used in financing activities (46,493 ) (96,208 ) Net decrease in cash and cash equivalents (10,047 ) (169,396 ) Cash and cash equivalents at beginning of period 179,749 332,324 Cash and cash equivalents at end of period $ 169,702 $ 162,928 FIVE BELOW, INC. GAAP to Non-GAAP Reconciliation of Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Reconciliation of gross profit as reported, to adjusted gross profit Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Gross profit, as reported (5) $ 258,042 $ 222,828 $ 793,348 $ 722,211 Adjustments: Retention awards ( 6 ) 444 — 597 — Non-recurring inventory write-off 21,208 — 21,208 — Cost-optimization initiatives ( 7 ) 378 — 378 — Adjusted gross profit ( 8 ) $ 280,072 $ 222,828 $ 815,531 $ 722,211 Reconciliation of operating (loss) income, as reported, to adjusted operating income Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Operating (loss) income, as reported $ (606 ) $ 16,123 $ 77,053 $ 117,129 Adjustments: Non-recurring employment-related litigation — — 1,976 — Retention awards ( 6 ) 4,931 — 6,578 — Non-recurring stock compensation benefit — — (6,116 ) — Non-recurring inventory write-off 21,208 — 21,208 — Cost-optimization initiatives ( 7 ) 1,544 — 1,544 — Non-recurring asset disposal 513 — 513 — Adjusted operating income ( 8 ) $ 27,590 $ 16,123 $ 102,756 $ 117,129 Reconciliation of net income, as reported, to adjusted net income Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net income, as reported $ 1,687 $ 14,594 $ 66,154 $ 98,907 Adjustments: Non-recurring employment-related litigation, net of tax — — 1,487 — Retention awards, net of tax ( 6 ) 3,778 — 4,950 — Non-recurring stock compensation benefit, net of tax — — (4,603 ) — Non-recurring inventory write-off, net of tax 16,248 — 15,961 — Cost-optimization initiatives, net of tax ( 7 ) 1,183 — 1,162 — Non-recurring asset disposal, net of tax 393 — 386 — Adjusted net income ( 8 ) $ 23,289 $ 14,594 $ 85,497 $ 98,907 Reconciliation of diluted income per common share, as reported, to adjusted diluted income per common share Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Diluted income per common share, as reported $ 0.03 $ 0.26 $ 1.20 $ 1.78 Adjustments: Non-recurring employment-related litigation per share — — 0.03 — Retention awards per share ( 6 ) 0.07 — 0.09 — Non-recurring stock compensation benefit per share — — (0.08 ) — Non-recurring inventory write-off per share 0.29 — 0.29 — Cost-optimization initiatives per share ( 7 ) 0.02 — 0.02 — Non-recurring asset disposal per share 0.01 — 0.01 — Adjusted diluted income per common share ( 8 ) $ 0.42 $ 0.26 $ 1.55 $ 1.78 (5) Gross profit is equal to our net sales less our cost of goods sold . ( 6 ) Retention awards relate to the on-going expense recognition of cash and equity granted to certain individuals in fiscal 2024 during the CEO transition that will be earned and have vestings through fiscal 2026. ( 7 ) Represents c harges relate d to the cos t-optimization of certain functions . ( 8 ) Components may not add to total due to rounding. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
One of the key changes in the starting lineup was the inclusion of young midfielder Stefano Sensi, who has shown glimpses of his potential in recent appearances. Sensi's technical ability and eye for goal added a different dimension to Inter's midfield, providing a creative spark in the final third. Alongside him, veteran midfielder Arturo Vidal brought his experience and leadership to the team, marshaling the midfield and disrupting Lazio's rhythm. The duo formed a formidable partnership in the center of the park, dictating the tempo of the game and controlling possession for Inter.In conclusion, the Xiaomi YU7 SUV is a game-changer in the automotive industry, setting a new standard for innovation and excellence. With its sleek design, advanced features, and seamless integration with Xiaomi's ecosystem, the YU7 is poised to revolutionize the way we think about cars. As Xiaomi's founder, Lei Jun has once again demonstrated his visionary leadership and strategic vision, guiding the company towards new horizons and inspiring change in the world of technology and beyond.Furthermore, the Foreign Ministry highlighted China's efforts to enhance transparency in its nuclear policies and activities, reaffirming its dedication to ensuring the peaceful use of nuclear energy and maintaining global nuclear security. China's active role in hosting this expert meeting reflects its commitment to upholding the principles of nuclear disarmament, non-proliferation, and peaceful coexistence among nations.
By HILLEL ITALIE NEW YORK (AP) — Even through a year of nonstop news about elections, climate change, protests and the price of eggs, there was still time to read books. Related Articles Books | Wonder and joy at the light that breaks the dark: more holiday books for younger readers Books | Right on time for holiday shopping: big names in new bestselling books Books | In bestsellers for young readers, ways to stay occupied on winter break Books | Percival Everett, 2024 National Book Award winner, rereads one book often Books | Gift books for 2024: What to give, and what to receive, for all kinds of readers U.S. sales held steady according to Circana, which tracks around 85% of the print market, with many choosing the relief of romance, fantasy and romantasy. Some picked up Taylor Swift’s tie-in book to her blockbuster tour, while others sought out literary fiction, celebrity memoirs, political exposes and a close and painful look at a generation hooked on smartphones. Here are 10 notable books published in 2024, in no particular order. Asking about the year’s hottest reads would basically yield a list of the biggest hits in romantasy, the blend of fantasy and romance that has proved so irresistible fans were snapping up expensive “special editions” with decorative covers and sprayed edges. Of the 25 top sellers of 2024, as compiled by Circana, six were by romantasy favorite Sarah J. Maas, including “House of Flame and Shadow,” the third of her “Crescent City” series. Millions read her latest installment about Bryce Quinlan and Hunter Athalar and traced the ever-growing ties of “Maasverse,” the overlapping worlds of “Crescent City” and her other series, “Throne of Glass” and “A Court of Thorns and Roses.” If romantasy is for escape, other books demand we confront. In the bestselling “The Anxious Generation,” social psychologist Jonathan Haidt looks into studies finding that the mental health of young people began to deteriorate in the 2010s, after decades of progress. According to Haidt, the main culprit is right before us: digital screens that have drawn kids away from “play-based” to “phone-based” childhoods. Although some critics challenged his findings, “The Anxious Generation” became a talking point and a catchphrase. Admirers ranged from Oprah Winfrey to Arkansas Gov. Sarah Huckabee, who in a letter to state legislators advocated such “commonsense recommendations” from the book as banning phones in schools and keeping kids off social media until age 16. Bob Woodward books have been an election tradition for decades. “War,” the latest of his highly sourced Washington insider accounts, made news with its allegations that Donald Trump had been in frequent contact with Russian leader Vladimir Putin even while out of office and, while president, had sent Putin sophisticated COVID-19 test machines. Among Woodward’s other scoops: Putin seriously considered using nuclear weapons against Ukraine, and President Joe Biden blamed former President Barack Obama, under whom he served as vice president, for some of the problems with Russia. “Barack never took Putin seriously,” Woodward quoted Biden as saying. Former (and future) first lady Melania Trump, who gives few interviews and rarely discusses her private life, unexpectedly announced she was publishing a memoir: “Melania.” The publisher was unlikely for a former first lady — not one of the major New York houses, but Skyhorse, where authors include such controversial public figures as Woody Allen and Trump cabinet nominee Robert F. Kennedy Jr. And its success was at least a minor surprise. Melania Trump did little publicity for the book, and offered few revelations beyond posting a video expressing support for abortion rights — a break from one of the cornerstones of GOP policy. But “Melania” still sold hundreds of thousands of copies, many in the days following her husband’s election. Taylor Swift was more than a music story in 2024. Like “Melania,” the news about Taylor Swift’s self-published tie-in to her global tour isn’t so much the book itself, but that it exists. And how well it sold. As she did with the “Eras” concert film, Swift bypassed the established industry and worked directly with a distributor: Target offered “The Eras Tour Book” exclusively. According to Circana, the “Eras” book sold more than 800,000 copies just in its opening week, an astonishing number for a publication unavailable through Amazon.com and other traditional retailers. No new book in 2024 had a better debut. Midnight book parties are supposed to be for “Harry Potter” and other fantasy series, but this fall, more than 100 stores stayed open late to welcome one of the year’s literary events: Sally Rooney’s “Intermezzo.” The Irish author’s fourth novel centers on two brothers, their grief over the death of their father, their very different career paths and their very unsettled love lives. “Intermezzo” was also a book about chess: “You have to read a lot of opening theory — that’s the beginning of a game, the first moves,” one of the brothers explains. “And you’re learning all this for what? Just to get an okay position in the middle game and try to play some decent chess. Which most of the time I can’t do anyway.” Lisa Marie Presley had been working on a memoir at the time of her death , in 2023, and daughter Riley Keough had agreed to help her complete it. “From Here to the Great Unknown” is Lisa Marie’s account of her father, Elvis Presley, and the sagas of of her adult life, notably her marriage to Michael Jackson and the death of son Benjamin Keough. To the end, she was haunted by the loss of Elvis, just 42 when he collapsed and died at his Graceland home while young Lisa Marie was asleep. “She would listen to his music alone, if she was drunk, and cry,” Keough, during an interview with Winfrey, said of her mother. Meanwhile, Cher released the first of two planned memoirs titled “Cher” — no further introduction required. Covering her life from birth to the end of the 1970s, she focuses on her ill-fated marriage to Sonny Bono, remembering him as a gifted entertainer and businessman who helped her believe in herself while turning out to be unfaithful, erratic, controlling and so greedy that he kept all the couple’s earnings for himself. Unsure of whether to leave or stay, she consulted a very famous divorcee, Lucille Ball, who reportedly encouraged her: “F— him, you’re the one with the talent.” A trend in recent years is to take famous novels from the past, and remove words or passages that might offend modern readers; an edition of “The Adventures of Huckleberry Finn” cuts the racist language from Mark Twain’s original text. In the most celebrated literary work of 2024, Percival Everett found a different way to take on Twain’s classic — write it from the perspective of the enslaved Jim. “James,” winner of the National Book Award, is a recasting in many ways. Everett suggests to us that the real Jim was nothing like the deferential figure known to millions of readers, but a savvy and learned man who concealed his intelligence from the whites around him, and even from Twain himself. Salman Rushdie’s first National Book Award nomination was for a memoir he wished he had no reason to write. In “Knife,” he recounts in full detail the horrifying attempt on his life in 2022, when an attendee rushed the stage during a literary event in western New York and stabbed him repeatedly, leaving with him a blinded eye and lasting nerve damage, but with a spirit surprisingly intact. “If you had told me that this was going to happen and how would I deal with it, I would not have been very optimistic about my chances,” he told The Associated Press last spring. “I’m still myself, you know, and I don’t feel other than myself. But there’s a little iron in the soul, I think.”NFL world reacts with excitement, surprise, questions after Bill Belichick is hired to coach UNC
Brock Purdy will miss Sunday's game for the 49ers with a shoulder injury
ATLANTA , Dec. 12, 2024 /PRNewswire/ -- Cousins Properties Incorporated (the "Company" or "Cousins") (NYSE:CUZ) announced today that its operating partnership, Cousins Properties LP (the "Operating Partnership"), has priced an offering of $400 million aggregate principal amount of 5.375% senior unsecured notes due 2032 at 99.463% of the principal amount. The offering is expected to close on December 17, 2024 , subject to the satisfaction of customary closing conditions. Cousins intends to use the net proceeds from the offering to fund a portion of the purchase price of 601 West 2nd Street, also known as Sail Tower, an 804,000 square foot trophy lifestyle office property in Austin (the "Sail Tower Acquisition"), and the remainder to repay borrowings under its credit facility and for general corporate purposes. In the event the Sail Tower Acquisition is not completed, Cousins will use the net proceeds from the offering for general corporate purposes, including the acquisition and development of office properties, other opportunistic investments and the repayment of debt. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company. J.P. Morgan, Truist Securities, US Bancorp, BofA Securities, Morgan Stanley, PNC Capital Markets LLC, TD Securities and Wells Fargo Securities are acting as joint book-running managers. A shelf registration statement relating to these securities is effective with the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York , 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533; Truist Securities, Inc., Attention: Prospectus Department, 303 Peachtree Street, Atlanta, GA 30308, telephone: 800-685-4786, or e-mail: TruistSecurities.prospectus@Truist.com ; or U.S. Bancorp Investments, Inc., Attention: High Grade Syndicate, 214 North Tryon Street, 26th Floor, Charlotte, NC 28202, or by telephone at: (877) 558-2607. Electronic copies of these documents are also available from the Securities and Exchange Commission's website at www.sec.gov . This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes, nor shall it constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale is unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Cousins Properties Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust ("REIT"). The Company, based in Atlanta, GA and acting through the Operating Partnership, primarily invests in Class A office buildings located in high growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. Forward-Looking Statements Certain matters contained in this press release are "forward-looking statements" within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company's Quarterly Reports on Form 10-Q for the quarters ended June 30, 2024 and September 30, 2024 . These forward-looking statements include information about the Company's possible or assumed future results of the business and the Company's financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future acquisitions of investments in real estate debt; future development and redevelopment opportunities; future issuances and repurchases of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; future occupancy or volume and velocity of leasing activity; entry into new markets, changes in existing market concentrations, or exits from existing markets; future changes in interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders. Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital and our ability to obtain and maintain financing arrangements on terms favorable to us or at all; the ability to refinance or repay indebtedness as it matures; any changes to our credit rating; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, developments, investments, or dispositions; the effect of common stock or operating partnership unit issuances, including those undertaken on a forward basis, which may negatively affect the market price of our common stock; the availability of buyers and pricing with respect to the disposition of assets; changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Atlanta , Austin , Tampa , Charlotte , Phoenix , Dallas , and Nashville , including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism, which may result in a disruption of day-to-day building operations; changes to our strategy in regard to our real estate assets may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly-developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates; changes in the preferences of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition or liquidity of one or more of our tenants or borrowers under our real estate debt investments; volatility in interest rates (including the impact upon the effectiveness of forward interest rate contract arrangements) and insurance rates; inflation; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); supply chain disruptions, labor shortages, and increased construction costs; risks associated with security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems, which support our operations and our buildings; changes in senior management, changes in the Company's board of directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements, including the Americans with Disabilities Act and similar laws or the impact of any investigation regarding the same; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under debt instruments and credit agreements; any failure to continue to qualify for taxation as a real estate investment trust or meet regulatory requirements; potential changes to state, local, or federal regulations applicable to our business; material changes in dividend rates on common shares or other securities or the ability to pay those dividends; potential changes to the tax laws impacting real estate investment trusts and real estate in general; risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate changes and investor and public perception of our efforts to respond to the same; the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results; risks associated with possible federal, state, local, or property tax audits; and those additional risks and environmental or other factors discussed in reports filed with the Securities and Exchange Commission by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and the Company does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contacts Roni Imbeaux Vice President, Finance and Investor Relations 404-407-1104 rimbeaux@cousins.com View original content: https://www.prnewswire.com/news-releases/cousins-properties-announces-pricing-of-senior-notes-offering-302330787.html SOURCE Cousins Properties
While it is natural to feel conflicted upon viewing these images, it is essential to remember that they do not negate the atrocities committed under Assad's rule. The suffering of the Syrian people, the countless lives lost, and the widespread destruction cannot be erased by a few pictures of family bliss.
In a candid interview with a local sports publication, Pere Guardiola shared an amusing anecdote about his relationship with his older brother, Pep. He revealed that they often exchange banter and jokes about each other's careers, with Pep being the successful Premier League manager at Manchester City and Pere overseeing the business side of football as a sports agent. Despite their differing professional paths, the brothers maintain a strong bond and mutual respect for each other's accomplishments.
Ex-Colorado footballer Bloom dedicates time to fulfilling wishes for older adultsDespite the tough battle on the pitch, Reed expressed satisfaction with Fulham's overall performance and the character shown by the team. "It was a real test of our resilience and mental strength, and I'm proud of how we all stepped up to the challenge. We can take a lot of positives from this result and build on it for the upcoming games," Reed said.
Trump asks to dismiss Georgia election interference case over presidential immunity