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Ross County manager Don Cowie says Connor Randall’s absence for their match against Celtic this weekend is an opportunity for someone else to step up. The 29-year-old midfielder was booked in the Staggies’ 2-1 win over Motherwell last Saturday , meaning he passed the threshold that triggered a suspension for accumulation of yellow cards. He will now miss the trip to defending Premiership champions Celtic, leaving a hole in the middle of the park for County. As far as Cowie is concerned, though, he still has plenty of options at his disposal, so he is keen to see who can step up and stake their claim for more minutes in Randall’s absence. “I couldn’t believe that Connor got booked on Saturday,” Cowie explained. “ If anything he got fouled, but he got booked, and that means now we don’t have him. “It was maybe in the back of his mind, but he definitely didn’t hold back last Saturday. “Maybe he was in the thick of things and managed to put it to one side, because between him, Josh Nisbet and Noah Chilvers they gave us that platform to go and win the game in the second half last Saturday. They complemented each other really well. “Maybe Connor will have a bit more freedom when he comes back, but I have only seen someone giving his everything for the club. “There was always the potential that he was going to miss a game in the next few weeks if he got booked, and it’s this one. “We have plenty of options, so it’s up to the players this week to put themselves forward and suggest they want to play. “Between Victor Loturi, Charlie Telfer, Scott Allardice and Aiden Denholm – who all didn’t start last weekend – we have players I have a lot of belief in. It’s up to them now to potentially play this Saturday.” Even as club captain, Randall has not played every minute when available for Ross County this season, which speaks to the depth Cowie alluded to. Although this weekend he will be forced into changes, the Staggies boss often does tinker with his starting 11 to freshen up the side, or deal with specific threats in the opposition line-up. As a result, he does not have a first choice team in mind as he is so reliant on the depth of his squad. “I don’t see it as a starting 11,” Cowie added. “I see it as a really good squad that we’ve good, and I don’t think there’s much between the players in that squad. “That’s my honest opinion, and that’s maybe why I change a few players in each game. “I look at the opposition we’re playing and try to nullify their threats while hurting them in a positive manner, so I genuinely don’t see it as a starting team. “There probably isn’t such a thing as a starting 11 nowadays. “With the five subs, you always have that option to change within the game as well, so it’s about giving yourself the best base to work from at the start of the game. That’s what we try to do.”BIRMINGHAM, Ala. (AP) — Riley Allenspach and Trey Fort scored 15 apiece in Samford's 72-47 victory over Austin Peay on Sunday. Allenspach shot 6 of 12 from the field and 3 for 4 from the line for the Bulldogs (9-2). Fort went 5 of 9 from the field (5 for 8 from 3-point range). The Governors (4-5) were led by Darius Dawson with 18 points. Akili Evans added 10 points and three steals. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
REFORM, Ala. (AP) — A federal judge ruled that the family of former NFL player Glenn Foster Jr., who died in law enforcement custody in Alabama, can pursue a lawsuit alleging his death was the result of excessive force. Foster, a former New Orleans Saints defensive end, died on Dec. 6, 2021, three days after being arrested and taken to jail in rural Pickens County for alleged speeding and attempting to elude police. A judge ordered Foster taken to a medical facility in Tuscaloosa for a mental evaluation. Foster was found unresponsive in the back of a law enforcement vehicle when he arrived at the facility. He was pronounced dead about 30 minutes later. His widow, Pamela Foster, filed a lawsuit against officers at the Pickens County Sheriff’s Office and jail saying Foster had been beaten, shocked with a Taser and strangled while at the jail. The defendants then asked a federal judge to dismiss the case. U.S. District Judge Annemarie Carney Axon ruled Thursday refused to dismiss allegations of excessive force and failure to intervene. Axon dismissed other portions of the lawsuit. The ruling came a day before the third anniversary of Foster’s death. Foster appeared in 17 games for the Saints in 2013 and 2014.
It’s been a big year for Ryan Seacrest , whose 2024 career highlights have included his 22nd season as the host of American Idol (which will return on the 2025 TV schedule ) and taking over for Pat Sajak — one of the best game show hosts of all time — on Wheel of Fortune . The celebrations aren’t over yet, though, and come December 31, he’ll reach one more big milestone — two decades of hosting Dick Clark’s New Year’s Rockin’ Eve . Seacrest marked the upcoming occasion with a social media montage, and good gravy, has it really been 20 years? Dick Clark was a huge figure in pop culture as a radio personality, game show host and, of course, American Bandstand . New Year’s Rockin’ Eve is a big part of his legacy, too, allowing people to watch the ball drop in New York City’s Times Square since he first produced the music special in 1972. Everything changed in 2004, when Clark suffered a stroke and was no longer able to host on his own. Ryan Seacrest has been there ever since, as you can see in the Instagram video below: A post shared by Ryan Seacrest (@ryanseacrest) A photo posted by on While it is kind of hard to remember a time when Ryan Seacrest didn’t hold every single hosting job available (that’s only a slight exaggeration), it’s also pretty unbelievable that for two whole decades the American Idol host has been leading us in “Auld Lang Syne.” I’m afraid when I wake up tomorrow, Pat Sajak will have been off of Wheel of Fortune for six years rather than six months. Speaking of the passage of time not making any sense whatsoever, did someone forget to start the clock on Ryan Seacrest’s aging process? I know Paul Rudd is the quintessential example of never aging , but how many people could you show a montage of like the one above — with a photo from each of the last 20 years — and have them look astoundingly the same? It wouldn’t work for me, that’s for sure. The nerve of this guy to have all these jobs and still find time to drink from the fountain of youth! I say this all in jest, of course, because you have to respect how much work Ryan Seacrest has put in to get such esteemed positions in the entertainment industry, and it would be hard to deny that he’s one of the best at what he does. That fact has never been more apparent than earlier this year when he was able to win over Wheel of Fortune audiences pretty handily when he started hosting one of America’s favorite game shows . One thing for viewers to be on the lookout for this year when they gather to watch the end-of-year celebrations is if and how Ryan Seacrest’s mini-New Year's feud with Andy Cohen will continue. This fall, the two hosts agreed to end their rivalry , but you never know when the excitement of the holiday might get the better of them. If you want to see Ryan Seacrest’s 20th year as the host of Dick Clark’s New Year’s Rockin’ Eve , tune in starting at 8 p.m. ET Tuesday, December 31, on ABC. CINEMABLEND NEWSLETTER Your Daily Blend of Entertainment News
Vistagen Therapeutics ( NASDAQ:VTGN – Get Free Report ) and Minerva Neurosciences ( NASDAQ:NERV – Get Free Report ) are both small-cap medical companies, but which is the better stock? We will compare the two companies based on the strength of their institutional ownership, risk, analyst recommendations, valuation, profitability, earnings and dividends. Analyst Ratings This is a breakdown of current ratings for Vistagen Therapeutics and Minerva Neurosciences, as reported by MarketBeat.com. Vistagen Therapeutics currently has a consensus price target of $15.00, indicating a potential upside of 481.40%. Minerva Neurosciences has a consensus price target of $5.00, indicating a potential upside of 123.21%. Given Vistagen Therapeutics’ stronger consensus rating and higher probable upside, equities analysts clearly believe Vistagen Therapeutics is more favorable than Minerva Neurosciences. Institutional & Insider Ownership Risk & Volatility Vistagen Therapeutics has a beta of 0.78, meaning that its stock price is 22% less volatile than the S&P 500. Comparatively, Minerva Neurosciences has a beta of 0.18, meaning that its stock price is 82% less volatile than the S&P 500. Earnings & Valuation This table compares Vistagen Therapeutics and Minerva Neurosciences”s top-line revenue, earnings per share and valuation. Vistagen Therapeutics has higher revenue and earnings than Minerva Neurosciences. Minerva Neurosciences is trading at a lower price-to-earnings ratio than Vistagen Therapeutics, indicating that it is currently the more affordable of the two stocks. Profitability This table compares Vistagen Therapeutics and Minerva Neurosciences’ net margins, return on equity and return on assets. Summary Vistagen Therapeutics beats Minerva Neurosciences on 9 of the 14 factors compared between the two stocks. About Vistagen Therapeutics ( Get Free Report ) Vistagen Therapeutics, Inc., a late clinical-stage biopharmaceutical company, primarily focus to transform the treatment landscape for individuals living with anxiety, depression, and other central nervous system (CNS) disorders. The company's pipeline includes six clinical stage product candidates, including five investigational agents belonging to drugs known as pherines. Its product pipeline comprises PH94B, a fasedienol nasal spray, which is in Phase III development for the treatment of social anxiety disorder; and PH10, a Ituvone nasal spray which is in Phase II development for the treatment of major depressive disorder. In addition, the company is also developing PH15, an early-stage investigational synthetic neuroactive steroid for the treatment of cognition improvement; PH80, an odorless and tasteless synthetic investigational pherine for the treatment of menopausal hot flashes and migraine; PH284, an early-stage investigational synthetic neuroactive steroid for the treatment of wasting syndrome Cachexia; and AV-101, an oral nmdr glycine site antagonist for depression and neurological disorders. Further, it has a license and collaboration agreement with EverInsight Therapeutics Inc. to develop and commercialize to address ophthalmologic and CNS disorders. The company was founded in 1998 and is headquartered in South San Francisco, California. About Minerva Neurosciences ( Get Free Report ) Minerva Neurosciences, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of product candidates for the treatment of central nervous system diseases. Its lead product candidate is roluperidone (MIN-101) for the treatment of negative symptoms in patients with schizophrenia, currently submitted an New Drug Application (NDA); and MIN-301, a soluble recombinant form of the neuregulin-1b1 protein for the treatment of Parkinson's disease and other neurodegenerative disorders. The company has a license agreement with Mitsubishi Tanabe Pharma Corporation to develop, sell, and import roluperidone globally excluding Asia. Minerva Neurosciences, Inc. was incorporated in 2007 and is based in Burlington, Massachusetts. Receive News & Ratings for Vistagen Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vistagen Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter .
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COLUMBUS, Ohio (AP) — Will Howard passed for two touchdowns and rushed for another, TreVeyon Henderson ran for a score and No. 2 Ohio State beat previously undefeated No. 5 Indiana 38-15 on Saturday. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Riley Allenspach, Trey Fort lead Samford past Austin Peay 72-47AP Business SummaryBrief at 1:35 p.m. ESTNEW DELHI, India (AP) — A 13-year-old cricketer from India’s northern state of Bihar could become the sport's latest Twenty20 batting sensation. The Rajasthan Royals think so highly of Vaibhav Suryavanshi that they paid $130,000 in the Indian Premier League's mega auction for his services, making him the youngest ever to be selected. Suryavanshi came to the limelight last month when he scored a century against Australia's under-19 team off just 58 balls before he got out for 104. At the age of 13 years and 187 days, Suryavanshi broke the record of Bangladesh’s present test captain Najmul Hossain Shanto, who at the age of 14 years and 241 days held the previous record of scoring a century at youth level. The Delhi Capitals also showed interest when the bid for Suryavanshi started at his base price of $35,500. “He’s been to our high performance center in Nagpur, he had trials there and really impressed our coaching set-up there,” Rajasthan CEO Jake Lush McCrum said after the auction ended Monday. “He’s an incredible talent and of course you've got to have the confidence so he can step up to the IPL level.” McCrum described Suryavanshi as a “hell of a talent” and hoped lots of work will go into the coming months before the IPL begins on March 14 with former Indian captain Rahul Dravid among the coaching panel of the franchise. Suryavanshi idolizes legendary West Indian batter Brian Lara and often gets tips from former India batter Wasim Jaffer, with whom he met during an under-19 tournament in Bangladesh last year. Suryavanshi's father, Sanjiv, is his coach and has worked with him since his son showed interest in the game at an early age. “He is not just my son now, but entire Bihar’s son," the elder Suryavanshi told Press Trust of India. "My son has worked hard.” The IPL does not have a formal minimum age requirement, but in 2020 the International Cricket Council set the minimum age of 15 for players to compete internationally. However, the game’s governing body also said at that time that cricket boards can request permission to allow players under 15 to represent their country. Prayas Ray Barman held the previous record of youngest player to win an IPL contract. He was 16 in 2019 when the Royal Challengers Bengaluru spent about $200,000 for him. But the wrist spinner faded away after playing just one match. Pakistani batter Hasan Raza holds the record of youngest cricketer to make his test debut — the five-day cricket format — at the age of 14 years and 227 days in 1996. ___ AP cricket: https://apnews.com/hub/cricket The Associated Press
ROME (AP) — Robert Lewandowski joined Cristiano Ronaldo and Lionel Messi as the only players in Champions League history with 100 or more goals. But Erling Haaland is on a faster pace than anyone by boosting his total to 46 goals at age 24 on Tuesday. Still, Haaland's brace wasn't enough for Manchester City in a 3-3 draw with Feyenoord that extended the Premier League champion's winless streak to six matches. Lewandowski’s early penalty kick started Barcelona off to a 3-0 win over previously unbeaten Brest to move into second place in the new single-league format. The Poland striker added goal No. 101 in second-half stoppage time. Ronaldo leads the all-time scoring list with 140 goals and Messi is next with 129. But neither Ronaldo nor Messi play in the Champions League anymore following moves to Saudi Arabia and the United States, respectively. The 36-year-old Lewandowski required 125 matches to reach the century mark, two more than Messi (123) and 12 fewer than Ronaldo (137). Barcelona also got a second-half score from Dani Olmo. The top eight finishers in the standings advance directly to the round of 16 in March. Teams ranked ninth to 24th go into a knockout playoffs round in February, while the bottom 12 teams are eliminated. Haaland converted a first-half penalty to eclipse Messi as the youngest player to reach 45 goals then scored City's third after the break to raise his total to 46 goals in 44 games. Ilkay Gundogan had City's second. But then Feyenoord struck back with goals from Anis Hadj Moussa, Santiago Gimenez and David Hancko. Inter Milan beat Leipzig 1-0 with an own goal to move atop the standings with 13 points, one more than Barcelona and Liverpool, which faces Real Madrid on Wednesday. The Serie A champion is the only club that hasn't conceded a goal. Bayern Munich beat Paris Saint-Germain 1-0 — the same score from the 2020 final between the two teams. PSG ended with 10 men and remained in the elimination zone. The French powerhouse has struggled in Europe after Kylian Mbappe’s move to Real Madrid. Kim Min-jae’s first-half header was enough for Bayern, especially after Ousmane Dembelé was sent off in the 56th with his second yellow. Atalanta moved within two points of the lead with a 6-1 win at Young Boys. Charles De Ketelaere scored two and assisted on three other goals for Atalanta. Also, Arsenal kept red-hot striker Viktor Gyokeres quiet in a 5-1 win over Sporting Lisbon; and Germany star Florian Wirtz scored two goals and was involved in two more as Bayer Leverkusen boosted its chances of finishing in the top eight with a 5-0 rout of Salzburg. AC Milan followed up its win at Real Madrid with a 3-2 victory at last-place Slovan Bratislava in an early match. Christian Pulisic put the seven-time champion ahead midway through the first half by finishing off a counterattack. Then Rafael Leao restored the Rossoneri’s advantage after Tigran Barseghyan had equalized for Bratislava and Tammy Abraham quickly added another. Nino Marcelli scored with a long-range strike in the 88th for Bratislava, which ended with 10 men. Bratislava has lost all five of its matches. Argentina World Cup winner Julian Alvarez scored twice and Atletico Madrid routed Sparta Prague 6-0 in the other early game. Alvarez scored with a free kick 15 minutes in and Marcos Llorente added a long-range strike before the break. Alvarez finished off a counterattack early in the second half after being set up by substitute Antoine Griezmann, who then marked his 100th Champions League game by getting on the scoresheet himself. Angel Correa added a late brace for Atletico, which earned its biggest away win in Europe. Atletico beat Paris Saint-Germain in the previous round and extended its winning streak across all competitions to six matches. AP soccer: https://apnews.com/hub/soccer
OneDigital Investment Advisors LLC Sells 275 Shares of Kinsale Capital Group, Inc. (NYSE:KNSL)
With the state election commission on Sunday announcing the municipal corporation elections date, December 21, the focus has now shifted to candidate selection. The screening committees of political parties, however, are yet to finalise candidates for various wards despite several aspirants having turned in their applications. The Congress, the Shiromani Akali Dal (SAD) and the Bharatiya Janata Party (BJP), meanwhile, have trained guns at the Aam Aadmi Party-led (AAP) state government for announcing the civic body polls, which will be held on December 21 polls, on short notice. Aspiring candidates meanwhile made a beeline to their respective party office and constituency MLA offices to secure their name in the candidate list. AAP candidates have already installed hoardings in the same ward to make their presence felt. The announcement of elections also prompted parties to begin conducting meetings with their party leaders. SAD’s Ludhiana unit held a special meeting to strategize for the upcoming elections with senior leaders and constituency in-charges of the party. Addressing the media, senior leader Mahesh Inder Singh Grewal announced the formation of a five-member legal committee to assist candidates during the election process. The committee includes senior advocate Harish Rai Dhanda, Parupkar Singh Ghuman, Parminder Singh Laddi, Harkamal Singh Meghowal and advocate Gaganpreet Singh. “The committee will provide candidates with legal guidance and assistance, including filing nomination papers,” Grewal said, adding that the names of candidates would be announced soon and emphasised that the party would contest the elections with full strength and determination. The leader, however, was quick to caution against any “high-handedness” by the ruling party, saying, “It will not be tolerated during these elections.” BJP district president Rajneesh Dhiman also criticised the AAP government for announcing municipal elections on short notice, calling it a sign of panic and lack of foresight. Speaking to reporters after the election announcement, Dhiman said the AAP government’s approach reflects a narrow mindset. He pointed out that just days before the announcement, AAP MLAs rushed to inaugurate various development projects in the city, which, according to him, was another attempt to mislead the public. He questioned the government’s preparedness to provide no objection certificates (NOCs) to candidates, a mandatory requirement to contest municipal elections, saying, “Without NOCs, participating in the elections is nearly impossible. Has the government made any arrangements for this?” The BJP leader further alleged that the government lacks funds for genuine development work, yet its MLAs are inaugurating projects without clarity on where the money will come from. “The AAP government is trying to deceive voters in the name of development projects to win the municipal elections, just like they made false promises during the assembly polls,” he said.
DETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC. That means even more consumers “would potentially get priced out,” Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit auto stocks on Tuesday, particularly shares of GM, which imports about 30% of the vehicles it sells in the U.S. from Canada and Mexico, and Stellantis, which imports about 40% from the two countries. For both, about 55% of their lucrative pickup trucks come from Mexico and Canada. GM stock lost almost 9% of its value, while Stellantis dropped nearly 6%. It's not clear how long the tariffs would last if implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. However, Morningstar analyst David Whiston said automakers probably won't make any immediate moves because they can't quickly change where they build vehicles. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, it said. “Tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry,” it added. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices. Tariffs could trigger supply chain disruptions as people buy goods before they are imposed and companies seek alternate sources of parts, said Rob Handfield, a professor of supply chain management at North Carolina State University. Some businesses might not be able to pass on the costs. “It could actually shut down a lot of industries in the United States. It could actually put a lot of U.S. businesses out of business,” he said. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about working together. "This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico, and seizures have increased. Trump has sound legal justification to impose tariffs, even though they conflict with a 2020 trade deal brokered in large part by Trump with Canada and Mexico, said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former Clinton administration trade official. The treaty, known as the USMCA, is up for review in 2026. In China’s case, he could simply declare Beijing hasn't met obligations under an agreement he negotiated in his first term. For Canada and Mexico, he could say the influx of migrants and drugs are a national security threat, and turn to a section of trade law he used in his first term to slap tariffs on steel and aluminum. The law he would most likely use for Canada and Mexico has a legal process that often takes up to nine months, giving Trump time to seek a deal. If talks failed and the duties were imposed, all three countries would likely retaliate with tariffs on U.S. exports, said Reinsch, who believes Trump's tariffs threat is a negotiating ploy. U.S. companies would lobby intensively against tariffs, and would seek to have products exempted. Some of the biggest exporters from Mexico are U.S. firms that make parts there, Reinsch said. Longer term, Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said the threat of tariffs could make the U.S. an “unstable partner” in international trade. “It is an incentive to move activity outside the United States to avoid all this uncertainty,” she said. Trump transition team officials did not immediately respond to questions about what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexican President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own. Sheinbaum said she was willing to talk about the issues, but said drugs were a U.S. problem. ___ Rugaber reported from Washington. AP reporters Dee-Ann Durbin in Detroit, Stan Choe and Anne D'Innocenzio in New York, and Rob Gillies in Toronto contributed to this report.
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PHILADELPHIA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands, today announced record third quarter net income of $102.9 million and earnings per diluted share of $1.10 for the three months ended October 31, 2024. For the nine months ended October 31, 2024, net income was $282.2 million and earnings per diluted share were $2.99. Total Company net sales for the three months ended October 31, 2024, increased 6.3% to a record $1.36 billion. Total Retail segment net sales increased 3.2%, with comparable Retail segment net sales increasing 1.5%. The increase in Retail segment comparable net sales was driven by low single-digit positive growth in both digital channel sales and retail store sales. Comparable Retail segment net sales increased 5.8% at Anthropologie and 5.3% at Free People and decreased 8.9% at Urban Outfitters. Nuuly segment net sales increased by 48.4% primarily driven by a 51% increase in average active subscribers in the current quarter versus the prior year quarter. Wholesale segment net sales increased 17.4% driven by a 20.3% increase in Free People wholesale sales due to an increase in sales to specialty customers and department stores, partially offset by a decrease in Urban Outfitters wholesale sales. For the nine months ended October 31, 2024, total Company net sales increased 6.7% to a record $3.91 billion. Total Retail segment net sales increased 4.0%, with comparable Retail segment net sales increasing 2.6%. The increase in Retail segment comparable net sales was driven by mid single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. Comparable Retail segment net sales increased 9.3% at Free People and 7.5% at Anthropologie and decreased 10.6% at Urban Outfitters. Nuuly segment net sales increased by 53.9% primarily driven by a 50% increase in average active subscribers in the current period versus the prior year period. Wholesale segment net sales increased 12.3% driven by a 15.1% increase in Free People wholesale sales due to an increase in sales to specialty customers and department stores, partially offset by a decrease in Urban Outfitters wholesale sales. “We are pleased to announce record third quarter sales and earnings, both of which exceeded our expectations. These results were driven by outperformance across all three business segments – Retail, Subscription and Wholesale,” said Richard A. Hayne, Chief Executive Officer. “Additionally, we're optimistic about the outlook for Holiday demand and believe total comparable sales could be similar to our third quarter results,” finished Mr. Hayne. Net sales by brand and segment for the three and nine-month periods were as follows: (1) Anthropologie includes the Anthropologie and Terrain brands. (2) Free People includes the Free People and FP Movement brands. For the three months ended October 31, 2024, the gross profit rate increased by 105 basis points compared to the three months ended October 31, 2023. Gross profit dollars increased 9.4% to $497.3 million from $454.4 million in the three months ended October 31, 2023. The increase in gross profit rate for the three months ended October 31, 2024 was primarily due to higher initial merchandise markups for all segments primarily driven by Company cross-functional initiatives. Additionally, Retail segment merchandise markdowns improved driven by lower merchandise markdowns at Urban Outfitters, which were partially offset by an increase at Free People. For the nine months ended October 31, 2024, the gross profit rate increased by 80 basis points compared to the nine months ended October 31, 2023. Gross profit dollars increased 9.2% to $1.40 billion from $1.28 billion in the nine months ended October 31, 2023. The increase in gross profit rate for the nine months ended October 31, 2024 was primarily due to higher initial merchandise markups for all segments primarily driven by Company cross-functional initiatives. The increase in gross profit dollars for both periods was due to higher net sales and the improved gross profit rate. As of October 31, 2024, total inventory increased by $72.3 million, or 10.0%, compared to total inventory as of October 31, 2023. Total Retail segment inventory increased 8.1% due to a Retail segment comparable inventory increase of 3.7% and planned early receipts of holiday merchandise. Wholesale segment inventory increased by 41.6% due to the timing of receipts and to support increased sales. For the three months ended October 31, 2024, selling, general and administrative expenses increased by $23.2 million, or 6.7%, compared to the three months ended October 31, 2023, and expressed as a percentage of net sales, deleveraged 11 basis points. For the nine months ended October 31, 2024, selling, general and administrative expenses increased by $81.8 million, or 8.4%, compared to the nine months ended October 31, 2023, and expressed as a percentage of net sales, deleveraged 42 basis points. The deleverage in selling, general and administrative expenses as a rate to net sales for both periods was primarily related to increased marketing expenses to support customer growth and increased sales in the Retail and Nuuly segments. The dollar growth in selling, general and administrative expenses for both periods was primarily related to increased marketing expenses to support customer growth and increased sales in the Retail and Nuuly segments, as well as increased store payroll expenses to support the Retail segment stores comparable net sales growth. The Company’s effective tax rate for the three months ended October 31, 2024 was 24.2%, compared to 24.3% in the three months ended October 31, 2023. The Company's effective tax rate for the nine months ended October 31, 2024 was 23.6%, compared to 24.5% in the nine months ended October 31, 2023. The decrease in the effective tax rate for the three and nine months ended October 31, 2024 was primarily due to the favorable impact of equity vestings in the current year. Net income for the three months ended October 31, 2024 was a record $102.9 million or $1.10 per diluted share. Net income for the nine months ended October 31, 2024 was $282.2 million or $2.99 per diluted share. On June 4, 2019, the Company’s Board of Directors authorized the repurchase of 20 million common shares under a share repurchase program. During the nine months ended October 31, 2024, the Company repurchased and subsequently retired 1.2 million shares for approximately $52 million. As of October 31, 2024, 18.0 million common shares were remaining under the program. During the nine months ended October 31, 2024, the Company opened a total of 36 new retail locations including: 20 Free People stores (including 12 FP Movement stores), 9 Anthropologie stores and 7 Urban Outfitters stores; and closed 11 retail locations including: 5 Urban Outfitters stores, 4 Anthropologie stores and 2 Free People stores. Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of 264 Urban Outfitters stores in the United States, Canada and Europe and websites; 242 Anthropologie stores in the United States, Canada and Europe, catalogs and websites; 216 Free People stores (including 50 FP Movement stores) in the United States, Canada and Europe, catalogs and websites, 9 Menus & Venues restaurants, 7 Urban Outfitters franchisee-owned stores and 2 Anthropologie franchisee-owned stores as of October 31, 2024. Free People, FP Movement and Urban Outfitters wholesale sell their products through department and specialty stores worldwide, digital businesses and the Company’s Retail segment. Nuuly is a women's apparel subscription rental service which offers a wide selection of rental product from the Company's own brands, third-party brands and one-of-a-kind vintage pieces. A conference call will be held today to discuss third quarter results and will be webcast at 5:15 pm. ET at: https://edge.media-server.com/mmc/p/9zt6ekqe/. As used in this document, unless otherwise defined, "Anthropologie" refers to the Company's Anthropologie and Terrain brands and "Free People" refers to the Company's Free People and FP Movement brands. This news release is being made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Certain matters contained in this release may contain forward-looking statements. When used in this release, the words “project,” “believe,” “plan,” “will,” “anticipate,” “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any one, or all, of the following factors could cause actual financial results to differ materially from those financial results mentioned in the forward-looking statements: overall economic and market conditions (including current levels of inflation) and worldwide political events and the resultant impact on consumer spending patterns and our pricing power, the difficulty in predicting and responding to shifts in fashion trends, changes in the level of competitive pricing and promotional activity and other industry factors, the effects of the implementation of the United Kingdom's withdrawal from membership in the European Union (commonly referred to as “Brexit”), including currency fluctuations, economic conditions and legal or regulatory changes, any effects of war, including geopolitical instability, impacts of the conflict in the Middle East and impacts of the war between Russia and Ukraine and from related sanctions imposed by the United States, European Union, United Kingdom and others, terrorism and civil unrest, natural disasters, severe or unseasonable weather conditions (including as a result of climate change) or public health crises (such as the coronavirus (COVID-19)), labor shortages and increases in labor costs, raw material costs and transportation costs, availability of suitable retail space for expansion, timing of store openings, risks associated with international expansion, seasonal fluctuations in gross sales, response to new concepts, our ability to integrate acquisitions, risks associated with digital sales, our ability to maintain and expand our digital sales channels, any material disruptions or security breaches with respect to our technology systems, the departure of one or more key senior executives, import risks (including any shortage of transportation capacities or delays at ports), changes to U.S. and foreign trade policies (including the enactment of tariffs, border adjustment taxes or increases in duties or quotas), the unexpected closing or disruption of, or any damage to, any of our distribution centers, our ability to protect our intellectual property rights, failure of our manufacturers and third-party vendors to comply with our social compliance program, risks related to environmental, social and governance activities, changes in our effective income tax rate, changes in accounting standards and subjective assumptions, regulatory changes and legal matters and other risks identified in our filings with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update forward-looking statements even if experience or future changes make it clear that actual results may differ materially from any projected results expressed or implied therein. (Tables follow)