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IN 30 YEARS John Rynne has seen a revolution in crisis responses to humanitarian catastrophes. In a career spanning three decades the Louth man has spent much of that time in Africa responding to crises in Ethiopia, Rwanda, Somalia and elsewhere. He is now the regional director managing the African-based teams of Irish aid agency Goal. We accompanied Rynne recently on a tour of a number of sites in South Sudan. What we found was an aid effort stretched to the point of full capacity as refugees cross the porous border from war torn Sudan. We sat down with him in the chaos of capital Juba to speak about his career, how new methods of responding to crises saves more lives and how, in the past, some NGOs desperate to help have caused more harm than good to the people they are trying to assist. It is not just aid work Rynne has done – he has also worked in child protection in places such as Dublin’s Darndale, Oliver Bond Flats and Ballymun communities as well as Tower Hamlets in London. But the intensity of that work led him towards the role that he performs now as one of Ireland’s most experienced humanitarians. “Frankly, I didn’t want to spend the next 30 or 40 years of my life dealing with child abuse and child neglect,” he said of his decision to move towards Aid Agency work. “I also felt that if I had an opportunity to do something like aid work it would be something that I thought I would enjoy, and would be a real opportunity for me to learn, and also a bit like doing the social work, and not to sound trite, but to give back as well.” This led him to first become an unpaid volunteer and spend two years working in Ethiopia in the 1990s. He describes that experience as being a “brilliant university”. He came back and worked in social work again but would ultimately become an employee based in Ethiopia, where he worked in a mix of urban and rural programmes. His mettle was tested most however on the Somali border at the height of that country’s civil war. “The people would have been the same position then, but our ability now to support and help is dramatically different, much more effective,” he added. Following the 1994 genocide in Rwanda he travelled to that African country where he worked with those left behind after the horrific blood letting. There was also work in Zaire and Tanzania as country director and then for 13 years he lived in Ethiopia as the country director managing day to day services. “Ethiopia, it’s a fascinating country to work in, and it’s a huge learning opportunity,” he added. There were projects in urban areas and a return to his social work style of working with street children. He also worked on rural projects which are based around long term development – lifting up communities. Rynne has also seen other changes – the food technology advances that now mean that high energy pastes for children and biscuits for adults are saving lives. “I would have worked in the 90s, very close to the border with Somalia, where we had all the traditional feeding centres, and literally, six to ten children a day died in those feeding centres. “The approach now is much more sophisticated, even though it doesn’t look it, but that’s part of the genius of it,” he added. He said the advances in feeding technology used to solve malnutrition are part of a broader effort by humanitarians to learn from past crises. Another advance is the giving of cash to people, particularly women, so that they can buy food and clothes or whatever they need once they cross the border. “I really would draw a distinction between the scale of the problem, which easily is comparable to Ethiopia in the 80s and 90s but the sophistication of the scale of the response mutes and mitigates, to a significant degree, the worst aspects, not all aspects, but the worst aspects as regards the number of people dying.” Rynne said that while the humanitarian response has changed so has the environment they respond in. He said the effects of climate change are now “vivid” and having a huge impact. He said the most obvious impact of it is in the lives of pastoral or nomadic herders in Ethiopia – Rynne said their livelihoods are centred around the animals foraging and getting water but successive droughts have meant their way of life has collapsed. More broadly he also said that there is clear evidence now that tensions that exist in general among groupings, tribes and clans in many areas across Africa are spilling over because of those effects of climate change. He believes that Africa is at a critical juncture where the borders drawn by former colonial countries a century ago are now being redrawn by the people living there. It has resulted in tensions across the continent – notably in Ethiopia, Sudan and across the Sahel and west Africa. He believes this disturbance in nationhood combined with climate affects will drive greater instability. “I do think more and more we’re seeing that the the maps drawn in colonial times are starting to erode and, and ethnic divisions are coming to the fore, and it’s very difficult to put that back in the box once it’s got out of the box,” he said. Those tensions will make life harder for humanitarians to operate but Rynne has said that they have already adapted. In times past the response was simply to deal with the emergency in front of them but now a more holistic approach, using connections with governments and communities is beginning to reap rewards. “Unfortunately, I think over the past number of years there’s been increasing awareness and acceptance that sometimes, even though you want to do the right thing, you can inadvertently cause damage to to the normal infrastructure and of society,” he said. Rynne uses the example of how aid agencies can come in to assist a large displaced population. He said within that society there may be small vendors such as someone selling buckets and blankets to those displaced people. He said the effect of a blunt intervention of aid agencies handing out goods to refugees has the impact of destroying the local economy that allows people to have agency and independence – in other words it is the inadvertent consequence of unthinking aid operations that makes the situation worse. “What we’re really trying to do is understand how we could be clever, and how we can have multiple benefits and multiple impacts and really make money and resources go as far as possible,” he added. One key response Rynne said is the provision of cash directly to displaced people to help support those locals who have businesses in areas where camps crop up. He said that doesn’t remove the need to directly feed and shelter people in “phase one” of a response to starvation but it does help when events calm down after the initial shock. “We definitely don’t profess to have all the answers, but we would work very closely with local communities to understand how their livelihoods work, how the market systems work, and what the vulnerability points are,” he said. Goal is achieving this by keeping it local with aid workers and a massive network of people from the area working closely with local governments. Rynne said they have projects supporting farmers, creating fishing communities and other initiatives that are designed to empower the local communities to build a resilience for the next crisis. Goal is using systems to map the needs of individual communities and “vulnerability points”. Goal’s main source of funding is from the Irish Government’s Irish Aid, as well as US Aid, the European Union and various UN agencies as well as private donors. While the fighting is raging in Sudan, Goal has been able to keep working because of connections its workforce has established with loca entities and officials. One example saw was how one of the workers in Renk, a local man Deng Wek Deng acts as the liaison between Goal and the local South Sudanese regime. It builds resilience Rynne said but it is a difficult task given the crises gripping South Sudan and Sudan. Rynne said that there is a lot to be proud of with the work of Goal in the region and they are making a difference but he said he is “conflicted between optimism and pessimism”. “What we’ve seen in the last couple of days is the best of people, yeah, the people who responded, who were there in the front line, who were working seven days a week, working on really remote areas, and you can’t help but admire people like that. “I think the way Goal works is we have to focus on the optimism side, and we have to work to ensure that people’s lives are better, but we also have to acknowledge the extreme cruelty and the fact that the world does seem to be a more insecure place, that there’s more civil war, there’s more more unrest – that’s not the reality,” he added.Sara Duterte's leadership by temper tantrums
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Is ‘SNL’ New This Weekend? Here’s Everything to KnowNoneCHICAGO (AP) — Sam Darnold threw for 90 of his 330 yards in overtime to set up Parker Romo's game-ending 29-yard field goal, and the Minnesota Vikings outlasted the Chicago Bears 30-27 on Sunday after giving up 11 points in the final 22 seconds of regulation. Read this article for free: Already have an account? To continue reading, please subscribe: * CHICAGO (AP) — Sam Darnold threw for 90 of his 330 yards in overtime to set up Parker Romo's game-ending 29-yard field goal, and the Minnesota Vikings outlasted the Chicago Bears 30-27 on Sunday after giving up 11 points in the final 22 seconds of regulation. Read unlimited articles for free today: Already have an account? CHICAGO (AP) — Sam Darnold threw for 90 of his 330 yards in overtime to set up Parker Romo’s game-ending 29-yard field goal, and the Minnesota Vikings outlasted the Chicago Bears 30-27 on Sunday after giving up 11 points in the final 22 seconds of regulation. Darnold threw two touchdown passes, Jordan Addison caught eight passes for a career-high 162 yards and a touchdown, and T.J. Hockenson had 114 yards receiving for the Vikings (9-2), who remained one game behind Detroit in the rugged NFC North. Caleb Williams threw for 340 yards and two touchdowns for the Bears (4-7), who lost their fifth straight. Minnesota appeared to have the game in hand, leading 27-16 with 1:56 left after Romo kicked a 26-yard field goal. But the Bears weren’t finished. Deandre Carter made up for a muffed punt that led to a touchdown in the third quarter with a 55-yard kickoff return to the 40. Williams took it from there, capping an eight-play drive with a 1-yard touchdown pass to Keenan Allen. A 2-point conversion pass to DJ Moore made it 27-24 with 22 seconds remaining. The Bears recovered the onside kick and Williams hit Moore over the middle for a 27-yard gain to the 30 before spiking the ball. Cairo Santos made a 48-yard field goal as time expired. Chicago won the coin toss, but Williams was sacked for a 12-yard loss on second down, leading to a three-and-out. The Vikings took over at the 21, and Darnold led a 10-play drive, overcoming a sack and two penalties. Darnold connected with Hockenson for a 29-yard completion that put the ball on the 9. He took a knee and then Romo nailed the winner. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. ___ AP NFL: https://apnews.com/hub/NFL Advertisement AdvertisementOperating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Net sales of $3.8 billion were up 2% compared to last year. Comparable sales were up 1% year-over-year. Due to the 53 rd week in fiscal 2023, in order to maintain consistency, comparable sales for the third quarter of fiscal 2024 are compared to the 13 weeks ended November 4, 2023 . Store sales decreased 2% compared to last year. The company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated. Online sales increased 7% compared to last year and represented 40% of total net sales. Gross margin of 42.7% increased 140 basis points versus last year's gross margin. Merchandise margin increased 90 basis points versus last year primarily driven by improved inventory management. Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 50 basis points versus last year. Operating expense was $1.3 billion . Operating income was $355 million ; operating margin of 9.3%. The effective tax rate was 24%. Net income of $274 million ; diluted earnings per share of $0.72 . Balance Sheet and Cash Flow Highlights Ended the quarter with cash, cash equivalents and short-term investments of $2.2 billion , an increase of 64% from the prior year. Year-to-date net cash from operating activities was $870 million . Year-to-date free cash flow , defined as net cash from operating activities less purchases of property and equipment, was $540 million . Ending inventory of $2.33 billion was down 2% compared to last year. Capital expenditures were $330 million . Paid a third quarter dividend of $0.15 per share, totaling $57 million. The company's Board of Directors approved a fourth quarter fiscal 2024 dividend of $0.15 per share. Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Old Navy: Third quarter net sales of $2.2 billion were up 1% compared to last year. Comparable sales were flat. The brand's continued focus on operational rigor and brand reinvigoration drove solid performance in the quarter, despite lapping tougher compares and facing weather-related headwinds. Gap: Third quarter net sales of $899 million were up 1% compared to last year. Comparable sales were up 3% representing the fourth consecutive quarter of positive comparable sales at the brand. Gap's strong product and marketing execution have helped drive continued momentum and consistent results at the brand. Banana Republic: Third quarter net sales of $469 million were up 2% compared to last year. Comparable sales were down 1%. The brand saw strength in its men's business during the quarter and remains focused on fixing the fundamentals. Athleta: Third quarter net sales of $290 million were up 4% compared to last year. Comparable sales were up 5%. As expected, the brand returned to positive comparable sales in the quarter as its new product and marketing are resonating with customers. Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com