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Max George reveals he will be spending Christmas in hospital due to heart issuesCITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--Dec 3, 2024-- Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 10 to 30, today announced its financial results for the quarter ended November 2, 2024. Lisa Harper, Chief Executive Officer of Torrid, stated, “Our third quarter results were below our expectations as our fall assortments did not offer enough newness and novelty. We also saw the environment change meaningfully from the end of September and into October. Despite the weaker top line sales, we delivered a positive full-price comp, 285 basis points of gross profit expansion, and modest Adjusted EBITDA (1) growth. We ended the quarter with clean inventory levels, down 19% to last year, and $44 million in cash.” Ms. Harper continued, “While we are encouraged by our customers’ response to the newness in our assortments, given the volatility we have seen in our business, and recognizing that there is still considerable amount of the quarter ahead of us, we are taking a prudent approach to our fourth quarter outlook. As we move into fiscal 2025, we are confident that we have put in place the necessary changes and strategies to position us for growth.” Financial Highlights for the Third Quarter of Fiscal 2024 Third Quarter of Fiscal 2024 Financial and Operating Metrics November 2, 2024 October 28, 2023 Number of stores (as of end of period) 655 643 Three Months Ended (in thousands, except percentages) November 2, 2024 October 28, 2023 Comparable sales (A) (7 )% (8 )% Net loss $ (1,194 ) $ (2,748 ) Adjusted EBITDA (B) $ 19,584 $ 19,379 (A) Comparable sales (2) for the three-month period ended November 2, 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. (B) Please refer to “Non-GAAP Reconciliation” below for a reconciliation of net loss to Adjusted EBITDA (1). Balance Sheet and Cash Flow Cash and cash equivalents at the end of the third quarter of 2024 totaled $44.0 million. Total liquidity at the end of the quarter, including available borrowing capacity under our revolving credit agreement, was $151.8 million. Cash flow from operations for the nine-month period ended November 2, 2024, was $65.4 million, compared to $33.7 million for the nine-month period ended October 28, 2023. Outlook For the fourth quarter of fiscal 2024 the Company expects: For the full year 2024, which has 52 weeks compared to 53 weeks in full year 2023, the Company expects: The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2024 as well as higher labor costs. The above outlook does not take into consideration the Consumer Financial Protection Bureau ruling which mandates, among other things, decreases in credit card late fees, and could alter the profitability of our agreements with our private label credit card financing company. See “Forward-Looking Statements” for additional information. Conference Call Details A conference call to discuss the Company’s third quarter 2024 results is scheduled for December 3, 2024, at 4:30 p.m. ET. Those who wish to participate in the call may do so by dialing (877) 407-9208 or (201) 493-6784 for international callers. The conference call will also be webcast live at https://investors.torrid.com . For those unable to participate, a replay of the conference call will be available approximately three hours after the conclusion of the call until December 10, 2024. Notes Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for additional information on non-GAAP financial measures and the accompanying table for a reconciliation to the most comparable GAAP measure. The Company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA to the most directly comparable forward-looking GAAP measure because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Comparable sales for any given period are defined as the sales of our e-Commerce operations and stores that we have included in our comparable sales base during that period. We include a store in our comparable sales base after it has been open for 15 full fiscal months. If a store is closed during a fiscal year, it is only included in the computation of comparable sales for the full fiscal months in which it was open. Comparable sales for the third quarter of fiscal year 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. Partial fiscal months are excluded from the computation of comparable sales. We apply current year foreign currency exchange rates to both current year and prior year comparable sales to remove the impact of foreign currency fluctuation and achieve a consistent basis for comparison. Comparable sales allow us to evaluate how our unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. About Torrid TORRID is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for curvy women. Specializing in sizes 10 to 30, TORRID’s primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of its customers. TORRID’s extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Revenues are generated primarily through its e-Commerce platform www.torrid.com and its stores in the United States of America, Puerto Rico and Canada. Non-GAAP Financial Measures In addition to results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management utilizes certain non-GAAP performance measures, such as Adjusted EBITDA, for purposes of evaluating ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with, GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other expense (income), plus provision for income taxes, depreciation and amortization (“EBITDA”), and share-based compensation, non-cash deductions and charges, and other expenses We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis, actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives. Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income (loss), income (loss) from operations, earnings (loss) per share or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Forward-Looking Statements Certain statements made in this earnings release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this earnings release are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those that we expected, including: • the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; • changes in consumer spending and general economic conditions; • the negative impact on interest expense as a result of steep interest rates; • inflationary pressures with respect to labor and raw materials and global supply chain constraints that could increase our expenses; • our ability to identify and respond to new and changing product trends, customer preferences and other related factors; • our dependence on a strong brand image; • increased competition from other brands and retailers; • our reliance on third parties to drive traffic to our website; • the success of the shopping centers in which our stores are located; • our ability to adapt to consumer shopping preferences and develop and maintain a relevant and reliable omni-channel experience for our customers; • our dependence upon independent third parties for the manufacture of all of our merchandise; • availability constraints and price volatility in the raw materials used to manufacture our products; • interruptions of the flow of our merchandise from international manufacturers causing disruptions in our supply chain; • our sourcing a significant amount of our products from China; • shortages of inventory, delayed shipments to our e-Commerce customers and harm to our reputation due to difficulties or shut-down of our distribution facility; • our reliance upon independent third-party transportation providers for substantially all of our product shipments; • our growth strategy; • our failure to attract and retain employees that reflect our brand image, embody our culture and possess the appropriate skill set; • damage to our reputation arising from our use of social media, email and text messages; • our reliance on third-parties for the provision of certain services, including real estate management; • our dependence upon key members of our executive management team; • our reliance on information systems; • system security risk issues that could disrupt our internal operations or information technology services; • unauthorized disclosure of sensitive or confidential information, whether through a breach of our computer system, third-party computer systems we rely on, or otherwise; • our failure to comply with federal and state laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection; • payment-related risks that could increase our operating costs or subject us to potential liability; • claims made against us resulting in litigation; • changes in laws and regulations applicable to our business; • regulatory actions or recalls arising from issues with product safety; • our inability to protect our trademarks or other intellectual property rights; • our substantial indebtedness and lease obligations; • restrictions imposed by our indebtedness on our current and future operations; • changes in tax laws or regulations or in our operations that may impact our effective tax rate; • the possibility that we may recognize impairments of long-lived assets; • our failure to maintain adequate internal control over financial reporting; and • the threat of war, terrorism or other catastrophes, including natural disasters, that could negatively impact our business. The outcome of the events described in any of our forward-looking statements are also subject to risks, uncertainties and other factors described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on April 2, 2024 and in our other filings with the SEC and public communications. You should evaluate all forward-looking statements made in this earnings release in the context of these risks and uncertainties. We caution you that the important factors referenced above may not include all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the outcomes or affect us or our operations in the way we expect. The forward-looking statements included in this earnings release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise except to the extent required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. Investors and others should note that we may announce material information to our investors using our investor relations website ( https://investors.torrid.com ), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on social media could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only. TORRID HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (In thousands, except per share data) Three Months Ended November 2, 2024 October 28, 2023 Net sales $ 263,766 $ 275,408 Cost of goods sold 168,609 183,906 Gross profit 95,157 91,502 Selling, general and administrative expenses 74,899 71,881 Marketing expenses 13,056 12,739 Income from operations 7,202 6,882 Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Loss before benefit from income taxes (1,220 ) (3,142 ) Benefit from income taxes (26 ) (394 ) Net loss $ (1,194 ) $ (2,748 ) Comprehensive loss: Net loss $ (1,194 ) $ (2,748 ) Other comprehensive loss: Foreign currency translation adjustment (86 ) (271 ) Total other comprehensive loss (86 ) (271 ) Comprehensive loss $ (1,280 ) $ (3,019 ) Net loss per share: Basic $ (0.01 ) $ (0.03 ) Diluted $ (0.01 ) $ (0.03 ) Weighted average number of shares: Basic 104,698 104,081 Diluted 104,698 104,081 TORRID HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands, except share and per share data) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 43,953 $ 11,735 Restricted cash 399 399 Inventory 138,261 142,199 Prepaid expenses and other current assets 33,343 22,229 Prepaid income taxes 6,617 2,561 Total current assets 222,573 179,123 Property and equipment, net 85,569 103,516 Operating lease right-of-use assets 149,732 162,444 Deposits and other noncurrent assets 18,027 14,783 Deferred tax assets 8,681 8,681 Intangible asset 8,400 8,400 Total assets $ 492,982 $ 476,947 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 77,478 $ 46,183 Accrued and other current liabilities 116,650 107,750 Operating lease liabilities 36,312 42,760 Borrowings under credit facility — 7,270 Current portion of term loan 16,144 16,144 Due to related parties 4,330 9,329 Income taxes payable 62 2,671 Total current liabilities 250,976 232,107 Noncurrent operating lease liabilities 145,126 155,825 Term loan 276,445 288,553 Deferred compensation 3,735 5,474 Other noncurrent liabilities 5,986 6,705 Total liabilities 682,268 688,664 Commitments and contingencies Stockholders' deficit Preferred shares: $0.01 par value; 5,000,000 shares authorized; zero shares issued and outstanding at November 2, 2024 and February 3, 2024 — — Common shares: $0.01 par value; 1,000,000,000 shares authorized; 104,732,148 shares issued and outstanding at November 2, 2024; 104,204,554 shares issued and outstanding at February 3, 2024 1,049 1,043 Additional paid-in capital 138,532 135,140 Accumulated deficit (328,281 ) (347,587 ) Accumulated other comprehensive loss (586 ) (313 ) Total stockholders' deficit (189,286 ) (211,717 ) Total liabilities and stockholders' deficit $ 492,982 $ 476,947 TORRID HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Nine Months Ended N ovember 2, 2024 Nine Months Ended October 28, 2023 OPERATING ACTIVITIES Net income $ 19,306 $ 15,689 Adjustments to reconcile net income to net cash provided by operating activities: Write down of inventory 1,519 3,767 Operating right-of-use assets amortization 30,429 30,494 Depreciation and other amortization 27,842 28,242 Share-based compensation 4,531 5,981 Other (957 ) (1,351 ) Changes in operating assets and liabilities: Inventory 2,052 4,969 Prepaid expenses and other current assets (11,114 ) (4,578 ) Prepaid income taxes (4,056 ) (2,564 ) Deposits and other noncurrent assets (3,375 ) (6,433 ) Accounts payable 31,876 2,969 Accrued and other current liabilities 10,775 (5,954 ) Operating lease liabilities (33,527 ) (31,565 ) Other noncurrent liabilities (588 ) (468 ) Deferred compensation (1,739 ) 507 Due to related parties (4,999 ) (5,975 ) Income taxes payable (2,609 ) — Net cash provided by operating activities 65,366 33,730 INVESTING ACTIVITIES Purchases of property and equipment (12,617 ) (15,228 ) Net cash used in investing activities (12,617 ) (15,228 ) FINANCING ACTIVITIES Proceeds from revolving credit facility 62,780 455,110 Principal payments on revolving credit facility (70,050 ) (458,390 ) Principal payments on term loan (13,125 ) (13,125 ) Proceeds from issuances under share-based compensation plans 704 320 Withholding tax payments related to vesting of restricted stock units and awards (675 ) (249 ) Net cash used in financing activities (20,366 ) (16,334 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (165 ) (141 ) Increase in cash, cash equivalents and restricted cash 32,218 2,027 Cash, cash equivalents and restricted cash at beginning of period 12,134 13,935 Cash, cash equivalents and restricted cash at end of period $ 44,352 $ 15,962 SUPPLEMENTAL INFORMATION Cash paid during the period for interest related to the revolving credit facility and term loan $ 27,080 $ 24,852 Cash paid during the period for income taxes $ 14,200 $ 10,976 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Property and equipment purchases included in accounts payable and accrued liabilities $ 1,450 $ 3,360 Non-GAAP Reconciliation The following table provides a reconciliation of Net loss to Adjusted EBITDA for the periods presented (dollars in thousands): Three Months Ended November 2, 2024 October 28, 2023 Net loss $ (1,194 ) $ (2,748 ) Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Benefit from income taxes (26 ) (394 ) Depreciation and amortization (A) 8,523 8,785 Share-based compensation (B) 685 1,585 Non-cash deductions and charges (C) 112 409 Other expenses (D) 3,062 1,718 Adjusted EBITDA $ 19,584 $ 19,379 (A) Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense. (B) During the three months ended November 2, 2024 and October 28, 2023, share-based compensation includes $(0.3) million and $0.1 million, respectively, for awards that will be settled in cash as they are accounted for as share-based compensation in accordance with ASC 718, Compensation—Stock Compensation , similar to awards settled in shares. (C) Non-cash deductions and charges includes non-cash losses on property and equipment disposals and the net impact of non-cash rent expense. (D) Other expenses include certain transaction and litigation fees (including certain settlement costs) and severance costs for certain key management positions. View source version on businesswire.com : https://www.businesswire.com/news/home/20241203834068/en/ CONTACT: Investors Lyn Walther IR@torrid.com Media Joele Frank, Wilkinson Brimmer Katcher Michael Freitag / Arielle Rothstein / Lyle Weston Media@torrid.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: RETAIL ONLINE RETAIL DEPARTMENT STORES FASHION SOURCE: Torrid Holdings Inc. Copyright Business Wire 2024. PUB: 12/03/2024 04:05 PM/DISC: 12/03/2024 04:06 PM http://www.businesswire.com/news/home/20241203834068/en
Representational image US Universities Expand Tuition-Free Programs: Higher education in the United States is notoriously expensive, leaving many families burdened with debt or unable to afford college at all. While scholarships and grants help some students, they often cater to only a select segment of the population. Recently, a growing trend among top universities has focused on comprehensive tuition waivers aimed at making college more accessible for a broader range of students who are both deserving and in financial need. This week, five prominent universities announced tuition-free programs designed to reduce financial barriers for undergraduates from low- and middle-income families. IPL 2025 mega auction IPL Auction 2025 Live: CSK snatch Ravindra via RTM after Pant, Iyer become most expensive buys IPL 2025 Auction LIVE: Updated Full Team Squads IPL Auction 2025: Who got whom Spanning public and private institutions across multiple states, these initiatives underscore a nationwide push for affordability. Starting in 2025, these programs will provide significant financial relief to families, helping to ensure that cost isn’t a roadblock to higher education. Here's a closer look at how these programs work and what they mean for eligible students. Massachusetts Institute of Technology (MIT) MIT is expanding its already generous financial aid program. Starting next fall, students from families earning less than $200,000 annually will qualify for tuition-free education, an increase from the current threshold of $140,000. Families earning under $100,000 will receive full financial coverage, including tuition, room and board, books, and personal expenses—essentially making MIT cost-free. Currently, 35% of MIT undergraduates pay no tuition, and this expansion is expected to benefit an even larger proportion of students. University of Texas System Beginning in the fall of 2025, the University of Texas (UT) System will waive tuition and mandatory fees for students from families earning $100,000 or less annually. This new policy will apply to all nine UT academic institutions, unifying the varying financial aid programs previously in place across the system. By creating a universal income threshold, the UT System aims to provide consistent and accessible opportunities for students regardless of which campus they attend. Carnegie Mellon University Carnegie Mellon University (CMU) is launching its CMU Pathway program in the 2025–26 academic year, offering tuition-free education to students from families earning $75,000 or less. Additionally, families earning up to $100,000 will benefit from substantial aid, ensuring that most students within this income range can attend without taking on significant student loans. This marks CMU’s commitment to making higher education attainable for a more diverse student body. Brandeis University Brandeis University, a private research institution near Boston, is also stepping up its financial aid. Starting in fall 2025, undergraduates from families earning less than $75,000 will receive grants and scholarships covering their full tuition. Families earning up to $200,000 will see a 50% tuition reduction. This initiative targets affordability while maintaining Brandeis’ commitment to fostering a supportive academic environment for students from varied economic backgrounds. University of Massachusetts (UMass) System The UMass System plans to enhance its existing financial aid offerings by fully covering tuition costs for high-need families earning $75,000 or less. Currently, this applies to 92% of eligible students, and the new initiative aims to close the gap for the remaining 8%. Eligible students must be Massachusetts residents, enrolled full-time, and pursuing an on-campus undergraduate degree. The program will span all UMass campuses, including Amherst, Boston, Dartmouth, and Lowell. Quick overview: Tuition-Free Programs at US Universities — Benefits and Eligibility University Benefits Eligibility Massachusetts Institute of Technology (MIT) Tuition-free education for families earning Willmar Utilities Commission to discuss general manager position on Monday, Nov. 25
Euro plunges to its lowest for two years Purchasing managers' index at 48.1 in November, down from 50 in September Data sent euro plunging to just above $1.03 versus the dollar This is its lowest since November 2022 By JOHN-PAUL FORD ROJAS Updated: 21:50 GMT, 22 November 2024 e-mail 6 View comments The euro sank to a two-year low against the dollar yesterday as political turmoil in Germany and France dragged the single currency zone's economy into reverse. A closely-watched monthly survey of business activity fell unexpectedly to 48.1 in November, down from 50 in September – on an index where the 50 mark separates growth from contraction. The purchasing managers' index (PMI) data sent the euro plunging to just above $1.03 versus the US currency, its lowest since November 2022. Yields on eurozone government bonds also fell as investors bet on faster interest rate cuts. The European Central Bank has cut rates three times this year to 3.25 per cent amid deepening concerns about lacklustre growth. Markets expect another quarter-point cut next month followed by further reductions taking the rate to 1.75 per cent by the end of 2025. Jane Foley, senior FX strategist at Rabobank, said the euro had taken 'a step closer to parity' with the dollar. Struggle: The purchasing managers' index data sent the euro plunging to just above $1.03 versus the US currency, its lowest since November 2022 However, it was little changed versus the pound, after PMI data for the UK also proved dismal as Labour's tax raid on employers in the Budget took its toll. Sterling was trading at just over €1.20. The eurozone PMI figures showed the services sector going into reverse for the first time in ten months and the decline in the manufacturing sector deepening. Germany, Europe's biggest economy, is in limbo after its coalition government collapsed this month – and elections are not due until February. Meanwhile, revised figures yesterday downgraded third-quarter growth from 0.2 per cent to 0.1 per cent. The country, once a manufacturing powerhouse, is in crisis as demand from China slumps and its vast car industry grapples with the transition to electric vehicles. RELATED ARTICLES Previous 1 Next Brussels warning to White House over 'harmful' tariffs Artificial intelligence to replace workers after Budget,... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Bosch became the latest industrial giant to be hit yesterday, announcing 3,500 job cuts, affecting the part of the company that develops technology for vehicles. US car maker Ford is also cutting thousands of jobs in Germany while Volkswagen, Europe's biggest car maker, is expected to close as many as three factories. In France, hard-Right legislators are threatening to topple prime minister Michel Barnier's fragile coalition in a dispute about the 2025 budget. Adding to the gloom is the fear that Donald Trump's threatened trade tariffs will hurt the European economy. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, which compiled the PMI figures, said: 'Things could hardly have turned out much worse. The manufacturing sector is sinking deeper into recession, and now the services sector is starting to struggle after two months of marginal growth. 'It is no surprise, given the political mess in the biggest eurozone economies lately. 'France's government is on shaky ground and Germany's heading for early elections. Throw in the election of Donald Trump and it is no wonder the economy is facing challenges.' Bert Colijn, chief economist at ING Bank, said 'The November PMI is another wake-up call for eurozone policymakers that the economy continues to show signs of weakness. 'New business is weakening again for manufacturing and services with export orders in particular being down sharply as the eurozone economy battles weak demand from abroad.' DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. 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Seattle (7-5) at Arizona (6-6) Sunday, 4:05 p.m. EST, CBS BetMGM NFL Odds: Cardinals by 2 1/2. Series record: Seahawks lead 28-22-1. Against the spread: Seahawks 5-6-1, Cardinals 8-4. Last meeting: Seahawks beat Cardinals 16-6 on Nov. 24, 2024, in Seattle. Last week: Seahawks beat Chargers, 26-21; Cardinals lost to Vikings, 23-22. Seahawks offense: overall (16), rush (28), pass (2), scoring (15). Seahawks defense: overall (18), rush (21), pass (12), scoring (12). Cardinals offense: overall (11), rush (6), pass (22), scoring (17). Cardinals defense: overall (17), rush (13), pass (18), scoring (11). Turnover differential: Seahawks minus-6, Cardinals minus-1. DT Leonard Williams has been one of the most dominant players in the league over the past two weeks. Williams had 2 1/2 sacks, four tackles for loss and three quarterback hits two weeks ago against the Cardinals. Williams sacked Aaron Rodgers twice and scored his first career touchdown on a 92-yard pick-6. QB Kyler Murray has had some good moments over the past two games and completed 31 of 45 passes for 260 yards and a touchdown against the Vikings. But he also threw two interceptions in the fourth quarter which proved costly. QB Geno Smith vs. Arizona's defense. Smith has had another solid season and now he'll face an Arizona defense that's been vastly improved over the past 1 1/2 months. The Cardinals have been much more productive in the pass rush with 23 sacks over the past six games. That ranks third in the NFL over that span. Coach Mike Macdonald said he is optimistic that P Michael Dickson (back spasms) will be able to play this weekend, but bringing in another punter this week is “on the table.”.. LB Uchenna Nwosu has a chance to play this week. Nwosu missed the first four games of the season with a knee injury, then injured his thigh in his first game back in Week 5, and has been on injured reserve since. ... The Cardinals are relatively healthy. DLs Darius Robinson (calf) and Dante Stills (back) have been limited in practice this week. The Seahawks have won six straight games in the series going back to 2022. The Cardinals last won 23-13 on Nov. 21, 2021. The Cardinals haven't won at home against the Seahawks since 2020. The Seahawks' next win will be the 400th in franchise history. ... Since Week 9, Seattle’s defense ranks fifth in the NFL with 17.5 points allowed per game, 299 yards allowed per game, and 84.3 rushing yards allowed per game, while ranking sixth in the league with 18.8 first downs allowed. ... The Seahawks have two pick-6s in the past two games, the first time the team has done so since 2012. ... The Seahawks have held three straight opponents to under 300 yards, and fewer than 100 rushing yards. ... Seattle has outscored its opponents by 37 points in the final two minutes of halves this season, the best in the NFL. .. WR DK Metcalf needs one receiving TD to pass Steve Largent for the most in a player’s first six seasons in franchise history with 47. ... Smith needs one 300-yard game to tie Russell Wilson for the most 300-yard games in a single season in franchise history with five. ... WR Jaxon Smith-Njigba Needs 171 yards for his first 1,000-yard season, and to become the 10th player in franchise history to reach that mark. ... Arizona has won three straight games at home. The Cardinals outscored those opponents 77-30 while scoring nine touchdowns and allowing none. ... TE Trey McBride has caught 12 passes in two straight games, which is the first time a tight end has had at least 12 receptions in two straight games in NFL history. ... Arizona's six losses have come to teams with a combined 55-18 record this season entering Week 14. ... S Budda Baker has 114 tackles this season, which ranks sixth in the league. ... McBride's caught 73 passes this season. He needs just nine more catches over the next five games to break his franchise record for a tight end. ... WR Marvin Harrison Jr. has caught seven TD passes this season, which leads all NFL rookies. ... The Cardinals have been flagged for 61 penalties this season, which is the fewest in the NFL. But the team was flagged 10 times in last week's loss to the Vikings. Arizona's defense is a strong play at home. The Cardinals are giving up just 17 points per game at State Farm Stadium, which is second in the league behind Pittsburgh. AP NFL: https://apnews.com/hub/nfl