Stock market today: Wall Street slips as the 'Magnificent 7' weighs down the market
By HALELUYA HADERO, Associated Press President-elect Donald Trump asked the Supreme Court on Friday to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. The request came as TikTok and the Biden administration filed opposing briefs to the court, in which the company argued the court should strike down a law that could ban the platform by Jan. 19 while the government emphasized its position that the statute is needed to eliminate a national security risk. “President Trump takes no position on the underlying merits of this dispute. Instead, he respectfully requests that the Court consider staying the Act’s deadline for divestment of January 19, 2025, while it considers the merits of this case,” said Trump’s amicus brief, which supported neither party in the case. The filings come ahead of oral arguments scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. Earlier this month, a panel of three federal judges on the U.S. Court of Appeals for the District of Columbia Circuit unanimously upheld the statute , leading TikTok to appeal the case to the Supreme Court. The brief from Trump said he opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.”
A tax purported to make GP visits cost more and a barrier to entering the housing market have been removed by a state government fulfilling more of its election promises. Login or signup to continue reading The Liberal National government scrapped a "patient's tax" during the final Queensland parliament sitting on Thursday, a move it vowed to do after it won the October 26 election. The payroll tax was set to be imposed on general practitioners, which the government claimed would make visiting a doctor more expensive, end bulk billing in Queensland, and make it harder to get an appointment. It became a key feature of the election after a text message "mediscare" campaign from both the former Labor government and LNP. By the end of the campaign, both sides had committed to scrapping the tax set to come into place at the end of the financial year following a delay. A NSW tribunal ruled in 2021 that tenant GPs were subject to payroll tax as they were employees not contractors, sparking changes nationally. The former Labor government struck an amnesty in 2023 meaning practices did not have to pay the tax until June 2025 or for the previous five years so the businesses could adjust before it came into effect. Now, the proposed tax has been scrapped, which the LNP hails as a measure that will relieve pressure during the cost-of-living crisis. "By axing Labor's Patient's Tax we are protecting bulk billing for Queenslanders and easing pressure on our Emergency Departments and easing cost of living for families," Treasurer David Janetzki said. The Royal Australian College of General Practitioners Queensland branch welcomed the move to change the payroll tax for doctors. "This will come as a big relief for practice owners, GPs and our patients who value the relationship they have with their GP highly – there is no substitute for the quality care you get from a specialist GP," chair Dr Cath Hester said. The government also removed stamp duty on new builds and land for eligible first-home buyers, another item on the LNP's post-election win to-do list. Removing stamp duty on a new house and land package could mean a saving of $37,000 in Brisbane's north. "Scrapping first home buyer stamp duty on new builds provides real savings and puts the Great Australian Dream back within reach," Mr Janetzki said. It comes as the government's centrepiece "adult crime, adult time" laws passed on Thursday, meaning kids as young as 10 will face life sentences on serious charges like murder. Queensland Parliament will sit again in February. Australian Associated Press DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!
FIRST NINE MONTHS OF 2024: HIGHLIGHTS TOTAL NET SALES WERE €243.9 MILLION, IN LINE WITH THE SAME PERIOD IN 2023 (-0.3%). BRANDED SALES WERE €221.2 MILLION, UP 0.3% FROM 2023 SAME PERIOD AND UP 3.1% FROM 2019 SAME PERIOD. BRANDED SALES WERE 93.0% OF TOTAL SALES, COMPARED TO 92.6% IN THE SAME PERIOD OF 2023 AND 78.5% IN THE SAME PERIOD OF 2019. DOS SALES WERE €57.4 MILLION, UP 6.3% FROM 2023 AND UP 20.8% FROM 2019 SAME PERIODS. 2024 GROWTH WAS DRIVEN BY A 22.3% SALES INCREASE FROM DOS IN THE U.S, WHERE WE OPENED 1 ADDITIONAL STORE IN DENVER. DURING THE FIRST 9 MONTHS OF 2024, WE CLOSED TWO NON-PERFORMING NATUZZI ITALIA STORES, ONE IN SPAIN AND ONE IN SWITZERLAND, AS PART OF OUR ONGOING EFFORT TO PROGRESSIVELY IMPROVE THE QUALITY OF OUR RETAIL. AS PART OF OUR TRANSFORMATION, DURING THE FIRST 9 MONTHS OF 2024, WE ACCELERATED OUR RESTRUCTURING WHICH AFFECTED P&L RESULTS WITH (€4.8) MILLION OF ONE-OFF SEVERANCE COSTS: - (€4.1) MILLION ACCRUED IN COST OF SALES; - (€0.7) MILLION ACCRUED IN SELLING AND ADMINISTRATIVE EXPENSES. DURING THE FIRST 9 MONTHS OF THE YEAR, 538 PERSONS EXITED OUR GROUP. THESE EXITS WERE PARTIALLY OFFSET BY HIRES IN STRATEGIC AREAS SUCH AS RETAIL, MARKETING AND MERCHANDISING. FROM 2021 TO SEPTEMBER 2024, WE HAD A NET REDUCTION OF 1110 PERSONS, EQUIVALENT TO A ~26% OF TOTAL. IN THE FIRST NINE MONTHS OF 2024, GROSS MARGIN WAS 35.8%, COMPARED TO 35.8% IN THE FIRST NINE MONTHS OF 2023 AND 29.0% IN THE FIRST NINE MONTHS OF 2019. EXCLUDING (€4.1) MILLION OF ONE-OFF SEVERANCE COSTS, GROSS MARGIN WOULD HAVE BEEN 37.4%, WHICH COMPARES TO 36.3% IN 2023 FIRST NINE MONTHS AND 30.0% IN 2019 FIRST NINE MONTHS. IN THE FIRST NINE MONTHS OF 2024, WE HAD AN OPERATING LOSS OF (€3.6) MILLION, COMPARED TO AN OPERATING LOSS OF (€2.2) MILLION IN 2023 FIRST NINE MONTHS AND AN OPERATING LOSS OF (€19.5) MILLION 2019 FIRST NINE MONTHS. EXCLUDING (€4.8) MILLION OF ONE-OFF SEVERANCE COSTS, WE WOULD HAVE REPORTED AN OPERATING PROFIT OF €1.2 MILLION, WHICH COMPARES TO AN OPERATING LOSS OF (€0.7) MILLION IN 2023 FIRST NINE MONTHS AND TO AN OPERATING LOSS OF (€16.1) MILLION IN 2019 FIRST NINE MONTHS. NET FINANCE COSTS WERE (€7.4) MILLION, COMPARED TO (€5.6) MILLION IN 2023 AND (€7.7) MILLION IN 2019 SAME PERIOD, MAINLY AS A CONSEQUENCE OF HIGHER INTEREST EXPENSES ON LEASE CONTRACTS AND THIRD-PARTY FINANCING, AS WELL AS UNFAVORABLE CURRENCY MOVEMENTS ON TRADE PAYABLES AND RECEIVABLES. DURING THE FIRST 9 MONTHS OF 2024, WE INVESTED €5.4 MILLION, PRIMARILY TO UPGRADE OUR ITALIAN FACTORIES AND FOR THE DOS LOCATED IN THE U.S. AND ITALY. WE CONTINUE THE DIVESTMENT PROGRAM OF NON-STRATEGIC ASSETS WE ANNOUNCED: - WE RECEIVED $3.8 MILLION IN OCTOBER 2024 AS A FIRST INSTALLMENT FOR THE SALE OF A BUILDING LOCATED IN HIGH POINT, NORTH CAROLINA. - WE SIGNED A PRELIMINARY AGREEMENT FOR THE SALE OF A LAND IN ROMANIA FOR AN EXPECTED PRICE BETWEEN €2.9 AND €3.1 MILLION. - AS OF SEPTEMBER 30, 2024, WE HELD €17.1 MILLION IN CASH, FROM €33.6 MILLION AS OF DECEMBER 31, 2023. IN PARTICULAR, THE DIFFERENCE IN CASH IS DETERMINED AS FOLLOWS: - NET CASH USED IN OPERATING ACTIVITIES (€5.1) MILLION. OF THIS, (€6.0) MILLION TO REDUCE WORKFORCE; - NET CASH USED IN INVESTING ACTIVITIES (€5.4) MILLION; - NET CASH USED IN FINANCING ACTIVITIES (€7.1) MILLION; - EFFECT OF MOVEMENTS EXCHANGE RATES ON CASH (€0.4) MILLION; - DIFFERENCE IN BANK-OVERDRAFT REPAYABLE ON DEMAND €1.5 MILLION. 3Q 2024: HIGHLIGHTS TOTAL NET SALES WERE €75.0 MILLION, IN LINE WITH 3Q 2023 (+0.1%). BRANDED SALES WERE €68.8 MILLION, UP 0.3% FROM 3Q 2023 AND UP 4.6% FROM 3Q 2019. BRANDED SALES WERE 93.7% OF TOTAL SALES, COMPARED TO 93.9% IN 3Q 2023 AND 78.6% IN 3Q 2019. DOS SALES WERE €16.8 MILLION, DOWN 1.4% FROM €17.1 MILLION IN 3Q 2023 AND UP 25.7% FROM €13.4 MILLION IN 3Q 2019. AS PART OF OUR TRANSFORMATION, DURING 3Q 2024, WE ACCELERATED OUR RESTRUCTURING WHICH AFFECTED P&L RESULTS WITH (€3.4) MILLION OF ONE-OFF SEVERANCE COSTS: - (€2.9) MILLION ACCRUED IN COST OF SALES; - (€0.5) MILLION ACCRUED IN SELLING AND ADMINISTRATIVE EXPENSES. IN 3Q 2024, 276 PERSONS EXITED OUR GROUP. THESE EXITS ARE MAINLY DUE TO THE CLOSING OF OUR SHANGHAI PLANT, WHOSE PRODUCTION WAS MOVED TO QUANJIAO. IN 3Q 2024, GROSS MARGIN WAS 31.8%, COMPARED TO 35.4% IN 3Q 2023 AND 28.7% IN 3Q 2019. EXCLUDING (€2.9) MILLION OF ONE-OFF SEVERANCE COSTS, GROSS MARGIN WOULD HAVE BEEN 35.7%, WHICH COMPARES TO 35.5% IN 3Q 2023 AND 30.5% IN 3Q 2019. IN 3Q 2024, WE HAD AN OPERATING LOSS OF (€3.8) MILLION, COMPARED TO A LOSS OF (€1.4) MILLION IN 3Q 2023 AND A LOSS OF (€8.7) MILLION IN 3Q 2019. EXCLUDING (€3.4) MILLION OF ONE-OFF SEVERANCE COSTS, WE WOULD HAVE REPORTED AN OPERATING LOSS OF (€0.4) MILLION, WHICH COMPARES TO AN OPERATING LOSS OF (€1.1) MILLION IN 3Q 2023 AND AN OPERATING LOSS OF (€6.8) MILLION IN 3Q 2019. NET FINANCE COSTS WERE (€3.3) MILLION, COMPARED TO NET FINANCE COSTS OF (€1.4) MILLION IN 3Q 2023 AND (€3.1) MILLION IN 3Q 2019, MAINLY AS A CONSEQUENCE OF HIGHER INTEREST EXPENSES ON LEASE CONTRACTS AND THIRD-PARTY FINANCING, AS WELL AS UNFAVORABLE CURRENCY MOVEMENTS ON TRADE PAYABLES AND RECEIVABLES. DURING 3Q 2024, WE INVESTED €1.7 MILLION, PRIMARILY TO UPGRADE OUR ITALIAN FACTORIES AND FOR THE DOS LOCATED IN THE U.S. AND ITALY. *** Natuzzi S.p.A. NTZ ("we", "Natuzzi" or the "Company" and, together with its subsidiaries, the "Group"), one of the most renowned brands in the production and distribution of design and luxury furniture, today reported its unaudited financial information for the first nine months and third quarter ended September 30, 2024. Pasquale Natuzzi, Executive Chairman of the Group, commented: " We are living in a dual-speed reality. On one hand, our performance reflects the ongoing challenges posed by the persistent economic crisis. On the other hand, we are seeing growing evidence of the strength of our long-term Brand/Retail project, which continues to gain momentum, paving the conditions to capture the full potential of our Brands. On November 12, I had the privilege of inaugurating the Natuzzi Harmony Residences, a 110,000-square-feet, 9-floor building with 50 apartments, located in a prestigious area in Dubai. For the first time, we have led the whole architectural and creative direction both for the exterior and interior design, resulting in a project which is a living tribute to our Brand DNA. This initiative is a clear testament that our Brand enjoys global recognition and that we completed our evolution into a lifestyle brand. We also continue to innovate and lead where our brand has its origins. In October, at the High Point Market, we unveiled our 'Re-imagined Gallery' concept — an innovative format designed to strengthen the coherence of the Natuzzi brand representation and improve commercial performance with our distribution partners. The 'Re-imagined Gallery' has since become our global standard for the brand's presence in multi-brand retailers. Along with our global retail format, it ensures consistent brand representation across markets and channels. Thanks to these efforts, we are increasingly presenting our collection in a unified and inspiring way across our 678 stores and 628 galleries worldwide. These results testify that Natuzzi is one of the few global design and high-end furniture brands. They also reinforce my belief that, moving forward, the positive impact of our strategic initiatives will effectively counterbalance market headwinds, positioning us for a prosperous future." Antonio Achille, CEO of the Group, commented: " Our sales during the first nine months of 2024 have been in line with the previous year, despite challenging conditions that continued to impact not only the furnishings sector but also the broader durable and consumer goods industries. This was achieved, despite a soft third quarter, which was significantly below the year's average, thereby affecting deliveries in August and September. In this regard, we need to remember the cycle of our business innovation. For instance, the merchandising and retail initiatives for Natuzzi Italia, introduced during April's Milan Design Week, reached the market only by late September. This was reflected in Natuzzi Italia's delivered sales for the first nine months, which were 0.9% lower compared to the same period in 2023. Natuzzi Italia performance improved in the last two months, effectively closing the gap with 2023 levels. Looking ahead, the focus for Natuzzi Italia will remain on the consistent rollout of the Brand/Retail/Marketing strategy, with a particular emphasis on priority markets, such as U.S., China, UK, Spain and Italy. Natuzzi Editions, distributed in Italy under the "Divani&Divani by Natuzzi" brand, has reported overall revenue slightly up compared to the previous year (+1.1%). We are actively engaging customers through targeted global initiatives, such as the "Re-imagined gallery" project, aimed at building a stronger foundation to reinforce this positive momentum. We remain confident that our brands and retail strategy are poised for significant growth and remain committed to executing the Company's long-term plan: 1) Improve the quality of our distribution to accelerate our Brand journey. Retail . The Group continues to make progresses in its transformation into a retail-branded company. Natuzzi collections are sold globally in 678 stores, of which 54 free standing DOS managed directly by the Group, 19 DOS managed by our JV in China, 3 DOS in partnership in the U.S. and 602 franchised stores. Our DOS sales increased by 6.3% compared to the first nine months of 2023, with U.S.-based DOS showing a growth of 22.3% over the same period also supported by the 4 DOS opened in 2023 (in San Diego, Manhasset, Houston, Atlanta) and the new Denver store opened in September 2024. Our North American retail network now includes 22 Natuzzi Italia stores (18 of which are directly operated and 4 operated by franchise partners) and 10 Natuzzi Editions stores, comprising 1 DOS, 3 stores operated in joint venture with a local partner and 6 franchise stores. Re-imagined Gallery. Natuzzi has redefined its wholesale shop-in-shop format resulting in an innovative concept designed to support independent retailers to properly represent the distinctiveness of our brand in their multi-brand environment, while improving their sell-out performances. We are witnessing a strong interest from both current and prospective partners. Since the global launch of this re-imagined Gallery Concept, Natuzzi has received proposals for 142 projects, including new openings and refits, which will be implemented starting from 1Q 2025. Reimagined Gallery program is also enabling us to re-enter into key European markets. In Germany, we recently si g ned a partnership with a leading furniture retailer, which resulted in the opening of 24 new Natuzzi Editions galleries. 2) Foster new market opportunities: Trade and Contract. I am particularly proud and thankful to our team for the progress made by the newly established division. 'Natuzzi Harmony Residences' in Dubai marks a transformative milestone for our business, reflecting our evolution and ambitions. It is a true testament to the power of the Natuzzi Italia brand, as it represents our first venture into designing and branding an entire residential building. This achievement reaffirms that establishing our dedicated Trade & Contract division was the right decision, enabling us to fully leverage Natuzzi's assets and expertise while setting distinct growth and profitability targets. 3) Enhance margins. Excluding €4.1 million of one-off severance costs, gross margin would have reached 37.4% in the first nine months of 2024, which compares to a gross margin of 36.3% in 2023 same period and 30.0% in 2019 same period. The gross margin was affected by the weak order flow during 3Q 2024, which negatively weighed on deliveries in August and September, resulting in a less efficient absorption of fixed costs for the period. 4) Execute our restructuring program. We remain committed to optimizing our operating model and reducing costs across factories and offices in Italy and abroad. In the first nine months of 2024, 538 employees (of which 276 in the third quarter) exited the Group, partially offset by strategic hires in retail, advertising, and merchandising. These reductions mainly involved factory workers in Romania, China, and Italy, as well as employees at the Group level. Since the beginning of 2021, we have achieved a net reduction of 1,110 positions—a 26% decrease. This reduction is part of our strategy of transitioning Natuzzi from a volume-driven to a value-driven organization. This shift requires a leaner workforce, new competencies, and an evolved approach to human resources and organization. We remain committed to implementing this plan ethically and in full compliance with the laws. As restructuring progresses, our streamlined model positions us to unlock greater value when sales return to historical levels. 5) Production simplification and efficiency improvement . We continue to conduct a comprehensive review of the Group's industrial operations to simplify processes, reduce working capital and drive further efficiencies. Our efforts to optimize the footprint of our Asian operations are progressing as planned. In 3Q 2024 we completed the closing of our historical factory in Shanghai, shifting the production to the new plant located in Quanjiao, Anhui Province, China. This new plant, which will serve exclusively the Chinese market, offers industrial and transformation costs which are approximately 30% lower compared to the Shanghai plant. 6) Divest non-strategic resources The Company continues to make progress in its strategy of divesting non-strategic assets. The sale of the building in High Point, NC, is proceeding as planned, with $3.8 million received in October. Additionally, in November, we signed a preliminary agreement for the sale of a land adjacent to our factory in Romania. The final price is expected to range between €2.9 million and €3.1 million. The transaction is anticipated to close by mid-2025, pending customary approvals and processes with the local municipality. The Company plans to use the net proceeds from the sale of non-strategic assets to fund restructuring initiatives and expand its DOS network, with a particular focus on the U.S. market. The challenging market continues to delay the full realization of benefits from our retail expansion and restructuring efforts. We remain dedicated to enhancing our brand-retail value proposition while steadily reducing the Group's fixed cost base." *** 2024 FIRST NINE MONTHS CONSOLIDATED REVENUE Consolidated revenue for the first nine months of 2024 amounted to €243.9 million, compared to €244.5 million in 2023 same period. 2024 performance was impacted by ongoing macroeconomic, geopolitical, and industry-specific challenges, which continued to dampen consumer spending capacity and delay purchases of durable goods. Excluding "other sales" of €6.1 million, 2024 invoiced sales from upholstered and other home furnishings products amounted to €237.8 million, compared to €238.1 million in 2023 same period. Revenues from upholstered and other home furnishings products are hereafter described according to the main dimensions of the Group's business: A: Branded/Unbranded Business B: Key Markets C: Distribution A. Branded/Unbranded business The Group operates in the branded business (with Natuzzi Italia , Natuzzi Editions and Divani&Divani by Natuzzi ) and unbranded business, the latter with collections dedicated to large-scale distribution. A1. Branded business . Within the branded business, Natuzzi is pursuing a dual-brand strategy: i) Natuzzi Italia , our luxury furniture brand, offers products entirely designed and manufactured in Italy and targets an affluent and more sophisticated global consumer with a highly inspirational collection that is largely the same across all our global stores to best represent our Brand. Natuzzi Italia products are almost exclusively sold in mono-brand stores (directly operated or franchises). ii) Natuzzi Editions , our contemporary collection, offers products entirely designed in Italy and produced in different plants strategically located to best serve individual markets (mainly China, Romania and Brazil). Natuzzi Editions products are distributed in Italy under the brand " Divani&Divani by Natuzzi", which is manufactured in Italy to shorten the lead time to serve the Italian market where the brand is distributed. The store merchandising of Natuzzi Editions, starting from a common collection, is tailored to best fit the opportunities of each market. The Natuzzi Editions products are sold primarily through galleries and selected mono-brand franchise stores. In 2024, Natuzzi's branded invoiced sales amounted to €221.2 million, compared to €220.6 million in 2023 same period. The following is the contribution of each Brand in terms of invoiced sales for the first nine months of 2024: ─ Natuzzi Italia invoiced sales amounted to €91.9 million, compared to €92.7 million in 2023 same period. ─ Natuzzi Editions invoiced sales (including invoiced sales from " Divani&Divani by Natuzzi" ) amounted to €129.3 million, compared to €127.9 million in 2023 same period. Specifically, Natuzzi Editions invoiced sales were €102.6 million, compared to €103.0 million in 2023 same period. Invoiced sales for Divani&Divani by Natuzzi were €26.7 million, compared to €24.9 million in 2023 same period. A2. Unbranded business . Invoiced sales from our unbranded business amounted to €16.6 million, compared to €17.5 million in 2023 same period. The Company's strategy is to focus on selected large accounts and serve them with a more efficient go-to-market model. B. Key Markets Below is a breakdown of upholstery and home-furnishings invoiced sales for the first nine months of 2024, compared to 2023 same period, according to the following geographic areas. 2024 2023 Delta € Delta % North America 76.9 69.5 7.4 10.6% Greater China 18.8 19.5 (0.7) (3.4%) West & South Europe 75.9 80.2 (4.3) (5.3%) Emerging Markets 31.8 34.2 (2.4) (7.2%) Rest of the World* 34.4 34.7 (0.3) (0.9%) Total 237.8 238.1 (0.3) (0.1%) Figures in €/million, except percentage. *Include South and Central America, Rest of APAC. In North America, the sales increase is primarily driven by the branded segment of the business, with significant contributions from our DOS and franchise stores in the U.S. In Greater China, the furniture industry and real estate markets continue to encounter significant challenges. Enhanced coordination efforts within our joint venture are instrumental in reducing the inventory of Natuzzi Italia products. The JV is realigning the organization's scale and capabilities to better reflect the current business trends. To date, the JV has already reduced SG&A expenses by almost 20% compared to the previous year, also as a result of a reduced number of employees. The JV plans to continue with this project to get a more agile structure, to a level coherent with the current business rate. The performance in West & South Europe reflects a generalized difficult macroeconomic condition, especially for some European mature markets, as well as the loss of disposable income by consumers as a result of prior different quarters of high interest rates and inflation. The emerging markets, and in particular East Europe and the Middle East, are still curbed by the worsening of international relations and the associated conflicts. C. Distribution During the first nine months of 2024, the Group distributed its branded collections in 103 countries, according to the following table. Direct Retail FOS Total retail stores (Sept. 30, 2024) North America 22 (1) 10 32 West & South Europe 31 100 131 Greater China 19 (2) 325 344 Emerging Markets ─ 78 78 Rest of the World 4 89 93 Total 76 602 678 (1) Included 3 DOS in the U.S. managed in joint venture with a local partner. As the Natuzzi Group does not exert full control in each of these DOS, we consolidate only the sell-in from such DOS. (2) All directly operated by our joint venture in China. As the Natuzzi Group owns a 49% stake in the joint venture and does not control it, we consolidate only the sell-in from such DOS. FOS = Franchise stores managed by independent partners. The Group also sells its branded products by means of 628 Natuzzi galleries (including 12 Natuzzi Concessions, i.e., store-in-store points of sale directly managed by the Mexican subsidiary of the Group). During the first nine months of 2024, the Group's invoiced sales from direct retail , including DOS and Concessions operated by the Group, were €57.4 million, compared to €54.0 million in 2023 same period. This growth was primarily driven by a 22.3% increase in sales from our US-based DOS. In 2024 we also closed two non-performing stores in Zurich, Switzerland, and Madrid, Spain. During the first nine months of 2024, invoiced sales from franchise stores (FOS) amounted to €97.8 million, compared to €98.7 million in 2023 same period. We continue executing our strategy to evolve into a Brand/Retailer and improve the quality of our distribution network. The weight of the invoiced sales generated by the retail network (Direct retail and Franchise Operated Stores) on total upholstered and home furnishings business in the first nine months of 2024 was 65.3% compared to 64.1% in 2023 same period and compared to 44.1% in 2019 same period. The Group also sells its products through the wholesale channel , consisting primarily of Natuzzi-branded galleries in multi-brand stores, as well as mass distributors selling mainly unbranded products. During the first nine months of 2024, invoiced sales from the wholesale channel amounted to €82.6 million, compared to €85.5 million in 2023 same period. We are placing renewed emphasis on the wholesale segment of our business, which remains a strategic channel in several geographies, including the U.S. and Europe. To support this, we are introducing a re-imagined gallery concept, which provides a practical setting for sales associates to engage with clients, narrate the captivating Natuzzi story, showcase our collections, and support sales. GROSS MARGIN Gross margin for the first nine months of 2024 was 35.8%, which compares to 35.8% in 2023 and 29.0% in 2019 same periods. Net of the (€4.1) million of one-off severance costs included in cost of sales, gross margin for the first nine months of 2024 would have been 37.4%. This would compare to 36.3% in 2023 same period and 30.0% in 2019 same period. 2024 Gross margin was partially affected by the weak business trend during 3Q 2024, that impacted deliveries in August and September, below the average for 2024. This resulted in a less efficient absorption of fixed costs, which, together with a different brand mix, inventory exits and costs related to moving production from Shanghai to Quanjiao, weighed on the improving trajectory of gross margin. 2024 consumption was (36.5%) on revenues, improving from (37.4%) in 2023 same period. In 2024, labor costs increased by €2.8 million compared to the same period in 2023. This rise includes €4.1 million in one-off severance-related expenses, primarily in China, Romania, and Italy, reflecting our ongoing efforts to optimize workforce levels across the Group's facilities. Additionally, labor costs rose in Romania, as part of the Government plan to increase the minimum wage, and in Italy, due to the renegotiation of national collective bargaining agreements. 3Q 2024 gross margin was 31.8%, compared to 35.4% in 3Q 2023 and 28.7% in 3Q 2019, as per the factors explained above. Net of the (€2.9) million of one-off severance costs, 3Q 2024 gross margin would have been 35.7%, which would compare to 35.5% in 3Q 2023 and 30.5% in 3Q 2019. OPERATING EXPENSES During the first nine months of 2024, operating expenses, which includes selling expenses, administrative expenses, other operating income/expenses, and the impairment of trade receivables, totaled (€90.8) million, or (37.2)% of revenue, compared to (€89.7) million, or (36.7)% of revenue in 2023 same period. In 2024, in particular, selling and administrative expenses were affected by the following factors, for a total of €3.1 million, compared to 2023 same period: - a €2.1 million of extra costs related to the opening of new DOS as well from the 4 additional stores opened in 2023; - a €1.0 million reduction in incentives from the Italian government compared to 2023 same period. During the first nine months of 2024, we accrued €0.7 million, to reduce the number of employees in Italy and in some of the Group's subsidiaries. During the first nine months of 2024, transportation costs as a percentage of revenue decreased to (7.8%) from (8.3%) during the same period in 2023. However, in 3Q 2024, they rose to (8.6%), compared to (7.6%) in 3Q 2023, primarily due to the Suez Canal crisis, which required rerouting shipments from China and Vietnam. To counter this inflationary pressure, the Company implemented freight surcharges starting in August 2024. In addition, within "Other income", during the first nine months of 2023, we benefitted from €2.0 million of extraordinary income mainly related to freight surcharges. In 2024, the benefits of similar extraordinary income were not significant. NET FINANCE INCOME/(COSTS) During the first nine months of 2024, the Company accounted for a total of (€7.4) million of Net Finance costs, compared to a total of (€5.6) million of Net Finance costs in 2023 same period. One of the main drivers of the difference between the two periods relates to unfavorable currency exchange movements, resulting in a net exchange rate loss of (€0.7) million in 2024, compared to a net exchange rate gain of €0.3 million in 2023 same period. Furthermore, persisting high interest rates continue to adversely impact our results, principally in terms of high interest expenses on lease contracts as well as third-party financing, resulting in 2024 finance costs of (€7.3) million compared to finance costs of (€6.6) million in 2023 same period. 2024 THIRD QUARTER: KEY RESULTS During 3Q 2024, the Company reported the following results: ─ Total revenue of €75.0 million, in line with €74.9 million in 3Q 2023. The third quarter is historically our slowest quarter, as Italian factories are customarily shut down for most of August. In addition, delivered sales during 3Q 2024 were significantly impacted by ongoing challenging business conditions resulting in lower than usual delivered sales in August and September. ─ We had gross margin of 31.8%, compared to 35.4% in 3Q 2023 and 28.7% in 3Q 2019. Excluding (€2.9) million of one-off severance-related costs to reduce workforce mainly at our Chinese factory, 3Q 2024 gross margin would have been 35.7%. As anticipated, 3Q 2024 gross margin was affected by a weak business trend during the quarter, particularly impacting delivered sales of Natuzzi Italia products, resulting in a less efficient absorption of fixed costs. In addition, a different brand mix, inventory exits and costs related to moving production from Shanghai to Quanjiao, further weighed on gross margin in 3Q 2024. ─ Operating expenses, which includes selling expenses, administrative expenses, other operating income/expenses, and the impairment of trade receivables, totaled (€27.7) million, or (36.9)% of revenue, compared to (€27.8) million, or (37.2)% of revenue in 3Q 2023. ─ Depreciation and amortization, which include also the depreciation charge of right-of-use assets related to the operating leases and accounted for in the cost of sales, selling and administrative expenses, amounted to €5.1 million in 3Q 2024, compared to €5.7 million in 3Q 2023 and €6.2 million in 3Q 2019. ─ In 3Q 2024 operating loss was (€3.8) million, which compares to a loss of (€1.4) million in 3Q 2023, and a loss of (€8.7) million in 3Q 2019. Net of the (€3.4) million of one-off severance costs, 3Q 2024 would have reported an operating loss of (€0.4) million. ─ Total Net Finance costs were (€3.3) million, compared to total Net Finance Costs of (€1.4) million in 3Q 2023, mainly as a result of: i) a €0.5 million increase in finance costs due to persisting high interest rates affecting in particular interest expenses on lease contracts and third-party financing, and ii) a €1.2 million negative difference from net exchange rate, following unfavorable currency movements. ─ We had a loss after tax for the period of (€7.4) million, primarily driven by the factors outlined above. This compares to a loss after tax of (€2.7) million in 3Q 2023 and to a loss after tax of (€11.7) million in 3Q 2019. CASH FLOW AND BALANCE SHEET As of September 30, 2024, we held €17.1 million in cash, from €33.6 million as of December 31, 2023, representing a decrease of €16.5 million. In particular, the difference in cash is determined as follows: ─ Net cash used in operating activities (€5.1) million. Of this, (€6.0) million to reduce workforce; ─ Net cash used in investing activities (€5.4) million; ─ Net cash used in financing activities (€7.1) million; ─ Effect of movements exchange rates on cash (€0.4) million; ─ Difference in bank-overdraft repayable on demand €1.5 million. As of September 30, 2024, we had a net financial position before lease liabilities (cash and cash equivalents minus long-term borrowings minus bank overdraft and short-term borrowings minus current portion of long-term borrowings) of (€28.7) million, compared to (€6.6) million as of December 31, 2023, indicating a deterioration of €22.1 million in the period. ******* Natuzzi S.p.A. and Subsidiaries Unaudited consolidated statement of profit or loss for the third quarter of 2024 and 2023 on the basis of IFRS-IAS (expressed in millions Euro, except as otherwise indicated) Third quarter ended on Change Percentage of revenue 30-Sep-24 30-Sep-23 % 30-Sep-24 30-Sep-23 Revenue 75.0 74.9 0.1 % 100.0 % 100.0 % Cost of Sales (51.1 ) (48.4 ) 5.7 % -68.2 % -64.6 % Gross profit 23.8 26.5 -10.0 % 31.8 % 35.4 % Other income 1.3 2.4 1.8 % 3.2 % Selling expenses (20.3 ) (21.6 ) -6.2 % -27.0 % -28.8 % Administrative expenses (8.5 ) (8.6 ) -0.8 % -11.3 % -11.4 % Impairment on trade receivables (0.3 ) (0.0 ) -0.4 % 0.0 % Other expenses 0.0 (0.1 ) 0.1 % -0.1 % Operating profit/(loss) (3.8 ) (1.4 ) -5.1 % -1.8 % Finance income 0.2 0.4 0.3 % 0.5 % Finance costs (2.4 ) (1.9 ) -3.1 % -2.5 % Net exchange rate gains/(losses) (1.1 ) 0.1 -1.5 % 0.2 % Net finance income/(costs) (3.3 ) (1.4 ) -4.4 % -1.9 % Share of profit/(loss) of equity-method investees (0.0 ) 0.4 0.0 % 0.5 % Profit/(Loss) before tax (7.1 ) (2.4 ) -9.4 % -3.2 % Income tax expense/(benefit) (0.3 ) (0.3 ) -0.4 % -0.4 % Profit/(Loss) for the period (7.4 ) (2.7 ) -9.9 % -3.6 % Profit/(Loss) attributable to: Owners of the Company (7.8 ) (2.7 ) Non-controlling interests 0.3 0.0 Natuzzi S.p.A. and Subsidiaries Unaudited consolidated statement of profit or loss for the nine months of 2024 and 2023 on the basis of IFRS-IAS (expressed in millions Euro, except as otherwise indicated) Nine months ended on Change Percentage of revenue 30-Sep-24 30-Sep-23 % 30-Sep-24 30-Sep-23 Revenue 243.9 244.5 -0.3 % 100.0 % 100.0 % Cost of Sales (156.7 ) (157.0 ) -0.2 % -64.25 % -64.21 % Gross profit 87.2 87.5 -0.4 % 35.8 % 35.8 % Other income 3.8 6.0 1.6 % 2.5 % Selling expenses (67.3 ) (68.2 ) -1.4 % -27.6 % -27.9 % Administrative expenses (27.0 ) (27.3 ) -1.1 % -11.1 % -11.1 % Impairment on trade receivables (0.3 ) (0.1 ) -0.1 % 0.0 % Other expenses (0.1 ) (0.2 ) 0.0 % -0.1 % Operating profit/(loss) (3.6 ) (2.2 ) -1.5 % -0.9 % Finance income 0.6 0.7 0.2 % 0.3 % Finance costs (7.3 ) (6.6 ) -3.0 % -2.7 % Net exchange rate gains/(losses) (0.7 ) 0.3 -0.3 % 0.1 % Net finance income/(costs) (7.4 ) (5.6 ) -3.1 % -2.3 % Share of profit/(loss) of equity-method investees 0.1 2.4 0.0 % 1.0 % Profit/(Loss) before tax (11.0 ) (5.5 ) -4.5 % -2.3 % Income tax expense (0.5 ) (0.9 ) -0.2 % -0.3 % Profit/(Loss) for the period (11.5 ) (6.4 ) -4.7 % -2.6 % Profit/(Loss) attributable to: Owners of the Company (11.9 ) (6.3 ) Non-controlling interests 0.4 (0.1 ) Natuzzi S.p.A. and Subsidiaries Unaudited consolidated statements of financial position (condensed) on the basis of IFRS-IAS (Expressed in millions of Euro) 30-Sep-24 31-Dec-23 ASSETS Non-current assets 176.0 188.6 Current assets 140.4 149.7 TOTAL ASSETS 316.4 338.3 EQUITY AND LIABILITIES Equity attributable to Owners of the Company 56.1 68.9 Non-controlling interests 4.6 4.3 Non-current liabilities 106.3 110.4 Current liabilities 149.5 154.7 TOTAL EQUITY AND LIABILITIES 316.4 338.3 Natuzzi S.p.A. and Subsidiaries Unaudited consolidated statements of cash flows (condensed) (Expressed in millions of Euro) 30-Sep-24 31-Dec-23 Net cash provided by (used in) operating activities (5.1 ) 3.2 Net cash provided by (used in) investing activities (5.4 ) (7.9 ) Net cash provided by (used in) financing activities (7.1 ) (15.7 ) Increase (decrease) in cash and cash equivalents (17.6 ) (20.4 ) Cash and cash equivalents, beginning of the year 31.6 52.7 Effect of movements in exchange rates on cash held (0.4 ) (0.8 ) Cash and cash equivalents, end of the period 13.6 31.6 For the purpose of the statements of cash flow, cash and cash equivalents comprise the following: (Expressed in millions of Euro) 30-Sep-24 31-Dec-23 Cash and cash equivalents in the statement of financial position 17.1 33.6 Bank overdrafts repayable on demand (3.5 ) (2.0 ) Cash and cash equivalents in the statement of cash flows 13.6 31.6 CONFERENCE CALL The Company will host a conference call on Friday December 13, 2024, at 10:00 a.m. U.S. Eastern time (4.00 p.m. Italy time, or 3.00 p.m. UK time) to discuss financial information . To join live the conference call, interested persons will need to either: i) dial-in the following number: Toll/International: + 1-412-717-9633, then passcode 39252103# , or ii) click on the following link : https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ to join via video. Participants also have the option to listen via phone after registering to the link. ***** CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS Certain statements included in this press release constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as "estimate," "forecast," "project," "anticipate," "likely," "target," "expect," "intend," "continue," "seek," "believe," "plan," "goal," "could," "should," "would," "may," "might," "will," "strategy," "synergies," "opportunities," "trends," "ambition," "objective," "aim," "future," "potentially," "outlook" and words of similar meaning may signify forward-looking statements. These statements involve inherent risks and uncertainties, as well as other factors that may be beyond our control. The Company cautions readers that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to: effects on the Group from competition with other furniture producers, material changes in consumer demand or preferences, significant economic developments in the Group's primary markets, the Group's execution of its reorganization plans for its manufacturing facilities, significant changes in labor, material and other costs affecting the construction of new plants, significant changes in the costs of principal raw materials and in energy costs, significant exchange rate movements or changes in the Group's legal and regulatory environment, including developments related to the Italian Government's investment incentive or similar programs, the duration, severity and geographic spread of any public health outbreaks (including the spread of new variants of COVID-19), consumer demand, our supply chain and the Company's financial condition, business operations and liquidity, the geopolitical tensions and market uncertainties resulting from the ongoing armed conflict between Russia and Ukraine and the Israel-Hamas war and the inflationary environment and increases in interest rates. The Company cautions readers that the foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and events. Additional information about potential factors that could affect the Company's business and financial results is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recent Annual Report on Form 20-F. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release. About Natuzzi S.p.A. Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. As of September 30, 2024, Natuzzi distributes its collections worldwide through a global retail network of 678 monobrand stores and 628 galleries. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the "Made in Italy", where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC ® Chain of Custody, CoC (FSC-C131540). View source version on businesswire.com: https://www.businesswire.com/news/home/20241212991243/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.By HALELUYA HADERO, Associated Press President-elect Donald Trump asked the Supreme Court on Friday to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. The request came as TikTok and the Biden administration filed opposing briefs to the court, in which the company argued the court should strike down a law that could ban the platform by Jan. 19 while the government emphasized its position that the statute is needed to eliminate a national security risk. “President Trump takes no position on the underlying merits of this dispute. Instead, he respectfully requests that the Court consider staying the Act’s deadline for divestment of January 19, 2025, while it considers the merits of this case,” said Trump’s amicus brief, which supported neither party in the case. The filings come ahead of oral arguments scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. Earlier this month, a panel of three federal judges on the U.S. Court of Appeals for the District of Columbia Circuit unanimously upheld the statute , leading TikTok to appeal the case to the Supreme Court. The brief from Trump said he opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.”Daily Update: WWE SmackDown, AAA, AEW Rampage
Are you in the mood for some eau de filthy clogged toilette . For those who want to smell like last call on the Lower East Side, Miller High Life has released a new cologne that’s meant to smell like a dive bar for $60 a bottle, just in time for the holidays. The scent of the so-called Dive Bar-Fume blends cedarwood and patchouli to recreate the smell of a bar counter, tobacco and leather to evoke “those worn-in leather barstools,” sea salt for the “basket of fries and popcorn” and Champak blossom to replicate the smell of Miller High Life. It’s unclear if the cologne, which is currently sold out, will also smell like stale cigarette smoke, flooded bathrooms and a fight that breaks out for no reason. “High Life is bringing that dive bar scent you know and love to your home with High Life Dive Bar-Fume, just in time for the holidays. Happy High Life!” fragrance’s listing says. The Champagne of Beers has other beer-themed holiday offerings in its shop, including Miller High Life stockings and Christmas tree ornaments. Instagram users had a field day in the comments of the post announcing the cologne with one commenter saying “this was my scent for 7 years.” “Does it smell like shattered dreams?” posted another.via Financial Preparedness substack, The re-election of Donald Trump was the largest political revolution of my lifetime. As I've listened to him and his nominees talk about their priorities and plans since the election, I have realized that his administration will bring about dramatic and fundamental changes that will have profound effects in many domains, both globally and through time. I now understand why the Left and Deep State were so obsessed with stopping him “using any means necessary” since 2016. If he can get the Senate to confirm his nominees, I predict that the following will soon be over: Perpetual War and the Military-Industrial-Complex : In 1961, outgoing president Eisenhower (no peacenik himself) warned about the MIC: “...we have been compelled to create a permanent armaments industry of vast proportions....This conjunction of an immense military establishment and a large arms industry is new in the American experience....Yet we must not fail to comprehend its grave implications....In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.” Trump will quickly bring the Russia-Ukraine war to an end and prompt Iran and its proxies to go dormant. China, Russia and North Korea will behave themselves and the U.S. won't enable NATO's recent reckless military adventurism. Many American troops will come home and the U.S. will only get involved if its vital national interests are at risk. Illegal Immigration : ICE will deport many millions of illegal aliens (queue lots of sob stories by what's left of the Legacy Media), starting with known criminals. The Trump administration will immediately stop the secret flights of aliens into the U.S., defund the many NGOs that facilitated the Soft Invasion , enforce existing immigration laws, and probably complete the border wall. But I think undocumented people who have lived in the U.S. for many years and are contributing to society will be left alone. The Deep State : Since 2016, hundreds of high level government officials have abused their power in many ways to prevent the American people from having the president they voted for (also known as democracy ). Most of these people are guilty of crimes. At a minimum, they will be fired and stripped of any security clearances and will have to find an honest way to make a living. Some will write books about Orange Man Bad. The Intelligence-Industrial-Complex : This is who have really run the country to an increasing degree since 1963. This is probably the greatest current threat to our (dying) republic. Since 9/11, with the collusion of Big Tech and the governments of allied countries, it has vacuumed up every possible bit of communication and information about American citizens (a flagrant violation of the Fourth Amendment) and stored it for perpetuity (for who knows what purposes in the future) at the Utah Data Center. It also sponsors coups against democratically elected foreign governments, conducts disinformation and false flag operations to sway public opinion, runs secret prisons in foreign countries where people are tortured, etc. Wresting power away from this beast will be one of Trump's greatest challenges. The Administrative State : The vast majority of federal bureaucrats serve no useful purpose, yet enjoy compensation packages and job security that far exceed what's available in the private sector. Entire departments (such as Education), bureaus, offices and commissions will be eliminated. Thousands of regulations will be repealed, rendering millions of bureaucrats suddenly redundant. Those whose jobs aren't eliminated will have to come in to the office every day after a four-year “work at home” vacation. The Democratic Party (in its current form): The party is in disarray, with no current leaders (after their failed coup, the Obamas are finished) or good potential future leaders and virtually no policy proposals that appeal to the average voter. Their platform consisted of two planks: Get Trump and Abortion on Demand. Ironically, their presidential candidate wasn't even elected in a Democratic process, and their presidential primaries have been rigged for years. As they've lost touch with Americans in Flyover Country, the party has largely become one of university-educated bicoastal elites and the lowest of Low Information Voters. After years of demanding censorship, de-monetization, de-platforming, doxing and canceling of people they disagree with, it's no surprise they show a remarkable lack of self-awareness, introspection, empathy and curiosity about the “garbage.” They will wander in the political wilderness until this changes. Congressman Seth Moulton (D, MA) bravely pointed out some of his party's insanity after the election but was quickly condemned. Ironically, he represents Salem. The Legacy Media : The sudden post-election implosion of the Legacy Media is the most stunning and far-reaching since the collapse of the Soviet Union in 1991. Since 2016, the media has become increasingly apoplectic about the “racist,” “fascist,” “existential threat to our democracy” Trump, making the case for the Thomas Matthew Crooks and Ryan Wesley Rouths of the world to save humanity from the “ literal Hitler ” before the world suffered the same fate. Yet their ratings tanked even as their warnings about a dictatorial Trump became more shrill and frantic. Why? Because after promoting hoaxes (such as Hunter Biden's laptop, Trump's collusion with Russia, the COVID “pandemic,” an armed insurrection on January 6, etc.) for years, they have no credibility left. Americans trust the media less than any other political or civic institution . This rotted out tree began to fall even before the election. Editors and employees at The Washington Post and The Los Angeles Times freaked out when their editorial page was not allowed to endorse Kamala. Because otherwise, how would readers know that these papers supported her, right? The most stunning development was how after years of trashing Trump perhaps more than anyone else, the hosts of “Morning Joe” went to Mar-a-Lago to make up with him (he was gracious enough to meet with them). They did so for economic survival, to remain relevant, because their show is at risk of being canceled. Comcast is about to spin off MSNBC and CNBC . CNN is also on the ropes, and “The View” is planning to add another conservative commentator . Elen DeGeneres has fled the country , vowing never to return. Censorship : The publication of the Twitter Files (for which some Democrats threatened the reporter with prison ) helped expose how Big Tech and the Legacy Media have colluded with the federal government in recent years to censor facts “misinformation” from the American people. Ironically, at this time in human history when it should be easier and faster than ever before to discover the truth, we have to deal with this bullshit. Tyrants have no need to censor falsehoods, which can easily be disproved. It's the truth they fear. And the way to get to the truth is for everyone to be allowed to say what they want, even though some of it will be uninformed or false. The truth will always out itself eventually. This is the essence and beauty of the Scientific Method. No one person, government, website or group of “fact checkers” could possibly know what the Truth is. So let's have an open, ongoing debate where everyone is allowed to make their case, which will allow us to avoid error and prevent tyranny. The Free Speech party won the election, and the Season of Reveal is about to ramp up. Expect the release of files related to JFK's assassination, the CIA, UFOs, Jeffrey Epstein and Diddy's parties. Lawfare : As far as I know, all of the lawfare cases against Trump are dead, though Manhattan DA Alvin Bragg and Judge Juan Merchan are threatening to delay his sentencing until 2029, leaving a Sword of Damocles hanging over his head. Using the justice system to target a political opponent simultaneously (and obviously) with a number of absurd charges in politically hostile jurisdictions is profoundly un-American. It's something that a desperate tyrant in a Third World country would do. This strategy backfired on Democrats, as it made many voters even more likely to vote for Trump. Lady Justice is blindfolded for a reason. Identity Politics and DEI : (Marxist) Critical Race Theory is out and meritocracy and a colorblind society are back. Tens of millions of people (including blacks, Hispanics and women) voted for Trump not because of his race or gender but because they thought he was the best candidate. Ethnicity-based tribalism is toxic to society and inevitably leads to an outcome like what happened in Rwanda between the Hutus and the Tutsis. Now corporations and even the Pentagon are scrambling to shutter their DEI programs. Americans generally want the best; they will figure out who should do the job. Big Pharma, Big Food and Medical Tyranny : As the secretary of Health & Human Services, RFK Jr. will (hopefully) dramatically change the direction of the FDA, CDC, NIH, etc. away from processed food and pharmaceutical products towards natural (and often low-cost) food and health remedies. A ban on advertising by Pharma will hasten the demise of the Legacy Media and end their symbiotic relationship. Watch for a number of long-overdue investigative reports about the Pharma industry. Due to the obvious ineffectiveness of and many injuries and deaths due to the unproven COVID vaccines, I would imagine Americans' faith in vaccines has never been lower. They now realize that the government doesn't have all of the answers and one must remain an independent, critical thinker. ESG : I would expect that in the Trump administration, the SEC will require investment managers (including Blackrock, State Street and Vangaurd) to explain how forcing the management of publicly traded companies to pursue ESG policies fulfills their legal fiduciary duty to maximize the return of their customers. I look forward to hearing that explanation. There will be much more of a focus on profits, free cash flow and dividends, which will help boost returns and reduce risk. The Great Reset : If a major country such as the U.S. refuses to participate in Klaus Schwab's tyrannical fantasies, it more or less pulls the rug out from the whole program, because the countries that do participate won't be able to compete, and their citizens will be able to see that life is better in a freer and more decentralized country. Trumpism is a global movement, because people are sick and wary of people like Schwab, Bill Gates, George Soros and the rest of the .01% ruling elite. Closet Trump Supporters : One reason Trump's victory in 2016 was such a surprise to nearly all pollsters is because many voters were embarrassed or fearful to admit that they supported Trump. Not any more. Trump has never been more popular. MAGA hats now top Amazon's best seller list . I've seen athletes in several sports celebrate by doing a Trump dance . Part of Trump's genius (I'm sure his decades of experience in hospitality and entertainment helped with this) is that he made politics fun and funny. Americans want to laugh and be of good cheer after years of having to sit through mandatory DEI training and being told that they're inherently and irreversibly racist because of the color of their skin. The Silent Majority have spoken, and instead of being identified by their race, gender, etc. now just want to get back to being Americans.When University of Nebraska-Lincoln sophomore Maxwell Anderson strolled into his 9:30 a.m. human geography class on Thursday, the last thing he expected was to find five dozen brand-new jerseys waiting for him on his seat. Since September, Anderson, a 19-year-old from Chicago, has become an unexpected social media sensation, though by no means of his own. It all started on Sept. 3 when Big Red Dave shared a photo on X, formerly known as Twitter, showing Anderson sitting in the front row of class proudly wearing a Nick Van Exel jersey. The next class, there was a new photo, this time featuring Anderson in a Karl Malone jersey. The posts from Anderson’s classmate quickly gained traction, and as the semester continued, Andersons collection of jerseys garnered more support. Anderson didn’t realize he had become an internet sensation until early October, when a TikTok video featuring his admirable attire went viral. People are also reading... “I was stunned,” Anderson said. “I was so happy ... and then a day later, it got millions of views.” University of Nebraska-Lincoln sophomore geography major Maxwell Anderson, also known as Jersey Guy, has gone viral for wearing a different jersey to his class every day, Anderson has around 100 different jerseys, about 60 of which were given to him this week by Fanatics. With the new hype online, Anderson made a promise to himself — he would never repeat a jersey in his Bessey Hall class. “I just kept wearing them and I had enough, I finished the semester out,” Anderson said. Thursday, the final day of his geography class, Anderson was greeted with a special gift waiting for him — nearly 60 jerseys draped over his front-row seat. “I was stunned, I couldn’t say anything,” Anderson said. “Standing there, I was in shock. I had no idea this was going to happen.” The video of Anderson’s reaction went viral on social media and his new nickname, “Jersey Guy,” quickly spread. “I became Jersey Guy overnight,” Anderson said on Friday. “I went to class today and everyone in the class knew I was famous and it’s insane.” The new jerseys had been donated by Fanatics, a sports apparel and fan gear store. The addition included many different sports, including soccer, WNBA, hockey and baseball jerseys. A LeBron James jersey, Anderson’s favorite player of all time, was also added to his collection. “It’s so weird because this is just my life,” Anderson said. “I’m not doing anything special, I’m not doing anything that requires a ton of talent. I just be me and I go out and wear jerseys I love and then people loved it also.” Jerseys have always been meaningful to Anderson. His first jersey was a Steelers “Mean” Joe Greene jersey from his dad when he was just 10 years old. Later, during an eighth grade trip to New York, Anderson bought a Magic Johnson jersey and a Giannis Antetokounmpo jersey. Before going viral, Anderson owned nearly 40 jerseys, the majority of which were football and basketball. “I love sports. I played basketball in high school and grade school, and then I played football also in high school,” Anderson said. “I like to watch sports and then I got into sports more and more.” The most obscure jersey in his collection is a retro Steve Largent jersey, and his pride and joy is a framed, signed Jim Zorn jersey. Both were Seattle Seahawks players long before Anderson was born. University of Nebraska - Lincoln sophomore geography major Maxwell Anderson, also known as Jersey Guy, has gone viral for wearing a different jersey to his class every day, Anderson has around 100 different jerseys. University of Nebraska - Lincoln sophomore geography major Maxwell Anderson poses for a portrait with his favorite jersey, a signed Jim Zorn jersey gifted to him by his dad, at his dorm in The Village on Friday, Dec. 13, 2024. Anderson’s adoration for the Seahawks began in 2014 after they won the Super Bowl against the Denver Broncos. “We had a class assignment in fourth grade and we had to choose which team we thought was going to win,” Anderson said. “Me and like one other kid chose the Seahawks and everyone else chose the Broncos.” Today, he owns around seven Seahawks jerseys, the most popular team in his collection. As his collection nears 100 jerseys, there had been one notable item still missing: a Husker jersey. But that all changed Friday night when Anderson was given four of them at the Nebraska-Indiana men's basketball game. University of Nebraska-Lincoln sophomore geography major Maxwell Anderson, wears a new Nebraska jersey, one of four he was gifted, at the Nebraska vs. Indiana Men's basketball game on Friday, Dec. 13, 2024. While jerseys are expensive and can range from $60 to $200, Anderson said it’s just like buying a new sweatshirt. “Everyone’s got their own pair of clothing they like; I really like jerseys,” he said. He estimates that he has somewhere between $5,000 and $10,000 worth of jerseys in his collection. He expects the chaos to die off over winter break, but he plans to keep wearing his jerseys when he returns to school in January. “I don’t really care if it’s only my 15 minutes of fame and it doesn’t last. This is a moment I’ll have for the rest of my life,” Anderson said. “I’m gonna die with this moment. I’m gonna tell my kids about it, I’m gonna tell my family.” Top Journal Star photos for December 2024 Norris' Evan Greenfield (22) scores a layup as Wahoo's Jase Kaminski (13) goes up to defend the basket in the second half on Tuesday, Dec. 10, 2024, at Wahoo High School. Ruby Augustine blows out the candles on her birthday cake during her 105th birthday party on Saturday, Dec. 7, 2024, at the Legacy Retirement Community. Cicely Wardyn of Lincoln adjusts an outdoor heater next to a Nativity scene during the Hometown Christmas event Sunday at the Governor's Mansion. Eddie Walters, dressed as the Grinch, leads the pack of runners along the Billy Wolff trail during the Santa Fun Run on Saturday, Dec. 7, 2024. Nebraska plays against Florida A&M in an NCAA tournament game on Friday, Dec. 6, 2024, at the Bob Devaney Sports Center. Fourth grade student Lulu Kulwick carries her review worksheet to meet with her teacher during computer science class. Each student was asked to analyze how fun, challenging and easy to understand each game was, and discuss what they thought was a good aspect to the game, and what could use some work. Ben Heppner is illuminated by morning light as he waits for the start of the Santa Fun Run on Saturday, Dec. 7, 2024, inside the Fleet Feet store. Nebraska head coach Amy Williams (left) and Callin Hake (14) cheer for their team after a defensive stop during the third quarter of the game against Minnesota on Sunday, Dec. 8, 2024, at Pinnacle Bank Arena. Members of the Lincoln Journal Star's 2024 Super State volleyball team compete in Dance Dance Revolution and air hockey while at a photo shoot on Wednesday, Dec. 4, 2024, at Round 1 Arcade. Lincoln North Star's J'Shawn Afun (10) and Mekhi Wayne-Browne (11) battle Lincoln Southeast's Jaydee Dongrin (21) for a rebound in the first half on Friday, Dec. 6, 2024, at Lincoln Southeast High School. Miami's Flormarie Heredia Colon (left) and Ashley Carr celebrate a point against South Dakota State during an NCAA first-round match, Friday, Dec. 6, 2024, at the Devaney Sports Center. Workers pull up the Capitol Christmas tree on Monday at the Capitol. The 22-foot Colorado spruce from Walton was selected by the Office of the Capitol Commission to be this year’s annual Christmas tree. Jenni Watson helps to arrange chairs for New Covenant Community Church's first service in their repaired main auditorium on Thursday, Dec. 5, 2024, at New Covenant Community Church. New Covenant Community Church is nearing completion of six months of reconstruction project after a fire in May damages the church. While the building was not fully consumed by fire, there was significant water damage to the main auditorium and the first floor south wing. Jack, the dog, lifts his leg on the Christmas tree that his owners David and Karen Petersen of Hickman chose as Max Novak helps them on Saturday at Prairie Woods tree farm in Hallam. Iowa's Drew Stevens (18) kicks a game-winning field goal through the arms of Nebraska's Ty Robinson (9) and Nash Hutmacher (0) on Friday at Kinnick Stadium in Iowa City. Lincoln Northwest senior Kynzee McFadden (top right) works with her teammates as they compete in an identifying game on the Anatomage Table on Tuesday at Lincoln Northwest High School. An Anatomage Table is a digital platform that allows students to perform virtual experiments on a life-size touchscreen. The table is a tool that provides an interactive view of the human body, allowing students to virtually work with different body parts. Dahlia Brandon of Lincoln tickles her 15-month-old daughter, Gema, with a stuffed animal while shopping at HobbyTown on Saturday. The toy and game store nearly doubled its sales on Black Friday from last year. Nebraska's Berke Büyüktuncel (left) and South Dakota's Max Burchill (3) reach for the ball during the first half of the game on Wednesday, Nov. 27, 2024, at Pinnacle Bank Arena. Reach the writer at 402-473-7241 or ajohnson2@journalstar.com . On Twitter @ajohnson6170 Get local news delivered to your inbox! Subscribe to our Daily Headlines newsletter. Trending Topics Reporter {{description}} Email notifications are only sent once a day, and only if there are new matching items.
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