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Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to date, as the world's tech giants race to take the lead in the fast developing technology. CEO Sundar Pichai said the new model would mark what the company calls "a new agentic era" in AI development, with AI models designed to understand and make decisions about the world around you. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
David Woiwod to join Monique Wright on the couch as Weekend Sunrise co-hostReiterates Commitment to Investing in America to Lower Grocery Prices, Raise Associate Wages, and Support Local Communities Highlights Resilience of Value Creation Model and Strong Momentum to Drive Long-term, Sustainable Growth Board of Directors Authorizes $7.5B Share Repurchase Program including $5B Accelerated Share Repurchase CINCINNATI , Dec. 11, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today terminated its merger agreement with Albertsons after the U.S. District Court for the District of Oregon granted the Federal Trade Commission's request for a preliminary injunction to block the proposed merger. After reviewing options, the company determined it is no longer in its best interests to pursue the merger. "Kroger is moving forward from a position of strength. Our go-to-market strategy provides exceptional value and unique omnichannel experiences to our customers which powers our value creation model. We look forward to accelerating our flywheel to grow our alternative profit businesses and generate increased cash flows. The strength of our balance sheet and sustainability of our model allows us to pursue a variety of growth opportunities, including further investment in our store network through new stores and remodels, which will be an important part of our 8 – 11% TSR model over time," said Rodney McMullen , Kroger's Chairman and CEO. America's Grocer is Committed to Lowering Grocery Prices & Investing in Associates "Kroger has an extraordinary track record of investing in America," said McMullen. "We are at our best when we serve others – our customers, associates, and communities – and we take seriously our responsibility to provide great value by consistently lowering prices and offering more choices. When we do this, more customers shop with us and buy more groceries, which allows us to reinvest in even lower prices, a better shopping experience and higher wages. We know this model works because we've been doing it successfully for many years, and this is exactly what we will continue to do." Kroger's ongoing investments in America include: "I appreciate our associates who remained focused on taking care of our customers, communities and each other throughout the merger process," added McMullen. Share Repurchase Program Including Accelerated Share Repurchases Now that Kroger has terminated the merger agreement, the company is ready to deploy its capacity. With its strengthened balance sheet, Kroger will resume share repurchases after a more than two-year pause. Since announcing the merger, Kroger used its strong free cash flow and debt financing to build meaningful balance sheet capacity while maintaining its investment-grade rating. Kroger's Board of Directors approved a new share repurchase program authorizing the repurchase of up to $7.5 billion of common stock. The new repurchase authorization replaces Kroger's existing $1 billion authorization which was approved in September 2022 . Kroger intends to enter an accelerated share repurchase ("ASR") agreement for the repurchase of approximately $5 billion of common stock. "Our strong balance sheet and free cash flows position us to deliver on our commitment to grow the business and return capital to shareholders, maintaining capacity to invest in lower prices and higher associate wages," McMullen said. Kroger expects to continue to generate strong free cash flow and remains committed to its capital allocation priorities including maintaining its current investment grade debt rating, investing in the business to drive long-term sustainable net earnings growth, and returning excess free cash flow to shareholders via share repurchases and a growing dividend over time, subject to board approval. Looking forward, Kroger plans to host an Investor Day event in late spring of 2025 to share an update on its strategic priorities, future growth prospects and long-term financial outlook. Merger Debt Redemption In connection with the termination of the merger agreement, Kroger will begin the process of redeeming the $4.7 billion of its senior notes issued on August 27, 2024 , that include a special mandatory redemption provision in accordance with their terms. The notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date. Termination of Exchange Offers In connection with the termination of the merger agreement, Kroger has also elected to terminate its previously announced offers to exchange (collectively, the "Exchange Offers") any and all outstanding notes (the "ACI Notes") issued by Albertsons Companies, Inc., New Albertsons, L.P., Safeway Inc., Albertson's LLC, Albertsons Safeway LLC and American Stores Company, LLC (collectively, the "ACI Issuing Entities"), for up to $7,441,608,000 aggregate principal amount of new notes to be issued by Kroger and cash. Kroger has also elected to terminate the related solicitation of consents (the "Consent Solicitation" and, together with the Exchange Offer, the "Exchange Offer and Consent Solicitation") on behalf of the ACI Issuing Entities to adopt certain proposed amendments to the indentures governing the ACI Notes (the "ACI Indentures"). As a result of the Exchange Offer being terminated, the total consideration, including any consent fee, will not be paid or become payable to holders of the ACI Notes who have validly tendered and not validly withdrawn their ACI Notes for exchange in the Exchange Offer, and the ACI Notes validly tendered and not validly withdrawn for exchange pursuant to the Exchange Offer will be promptly returned to the tendering holders. As a result of the Consent Solicitation being terminated, the proposed amendments to the ACI Indentures and the supplemental indentures previously entered into reflecting such proposed amendments will not become operative. About the Exchange Offers Global Bondholder Services Corporation served as exchange agent and information agent for the now terminated Exchange Offer and Consent Solicitation. You should direct questions and requests for assistance to Global Bondholder Services Corporation at (855) 654-2015 (toll-free) or (212) 430-3774 (banks and brokers), or by email at contact@gbsc-usa.com . About Kroger At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: to Feed the Human SpiritTM. We are, across our family of companies nearly 414,000 associates who serve over eleven million customers daily through a seamless digital shopping experience and retail food stores under a variety of banner names , serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities. To learn more about us, visit our newsroom and investor relations site. Forward Looking Statements This press release contains certain statements that constitute "forward-looking statements" about Kroger's financial position and the future performance of the company. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "achieve," "committed," "confidence," "continue," "deliver," "expect," "future," "guidance," "model," "outlook," "strategy," "target," "trends," "well-positioned," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following: Kroger's ability to achieve sales, earnings, incremental FIFO operating profit, and adjusted free cash flow goals may be affected by: the termination of the merger agreement and our proposed transaction with Albertsons and related divestiture plan; labor negotiations; potential work stoppages; changes in the unemployment rate; pressures in the labor market; changes in government-funded benefit programs; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, and the aggressiveness of that competition; Kroger's response to these actions; the state of the economy, including interest rates, the inflationary, disinflationary and/or deflationary trends and such trends in certain commodities, products and/or operating costs; the geopolitical environment including wars and conflicts; unstable political situations and social unrest; changes in tariffs; the effect that fuel costs have on consumer spending; volatility of fuel margins; manufacturing commodity costs; supply constraints; diesel fuel costs related to Kroger's logistics operations; trends in consumer spending; the extent to which Kroger's customers exercise caution in their purchasing in response to economic conditions; the uncertainty of economic growth or recession; stock repurchases; changes in the regulatory environment in which Kroger operates, along with changes in federal policy and at regulatory agencies; Kroger's ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger's ability to negotiate modifications to multi-employer pension plans; natural disasters or adverse weather conditions; the effect of public health crises or other significant catastrophic events; the potential costs and risks associated with potential cyber-attacks or data security breaches; the success of Kroger's future growth plans; the ability to execute our growth strategy and value creation model, including continued cost savings, growth of our alternative profit businesses, and our ability to better serve our customers and to generate customer loyalty and sustainable growth through our strategic pillars of fresh, our brands, personalization, and seamless; the successful integration of merged companies and new strategic collaborations; and the risks relating to or arising from our proposed nationwide opioid litigation settlement, including our ability to finalize and effectuate the settlement, the scope and coverage of the ultimate settlement and the expected financial or other impacts that could result from the settlement. Our ability to achieve these goals may also be affected by our ability to manage the factors identified above. Our ability to execute our financial strategy may be affected by our ability to generate cash flow. Kroger assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. View original content to download multimedia: https://www.prnewswire.com/news-releases/kroger-reiterates-its-commitment-to-lower-prices-and-initiates-new-7-5b-share-buyback-program-302329493.html SOURCE The Kroger Co.Signal Gold Exercises Option and Upsizes Concurrent Financing, Confirms Conversion of Subscription Receipts and Updated Credit Facility Restructuring Terms
Taoiseach Simon Harris said he also wanted to tell Nikita Hand, a hair colourist from Drimnagh, that her case had prompted an increase in women coming forward to ask for support. Ms Hand, who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a civil case at the High Court in the Irish capital on Friday. The total amount of damages awarded to Ms Hand by the jury was 248,603.60 euro (£206,714.31). Mr McGregor said in a post on social media on Friday that he intends to appeal against the decision. That post has since been deleted. Speaking to the media on Saturday, Mr Harris said he told Ms Hand of the support she has from people across Ireland. “I spoke with Nikita today and I wanted to thank her for her incredible bravery and her courage,” he said. “I wanted to make sure that she knew how much solidarity and support there was across this country for her bravery. “I also wanted to make sure she knew of what the Dublin Rape Crisis Centre had said yesterday – that so many other women have now come forward in relation to their own experiences of sexual abuse as a result of Nikita’s bravery.” The Dublin Rape Crisis Centre said the case has had a “profound effect” on the people the charity supports, and that over the first 10 days of the High Court case, calls to its national helpline increased by almost 20%. It said that first-time callers increased by 50% compared to the same period last year, and were largely from people who had experienced sexual violence who were distressed and anxious from the details of case and the views people had to it. Mr Harris said: “I wanted to speak with her and I wanted to wish her and her daughter, Freya, all the very best night, and I was very grateful to talk with Nikita today. “Her bravery, her courage, her voice has made a real difference in a country in which we must continue to work to get to zero tolerance when it comes to domestic, sexual and gender-based violence. “I don’t want to say too much more, because conscious there could be further legal processes, but I absolutely want to commend Nikita for her bravery, for her courage, for using her voice.” Justice Minister Helen McEntee praised Ms Hand’s bravery and said she had shown “there is light at the end of the tunnel”. She said: “I just want to commend Nikita for her bravery, for her determination and the leadership that she has shown in what has been – I’ve no doubt – a very, very difficult time for her and indeed, for her family. She added: “Because of wonderful people like Nikita, I hope that it shows that there is light at the end of the tunnel, that there are supports available to people, and that there is justice at the end of the day.” Ms Hand said in a statement outside court on Friday that she hoped her case would remind victims of assault to keep “pushing forward for justice”. Describing the past six years as “a nightmare”, she said: “I want to show (my daughter) Freya and every other girl and boy that you can stand up for yourself if something happens to you, no matter who the person is, and justice will be served.” During the case, Ms Hand said she was “disappointed and upset” when the Director of Public Prosecutions (DPP) decided not to prosecute the case after she made a complaint to the Irish police. In a letter to her in August 2020, the DPP said there was “insufficient evidence” and there was not a reasonable prospect of conviction. Ms Hand asked the DPP to review the decision, saying she felt she was being treated differently because one of the suspects was famous. Asked about the DPP’s decision not to prosecute, Mr Harris and Ms McEntee stressed the importance of the DPP’s independence on whether to prosecute. “There are obviously structures in place where the DPP can meet a victim and can outline to them their reasons for not taking the case,” Mr Harris said. “But there’s also always an opportunity for the DPP in any situation – and I speak broadly in relation to this – to review a decision, to consider any new information that may come to light, and I don’t want to say anything that may ever cut across the ongoing work of the DPP.” Ms McEntee stressed that there should “never be any political interference” in the independence of the DPP’s decisions. “I have, since becoming minister, given priority to and enabled a new office within the DPP to open specifically focused on sexual offences, so that this issue can be given the focus and the priority that it needs,” she said.
NoneTexas lawmakers are scrutinizing university professors’ influence
Costco is pushing back — hard — against the anti-DEI movement. It’s getting noticed | CNN BusinessNet sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Balance Sheet and Cash Flow Highlights Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Third Quarter 2024 2023 Old Navy — % 1 % Gap 3 % (1) % Banana Republic (1) % (8) % Athleta 5 % (19) % Gap Inc. 1 % (2) % Old Navy: Gap: Banana Republic: Athleta: Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Current FY24 Outlook Prior FY24 Outlook FY23 Results Net sales Up 1.5% to 2.0% on a 52-week basis Up slightly on a 52-week basis $14.9 billion 1 Gross margin Approximately 220 bps expansion Approximately 200 bps expansion 38.8 % Operating expense Approximately $5.1 billion Approximately $5.1 billion $5.17 billion (adjusted) 2 Operating income Mid to High 60% growth range Mid to High 50% growth range $606 million (adjusted) 3 Effective tax rate Approximately 26.5% Approximately 28% 9.7 % Capital expenditures Approximately $500 million Approximately $500 million $420 million 1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately $160 million of incremental sales. 2 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale. 3 Fiscal year 2023 adjusted operating income of $606 million excludes $93 million in restructuring costs and a $47 million gain on sale. Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED ($ in millions) November 2, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,969 $ 1,351 Short-term investments 250 — Merchandise inventory 2,331 2,377 Other current assets 580 646 Total current assets 5,130 4,374 Property and equipment, net of accumulated depreciation 2,546 2,552 Operating lease assets 3,217 3,200 Other long-term assets 960 926 Total assets $ 11,853 $ 11,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,523 $ 1,433 Accrued expenses and other current liabilities 1,135 1,078 Current portion of operating lease liabilities 617 604 Income taxes payable 50 24 Total current liabilities 3,325 3,139 Long-term liabilities: Long-term debt 1,489 1,488 Long-term operating lease liabilities 3,360 3,456 Other long-term liabilities 544 509 Total long-term liabilities 5,393 5,453 Total stockholders' equity 3,135 2,460 Total liabilities and stockholders' equity $ 11,853 $ 11,052 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except per share amounts) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,829 $ 3,767 $ 10,937 $ 10,591 Cost of goods sold and occupancy expenses 2,194 2,211 6,322 6,488 Gross profit 1,635 1,556 4,615 4,103 Operating expenses 1,280 1,306 3,762 3,757 Operating income 355 250 853 346 Interest, net (6) — (12) 8 Income before income taxes 361 250 865 338 Income tax expense 87 32 227 21 Net income $ 274 $ 218 $ 638 $ 317 Weighted-average number of shares - basic 377 371 376 369 Weighted-average number of shares - diluted 383 375 383 373 Earnings per share - basic $ 0.73 $ 0.59 $ 1.70 $ 0.86 Earnings per share - diluted $ 0.72 $ 0.58 $ 1.67 $ 0.85 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 39 Weeks Ended ($ in millions) November 2, 2024 (a) October 28, 2023 (a) Cash flows from operating activities: Net income $ 638 $ 317 Depreciation and amortization 371 394 Gain on sale of building — (47) Change in merchandise inventory (344) (5) Change in accounts payable 156 133 Other, net Best trending stories from the week. Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. You may occasionally receive promotions exclusive discounted subscription offers from the Roswell Daily Record. Feel free to cancel any time via the unsubscribe link in the newsletter you received. You can also control your newsletter options via your user dashboard by signing in.Alexandra Samuels is a national political reporter and contributor to the Daily Dot, where she started as an intern covering politics in the summer of 2016. 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Irish premier praises Dublin woman who won civil case against Conor McGregorLuke DeCock: Bill Belichick ready to cut sleeves off an Alexander Julian blazer as UNC football coach
Irish premier praises Dublin woman who won civil case against Conor McGregorTaoiseach Simon Harris said he also wanted to tell Nikita Hand, a hair colourist from Drimnagh, that her case had prompted an increase in women coming forward to ask for support. Ms Hand, who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a civil case at the High Court in the Irish capital on Friday. The total amount of damages awarded to Ms Hand by the jury was 248,603.60 euro (£206,714.31). Mr McGregor said in a post on social media on Friday that he intends to appeal against the decision. That post has since been deleted. Speaking to the media on Saturday, Mr Harris said he told Ms Hand of the support she has from people across Ireland. “I spoke with Nikita today and I wanted to thank her for her incredible bravery and her courage,” he said. “I wanted to make sure that she knew how much solidarity and support there was across this country for her bravery. “I also wanted to make sure she knew of what the Dublin Rape Crisis Centre had said yesterday – that so many other women have now come forward in relation to their own experiences of sexual abuse as a result of Nikita’s bravery.” The Dublin Rape Crisis Centre said the case has had a “profound effect” on the people the charity supports, and that over the first 10 days of the High Court case, calls to its national helpline increased by almost 20%. It said that first-time callers increased by 50% compared to the same period last year, and were largely from people who had experienced sexual violence who were distressed and anxious from the details of case and the views people had to it. Mr Harris said: “I wanted to speak with her and I wanted to wish her and her daughter, Freya, all the very best night, and I was very grateful to talk with Nikita today. “Her bravery, her courage, her voice has made a real difference in a country in which we must continue to work to get to zero tolerance when it comes to domestic, sexual and gender-based violence. “I don’t want to say too much more, because conscious there could be further legal processes, but I absolutely want to commend Nikita for her bravery, for her courage, for using her voice.” Justice Minister Helen McEntee praised Ms Hand’s bravery and said she had shown “there is light at the end of the tunnel”. She said: “I just want to commend Nikita for her bravery, for her determination and the leadership that she has shown in what has been – I’ve no doubt – a very, very difficult time for her and indeed, for her family. She added: “Because of wonderful people like Nikita, I hope that it shows that there is light at the end of the tunnel, that there are supports available to people, and that there is justice at the end of the day.” Ms Hand said in a statement outside court on Friday that she hoped her case would remind victims of assault to keep “pushing forward for justice”. Describing the past six years as “a nightmare”, she said: “I want to show (my daughter) Freya and every other girl and boy that you can stand up for yourself if something happens to you, no matter who the person is, and justice will be served.” During the case, Ms Hand said she was “disappointed and upset” when the Director of Public Prosecutions (DPP) decided not to prosecute the case after she made a complaint to the Irish police. In a letter to her in August 2020, the DPP said there was “insufficient evidence” and there was not a reasonable prospect of conviction. Ms Hand asked the DPP to review the decision, saying she felt she was being treated differently because one of the suspects was famous. Asked about the DPP’s decision not to prosecute, Mr Harris and Ms McEntee stressed the importance of the DPP’s independence on whether to prosecute. “There are obviously structures in place where the DPP can meet a victim and can outline to them their reasons for not taking the case,” Mr Harris said. “But there’s also always an opportunity for the DPP in any situation – and I speak broadly in relation to this – to review a decision, to consider any new information that may come to light, and I don’t want to say anything that may ever cut across the ongoing work of the DPP.” Ms McEntee stressed that there should “never be any political interference” in the independence of the DPP’s decisions. “I have, since becoming minister, given priority to and enabled a new office within the DPP to open specifically focused on sexual offences, so that this issue can be given the focus and the priority that it needs,” she said.
T his is at once a wise and wonderfully enjoyable book. Mark Lilla treats weighty matters with a light touch, in an elegant prose style that crackles with dry wit. Almost every one of the short sections into which the narrative is divided – and there is a narrative, cunningly sustained within what seems a relaxed discursiveness – takes careful aim and at the end hits the bullseye with a sure and satisfying aphoristic thwock . The central premise of the book is simply stated: “How is it that we are creatures who want to know and not to know?” Lilla, professor of humanities at Columbia University, New York, and the author of a handful of masterly studies of the terrain where political and intellectual sensibilities collide, is an acute observer of the vagaries of human behaviour and thought in general, and of our tendency to self-delusion in particular. He has a genius for the telling epigraph, of which there are many here, set like jewels throughout the text. The first of these, and the most emblematic, is taken from George Eliot’s novel Daniel Deronda : “It is a common sentence that knowledge is power; but who hath duly considered or set forth the power of ignorance?” This latter form of power, he tells us, is the subject he means to address. His book is certainly timely. As he notes, there are certain epochs, and surely we are slap bang in the middle of one, when “evident truth” is cast aside in favour of all manner of imbecile imaginings. “Mesmerised crowds still follow preposterous prophets, irrational rumours trigger fanatical acts, and magical thinking crowds out common sense and expertise.” There, encapsulated in a sentence, is the predicament we face in our present-day social and political lives. At the outset he presents a subtle retelling of Plato’s allegory of the cave . In his telling, a man and a boy are set free from the shadowed chamber and led up into the light. Soon, however, the boy is begging to return to the realm of happy delusion. “I miss my playmates,” he says tearfully. “Even if they were just pixels on a screen.” From the cave, Lilla makes a smooth ascent to the case of Oedipus, the most famous exemplar of the will to ignorance. As he notes, today Oedipus the King “seems less about fate and prophecy than about the vexed problem of self-knowledge”. And Oedipus is not alone in his state of willed blindness. What about Jocasta ? “While sharing her son’s bed all those years, wouldn’t she have noticed his disfigured feet, an unmistakable sign of his identity?” And why stop with the royal couple? Maybe they were all in on it, all of Thebes, and beyond, all “caught between the will to know and the will not to know”. It is remarkable how many instances Lilla finds of the wriggly measures humankind adopts in order not to look the facts in the face, from the Bible – that vast compendium of elaborate avoidances – through Augustine , and the giants of the Enlightenment, to the enraptured messianism of the twin mid-20th-century ideologies of fascism and communism. At the heart of the book is an invigorating excursus on St Paul, the founding father of the most consequential and, some would contend, most pernicious religious cult the world has known. Lilla knows his man: “It is no exaggeration to say that the history of western populism – spiritual and political – began with Paul.” He is “the cultured despiser of culture”, “a learned fanatic of the highest order”, who “held up as spiritual models innocent children, uneducated workmen, and lambs with vacant eyes, forever enshrining reverse snobbery as a Christian virtue”. If the next resident at 1600 Pennsylvania Avenue is in need of a patron saint, surely Paul is the one: “For it is written, I will destroy the wisdom of the wise, and will bring to nothing the understanding of the prudent ... If any man among you seems to be wise in this world, let him become a fool, that he may be wise.” Sign up to Observed Analysis and opinion on the week's news and culture brought to you by the best Observer writers after newsletter promotion And one more quote, not to be resisted for the tenor of its measured contempt: “Paul made possible the transformation of the Gospels’ beautiful moral ideal into an anti-intellectual ideology that was enshrined permanently in the Christian scriptures and has since passed into our secular societies. That ideology has attracted a certain sort of mind ever since – one with a death wish.” As Nietzsche put it: “There was only one Christian, and he died on the cross.” Ignorance and Bliss is a splendidly invigorating antidote to the vapid nostrums and mindless pieties – from right and left – that swirl about us in a poisoned fog. These are parlous times, and we need the likes of Lilla to help us face, and face down, the massed cohorts of “holy fools and eternal children whose distaste for the present sends them rushing, vainly, to restore an imagined past”. Ignorance and Bliss: On Wanting Not to Know by Mark Lilla is published on 12 December by C Hurst & Co (£18.99). To support the Guardian and the Observer order your copy at guardianbookshop.com . Delivery charges may applyEPL: You’re not allowed to drop your form — Maresca warns Chelsea forward
Northeast ignored for years, our government reversed trend: PM ModiCOLLEGE PARK, Md. (AP) — Once Iowa's running game started rolling, it never really stopped. That meant a bigger workload than ever for Kaleb Johnson. Johnson rushed for 164 yards and a touchdown on a career-high 35 carries, and Kamari Moulton scored on a 68-yard run in the fourth quarter to help Iowa outlast Maryland 29-13 on Saturday. “Doesn't take a Knute Rockne to figure this one out,” Iowa coach Kirk Ferentz said. "Coming in we wanted to be able to run the football. That's what we do best." Johnson scored from 2 yards out in the second quarter for his 21st rushing touchdown of the season, and the Hawkeyes (7-4, 5-3 Big Ten) rebounded from their loss to UCLA in their previous game. Maryland (4-7, 1-7) needed to win its final two regular-season games to reach six wins and bowl eligibility, but the Terrapins were dominated in the first half and eventually fell behind 16-0. Drew Stevens made five field goals for Iowa, including kicks from 54 yards in the second quarter, then 50 and 49 in the third. Iowa, which does not exactly push the tempo, ran 46 offensive plays in the first half. The Hawkeyes had the ball for over six minutes on each of their first three possessions, which resulted in a fumble, a field goal and then Johnson's TD. “I thought the first half really played out about as well as we could outside the turnover,” said Ferentz, whose son Brian is an offensive assistant at Maryland. “Controlling the ball, keeping it on the ground and trying to keep their quarterback off the field.” Maryland replaced quarterback Billy Edwards Jr. with backup MJ Morris after two fruitless possessions, but the Terps still trailed 13-0 at halftime. Edwards went back in and led Maryland all the way to the Iowa 3 in the third quarter, but he was injured in a collision with defensive back Xavier Nwankpa. “The kid's a warrior. He's been banged up all year,” Terps coach Mike Locksley said. “I very rarely come in and talk about injuries because those are excuses and I'm not about that. Billy came to me and said, ‘Coach, I want to try to go.’ And he really gave us a chance." Morris came in and capped that drive with an 8-yard scoring pass to Tai Felton that made it 16-6, but a 2-point conversion was unsuccessful. A 12-yard touchdown strike from Morris to Felton made it 19-13 with 11:05 to play, but Iowa answered with Moulton's big run less than two minutes later. Iowa: Quarterback Jackson Stratton, a walk-on transfer from Colorado State, wasn't asked to do much as the Hawkeyes were able to lean on the running game. And credit Iowa's defense for an excellent first half that helped build a big enough lead. Maryland: No matter how obvious Iowa's plan was, the Terps couldn't do much to stop it. Iowa finished with 268 yards rushing on 58 attempts. Ferentz now has 203 career victories as Iowa's head coach. Only Woody Hayes (205) has more in Big Ten history. Johnson looked plenty motivated after he produced just 49 yards rushing against UCLA. He also had extra time to rest since Iowa was off last weekend. “That 49 yards. I was mad at myself a little bit," he said. "I was being too soft. I wasn’t running as hard as I could.” Iowa quarterback Cade McNamara hasn't played since entering concussion protocol after a game late last month. Ferentz urged fans to support McNamara, who since 2022 has dealt with leg, quad and knee problems in addition to his latest issue. “Sometimes you've got to step back and have some compassion for the people that are out competing,” Ferentz said. "You think about the last three years for this guy. He has had a rough go." Iowa: Hosts Nebraska on Friday. Maryland: At Penn State on Saturday. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballSir Keir Starmer has paid tribute to his “wonderful” brother Nick, who has died aged 60 after suffering from cancer. The Prime Minister said his younger brother, who had learning difficulties because of complications at birth, had met “all the challenges life threw at him with courage and good humour”. He died peacefully on Boxing Day, according to the Prime Minister’s spokesman. The Prime Minister had been due to go on holiday with his family on Friday, but it is understood that he will now remain at home, and hopes to join them later. Sir Keir said in a statement: “My brother Nick was a wonderful man. “He met all the challenges life threw at him with courage and good humour. We will miss him very much. “I would like to thank all those who treated and took care of Nick. Their skill and compassion is very much appreciated.” Sir Keir spoke candidly about his brother in a recent biography written by journalist and former Labour Party adviser Tom Baldwin. While growing up in Surrey, the brothers shared a bunk bed in a room with an airing cupboard, and “just enough space for a couple of small desks where we’d do our homework”. The biography recorded how each child of the Starmer family was given a dog for their 10th birthday, and Nick and his twin sister Katy received Jack Russell terriers called Greg and Ben. The book also described how their mother, Jo, had taught Nick to read, but Sir Keir remembered how the school described his brother as “remedial”. Sir Keir, the middle child of four siblings, said: “They had no expectation of him or anything and I’m not sure he even sat exams, so he had nothing to show for coming out of education. “We were a family of six, so it didn’t feel lonely and I shared a room with him, but Nick didn’t have many friends and got called ‘thick’ or ‘stupid’ by other kids.” He added: “Even now I try to avoid using words like that to describe anyone.” Nick worked on scrap cars and scaffolding, earning enough money to rent a home near where he had grown up, according to the book. It said Sir Keir was best man at Nick’s wedding, and the now Prime Minister recalled borrowing a car so his brother was not “driving his bride from the church in his beaten-up minivan, which had all his clothes in the back”. The marriage ended and Nick lived for some time in Yorkshire. In 2022, Sir Keir stepped away from local election campaigning to make several hospital visits to see his brother, who was seriously ill at the time. The Prime Minister also spoke about Nick in his speech at this year’s Labour Party conference in Liverpool. As he described his early encounters with art and culture, and the need to remove social barriers, Sir Keir told delegates: “My brother, who had difficulties learning, he didn’t get those opportunities. “Every time I achieved something in my life, my dad used to say, ‘Your brother has achieved just as much as you, Keir’. “And he was right. I still believe that.” Mr Baldwin, writing for The Times on Friday, recalled the moment in 2023 that he learned from Sir Keir that his brother was dying of lung cancer. He wrote: “This has been a huge part of his life over the past couple of years, during which he made regular trips to Leeds where his brother was in hospital. “Even during the election campaign and since he entered Downing Street, Starmer has continued to visit without a camera crew in sight. “He got to know the staff treating his brother so well that he could recite all their names and they would let him into the hospital through a back door so that there would be no publicity.” Conservative Party leader Kemi Badenoch was among those in the world of politics to offer their condolences. She wrote on X, formerly Twitter: “This is such awful news. Particularly devastating at Christmas time. “My sincere condolences to Keir Starmer and all his family.” Irish premier Simon Harris wrote: “My sincere sympathy to Keir Starmer and his family on such sad news. “They are in my thoughts at this difficult time.”
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