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VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec 5, 2024-- lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2024, which ended on October 27, 2024. Calvin McDonald, Chief Executive Officer, stated: "Our performance in the third quarter shows the enduring strength of lululemon globally, as we saw continued momentum across our international markets and in Canada. Looking to the future, we are pleased with the start to our holiday season, and we remain focused on accelerating our U.S. business and growing our brand awareness around the world. Thank you to our dedicated teams for continuing to deliver for our guests and stakeholders." The adjusted non-GAAP financial measures below exclude asset impairment and other charges recognized in relation to lululemon Studio during the third quarter of 2023, and the related income tax effects of these items. For the third quarter of 2024, compared to the third quarter of 2023: Meghan Frank, Chief Financial Officer, stated: "Our third quarter results, which exceeded our expectations, demonstrate the ability of our teams to be agile in a dynamic operating environment. With the majority of the fourth quarter still in front of us, we are focused on deepening engagement with our guests and bringing new consumers into the brand. We are committed to delivering on our Power of Three ×2 revenue target of $12.5 billion in 2026 and look forward to all that lies ahead." Stock Repurchase Program During the third quarter of 2024, the Company repurchased 1.6 million shares of its common stock for a cost of $408.5 million. On December 3, 2024, the board of directors approved a $1.0 billion increase to the Company's stock repurchase program. Including this increase, as of December 5, 2024, the Company had approximately $1.8 billion remaining authorized on its stock repurchase program. Balance Sheet Highlights The Company ended the third quarter of 2024 with $1.2 billion in cash and cash equivalents and the capacity under its committed revolving credit facility was $393.5 million. Inventories at the end of the third quarter of 2024 increased 8% to $1.8 billion compared to $1.7 billion at the end of the third quarter of 2023. 2024 Outlook For the fourth quarter of 2024, the Company expects net revenue to be in the range of $3.475 billion to $3.510 billion, representing growth of 8% to 10%, or 3% to 4% excluding the 53rd week of 2024. Diluted earnings per share are expected to be in the range of $5.56 to $5.64 for the quarter. This assumes a tax rate of approximately 29.5%. For 2024, the Company now expects net revenue to be in the range of $10.452 billion to $10.487 billion, representing growth of 9%, or 7% excluding the 53rd week of 2024. Diluted earnings per share are now expected to be in the range of $14.08 to $14.16 for the year. This assumes a tax rate of approximately 30%. The guidance does not reflect potential future repurchases of the Company's shares. The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and do not incorporate future unknown impacts, including macroeconomic trends. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below. Power of Three ×2 The Company's Power of Three ×2 growth plan calls for a doubling of the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026. The key pillars of the plan are product innovation, guest experience, and market expansion. Conference Call Information A conference call to discuss third quarter results is scheduled for today, December 5, 2024, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-844-763-8274 or 1-647-484-8814, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations . A replay will be made available online approximately two hours following the live call for a period of 30 days. About lululemon athletica inc. lululemon athletica inc. (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com . Non-GAAP Financial Measures Constant dollar changes and adjusted financial results are non-GAAP financial measures. A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates. Adjusted gross profit, gross margin, income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and the related income tax effects of these items. The Company believes these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in its operating performance, and enable a comparison to its historical financial information. Further, due to the finite and discrete nature of these items, it does not consider them to be normal operating expenses that are necessary to run the business, or impairments or disposal gains that are expected to arise in the normal course of its operations. Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance. The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. The expected net revenue increase excluding the 53rd week excludes the expected net revenue for the 53rd week of 2024. This enables an evaluation of the expected year-over-year increase in net revenue based on 52 weeks in each year. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures. The Company's non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures reported by other companies. Forward-Looking Statements: This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; changes in consumer shopping preferences and shifts in distribution channels; the acceptability of its products to guests; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; its ability to accurately forecast guest demand for its products; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on a relatively small number of vendors to supply and manufacture a significant portion of its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global or regional health events such as the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; global economic and political conditions; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov , including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law. lululemon athletica inc. The fiscal year ending February 2, 2025 is referred to as "2024" and the fiscal year ended January 28, 2024 is referred to as "2023". Condensed Consolidated Statements of Operations Unaudited; Expressed in thousands, except per share amounts Third Quarter First Three Quarters 2024 2023 2024 2023 Net revenue $ 2,396,660 $ 2,204,218 $ 6,976,629 $ 6,414,175 Costs of goods sold 995,054 947,554 2,887,770 2,708,195 Gross profit 1,401,606 1,256,664 4,088,859 3,705,980 As a percentage of net revenue 58.5 % 57.0 % 58.6 % 57.8 % Selling, general and administrative expenses 909,827 842,795 2,624,212 2,407,683 As a percentage of net revenue 38.0 % 38.2 % 37.6 % 37.5 % Impairment of assets and restructuring costs — 74,501 — 74,501 Amortization of intangible assets 1,118 1,253 1,118 5,010 Income from operations 490,661 338,115 1,463,529 1,218,786 As a percentage of net revenue 20.5 % 15.3 % 21.0 % 19.0 % Other income (expense), net 13,743 9,842 55,020 25,229 Income before income tax expense 504,404 347,957 1,518,549 1,244,015 Income tax expense 152,534 99,243 452,336 363,293 Net income $ 351,870 $ 248,714 $ 1,066,213 $ 880,722 Basic earnings per share $ 2.87 $ 1.97 $ 8.57 $ 6.94 Diluted earnings per share $ 2.87 $ 1.96 $ 8.55 $ 6.92 Basic weighted-average shares outstanding 122,697 126,460 124,471 126,892 Diluted weighted-average shares outstanding 122,803 126,770 124,668 127,218 lululemon athletica inc. Condensed Consolidated Balance Sheets Unaudited; Expressed in thousands October 27, 2024 January 28, 2024 October 29, 2023 ASSETS Current assets Cash and cash equivalents $ 1,188,419 $ 2,243,971 $ 1,091,138 Inventories 1,800,893 1,323,602 1,663,617 Prepaid and receivable income taxes 257,388 183,733 300,258 Other current assets 358,589 309,271 309,886 Total current assets 3,605,289 4,060,577 3,364,899 Property and equipment, net 1,697,759 1,545,811 1,413,918 Right-of-use lease assets 1,360,589 1,265,610 1,048,607 Goodwill and intangible assets, net 178,185 24,083 23,912 Deferred income taxes and other non-current assets 241,847 195,860 170,928 Total assets $ 7,083,669 $ 7,091,941 $ 6,022,264 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 385,960 $ 348,441 $ 309,324 Accrued liabilities and other 561,615 348,555 392,949 Accrued compensation and related expenses 190,169 326,110 250,479 Current lease liabilities 290,368 249,270 217,138 Current income taxes payable 96,808 12,098 27,231 Unredeemed gift card liability 238,327 306,479 213,256 Other current liabilities 40,286 40,308 37,737 Total current liabilities 1,803,533 1,631,261 1,448,114 Non-current lease liabilities 1,223,733 1,154,012 950,954 Non-current income taxes payable — 15,864 15,864 Deferred income tax liability 33,231 29,522 53,833 Other non-current liabilities 37,440 29,201 27,650 Stockholders' equity 3,985,732 4,232,081 3,525,849 Total liabilities and stockholders' equity $ 7,083,669 $ 7,091,941 $ 6,022,264 lululemon athletica inc. Condensed Consolidated Statements of Cash Flows Unaudited; Expressed in thousands First Three Quarters 2024 2023 Cash flows from operating activities Net income $ 1,066,213 $ 880,722 Adjustments to reconcile net income to net cash provided by operating activities (194,890 ) 31,344 Net cash provided by operating activities 871,323 912,066 Net cash used in investing activities (575,214 ) (445,325 ) Net cash used in financing activities (1,328,510 ) (510,583 ) Effect of foreign currency exchange rate changes on cash and cash equivalents (23,151 ) (19,887 ) Decrease in cash and cash equivalents (1,055,552 ) (63,729 ) Cash and cash equivalents, beginning of period 2,243,971 1,154,867 Cash and cash equivalents, end of period $ 1,188,419 $ 1,091,138 lululemon athletica inc. Reconciliation of Non-GAAP Financial Measures Unaudited; Expressed in thousands, except per share amounts Constant dollar changes The below changes show the change for the third quarter of 2024 compared to the third quarter of 2023. Net Revenue Change Foreign exchange Change in constant dollars United States — % — % — % Canada 9 — 9 Mexico (1) n/a n/a n/a Americas 2 — 2 China Mainland 39 (3 ) 36 Rest of World 27 (4 ) 23 Total international 33 (3 ) 30 Total 9 % (1 )% 8 % Comparable Sales (2) Change Foreign exchange Change in constant dollars Americas (2 )% — % (2 )% China Mainland 27 (3 ) 24 Rest of World 23 (3 ) 20 Total international 25 (3 ) 22 Total 4 % (1 )% 3 % (1) On September 10, 2024, the Company acquired the lululemon branded retail locations and operations run by a third party in Mexico. Wholesale sales to the third party by lululemon athletica canada inc. prior to the acquisition are disclosed as net revenue recognized within Canada. (2) Comparable sales includes comparable company-operated store and e-commerce net revenue. Comparable company-operated stores have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable company-operated stores exclude stores which have been temporarily relocated for renovations or have been temporarily closed. Adjusted financial measures The following tables reconcile adjusted 2023 financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio and their related tax effects. Please refer to Note 4. Impairment of Assets and Restructuring Costs included in Item 1 of Part I of the Company's Report on Form 10-Q to be filed with the SEC on or about December 5, 2024 for further information on the nature of these amounts. Third Quarter 2023 Gross Profit Gross Margin Income from Operations Operating Margin Income Tax Expense Effective Tax Rate Net Income Diluted Earnings Per Share GAAP results $ 1,256,664 57.0 % $ 338,115 15.3 % $ 99,243 28.5 % $ 248,714 $ 1.96 lululemon Studio charges: lululemon Studio obsolescence provision 23,709 1.1 23,709 1.1 23,709 0.19 Impairment of assets 44,186 2.0 44,186 0.35 Restructuring costs 30,315 1.4 30,315 0.24 Tax effect of the above 26,085 (0.4 ) (26,085 ) (0.21 ) 23,709 1.1 98,210 4.5 26,085 (0.4 ) 72,125 0.57 Adjusted results (non-GAAP) $ 1,280,373 58.1 % $ 436,325 19.8 % $ 125,328 28.1 % $ 320,839 $ 2.53 First Three Quarters 2023 Gross Profit Gross Margin Income from Operations Operating Margin Income Tax Expense Effective Tax Rate Net Income Diluted Earnings Per Share GAAP results $ 3,705,980 57.8 % $ 1,218,786 19.0 % $ 363,293 29.2 % $ 880,722 $ 6.92 lululemon Studio charges: lululemon Studio obsolescence provision 23,709 0.3 23,709 0.3 23,709 0.19 Impairment of assets 44,186 0.7 44,186 0.35 Restructuring costs 30,315 0.5 30,315 0.24 Tax effect of the above 26,085 (0.2 ) (26,085 ) (0.21 ) 23,709 0.3 98,210 1.5 26,085 (0.2 ) 72,125 0.57 Adjusted results (non-GAAP) $ 3,729,689 58.1 % $ 1,316,996 20.5 % $ 389,378 29.0 % $ 952,847 $ 7.49 Expected net revenue increase excluding the 53rd week The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. Fourth Quarter 2024 Fiscal 2024 Expected net revenue increase 8% to 10% 9% Impact of 53rd week (5)% to (6)% (2)% Expected net revenue increase excluding the 53rd week (non-GAAP) 3% to 4% 7% lululemon athletica inc. Company-operated Store Count and Square Footage (1) Square footage expressed in thousands Number of Stores Open at the Beginning of the Quarter Number of Stores Opened During the Quarter Number of Stores Closed During the Quarter Number of Stores Open at the End of the Quarter 4 th Quarter 2023 686 26 1 711 1 st Quarter 2024 711 5 5 711 2 nd Quarter 2024 711 11 1 721 3 rd Quarter 2024 721 28 — 749 Total Gross Square Feet at the Beginning of the Quarter Gross Square Feet Added During the Quarter (2) Gross Square Feet Lost During the Quarter (2) Total Gross Square Feet at the End of the Quarter 4 th Quarter 2023 2,797 173 3 2,967 1 st Quarter 2024 2,967 35 14 2,988 2 nd Quarter 2024 2,988 90 3 3,075 3 rd Quarter 2024 3,075 156 — 3,231 (1) (2) View source version on businesswire.com : https://www.businesswire.com/news/home/20241205433612/en/ CONTACT: Investor Contacts: lululemon athletica inc. Howard Tubin 1-604-732-6124 or ICR, Inc. Joseph Teklits/Caitlin Churchill 1-203-682-8200 Media Contact: lululemon athletica inc. Madi Wallace 1-604-732-6124 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: FASHION ONLINE RETAIL RETAIL HEALTH OTHER RETAIL FITNESS & NUTRITION SPECIALTY SOURCE: lululemon athletica inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205433612/en
ATLANTA – Observations and other notes of interest from Saturday’s 120-110 loss to the Atlanta Hawks: – Typically emotion can be difficult to muster for an afternoon game. – Prior to Saturday’s tipoff, Heat coach Erik Spoelstra joked about the potential need for another cup of coffee. – But he was plenty caffeinated when asked about the Kings’ Friday decision to dismiss coach Mike Brown less than two years after Brown led Sacramento to the playoffs and was named NBA Coach of the Year. – For Spoelstra, this was personal. – “I texted with him last night,” Spoelstra said. “It’s just a really sad state of our profession. It seems like I’m making comments about coaches far too often. Somebody on our staff mentioned that it was almost 15 coaches in Sacramento since I’ve been head coach.” – Spoelstra is in his 17 seasons as Heat coach. – “They’ve had some really good head coaches come through there,” Spoelstra continued. “Mike and I go all the way back to the beginning. We were both video coordinators. He’s a great coach. What they did there is really hard to do. If you’ve been losing for 15, 20 years since Rick Adelman was there, and to change the culture and make the playoffs – you stick with it.” – With that, Spoelstra again offered appreciation for his coaching longevity, as well as disdain for organizations that don’t allow such allowances. – “Some of our best moments have been when we’ve lost or we struggled with things and you all get in a room, and basically the organization says, ‘Figure it the F out. There are no changes,’ ” Spoelstra said. “So I feel for Mike having to go through that. He was the same guy who was Coach of the Year less than 24 months ago. This league is hard. You have to go through adversity together as an entire organization, if you’re going to break through and get to the other side. But, yeah, that sucks.” – Spoelstra stayed with the opening lineup of Tyler Herro, Bam Adebayo, Haywood Highsmith, Jaime Jaquez Jr. and Duncan Robinson for the third consecutive game, with Jimmy Butler missing his fourth consecutive game. – The appearance was the 100th of Jaquez’s regular-season career. – Lacking Dyson Daniels, Bogdan Bogdanovic and Onyeka Okongwu among others, the Hawks opened with a lineup of Zaccharie Risacher, Jalen Johnson, Clint Capela, Vit Krejci and Trae Young. – Spoelstra then went for youthful size in his first substitution, with Nikola Jovic and Kel’el Ware entering together as the first two off the Heat bench. – Terry Rozier followed shortly thereafter. – With Alec Burks making it nine deep. – And Pelle Larsson in the second period making it 10 deep for the Heat. – Saturday’s game presented an ultimate contrast in style, with the Heat coming off an 89-point performance in Thursday’s victory in Orlando and the Hawks coming off a 50-point fourth quarter in their Thursday victory over the Bulls. Related Articles – “Our game isn’t necessarily – it’s definitely not – playing in the 80s,” Spoelstra said. “But sometimes you just have to do whatever you have to do. And on the road, it really just becomes about that, rallying around each other and figuring it out.” – He added pregame, “Atlanta’s playing better lately. We know they can put points on the board. You have to respect that. But we have some things that we do well, as well.” – Herro extended his career-best streak of games scoring in double figures to 59. His previous high was 38 in a row. – Adebayo recorded the 207th double-double of his career, now past Alonzo Mourning (205) for second on the Heat all-time list. Only Rony Seikaly (221) has more. – The game opened the Heat’s sixth of the Heat’s 15 back-to-back sets this season, to conclude Sunday in Houston. The Heat go into Sunday 3-2 on the second nights of such pairings. – Asked about the Heat pregame, Hawks coach Quin Snyder said, “They’re tough. They defend. They really, offensively, within the execution, they’re great at making reads and finding each other. I think for us you’re always cautious of preparing against them.”UNITY TOWNSHIP, Pa. — Rescuers contemplated the safest way Wednesday to search for a woman who apparently fell into a Pennsylvania sinkhole while looking for her lost cat, saying a crumbling old coal mine beneath the surface complicated efforts and endangered workers. Crews worked through the night in the Unity Township community of Marguerite to find Elizabeth Pollard, 64. A state police spokesperson said early Wednesday they were reassessing their tactics to avoid putting the rescuers in danger. "The integrity of that mine is starting to become compromised," Trooper Steve Limani told reporters at the scene about 40 miles east of Pittsburgh. Rescue workers continue to search for Elizabeth Pollard, who is believed to have disappeared in a sinkhole while looking for her cat, Wednesday in Marguerite, Pa. Sinkholes occur in the area because of subsidence from coal mining activity. Rescuers used water to break down and remove clay and dirt from the mine, which has been closed since the 1950s, but that increased the risk "for potential other mine subsidence to take place," Limani said. "We're probably going to have to switch gears" and do a more complicated dig, he said. On Tuesday, crews lowered a pole camera with a sensitive listening device into the hole, but it detected nothing. Another camera lowered into the hole showed what could be a shoe about 30 feet below the surface, Limani said. Searchers also deployed drones and thermal imaging equipment to no avail. Marguerite Fire Chief Scot Graham, the incident commander, said access to the immediate area surrounding the hole was tightly controlled and monitored, with rescuers attached by harness. "We cannot judge as to what's going on underneath us. Again, you had a small hole on top but as soon as you stuck a camera down through to look, you had this big void," Graham said. "And it was all different depths. The process is long, is tedious. We have to make sure that we are keeping safety in the forefront as well as the rescue effort." Rescue workers search through the night in a sinkhole for Elizabeth Pollard, who disappeared while looking for her cat, Tuesday in Marguerite, Pa. Pleasant Unity Fire Chief John Bacha, the operations officer at the scene, said they were "hoping that there's a void that she could still be in." Pollard's family called police about 1 a.m. on Tuesday to say she had not been seen since going out Monday evening to search for Pepper, her cat. The temperature dropped well below freezing that night. In an interview with CBS News, Pollard's son, Axel Hayes, said he is experiencing a mix of emotions. "I'm upset that she hasn't been found yet, and I'm really just worried about whether she's still down there, where she is down there, or she went somewhere and found somewhere safer," Hayes said. "Right now, I just hope she's alive and well, that she's going to make it, that my niece still has a grandmother, that I still have a mother that I can talk to." The top of a sinkhole is seen Tuesday in the village of Marguerite, Pa., where rescuers searched for a woman who disappeared. Police said they found Pollard's car parked behind Monday's Union Restaurant in Marguerite, about 20 feet from the sinkhole. Hunters and restaurant workers in the area said they didn't notice the manhole-size opening in the hours before Pollard disappeared, leading rescuers to speculate that the sinkhole was new. "It almost feels like it opened up with her standing on top of it," Limani said. Searchers accessed the mine late Tuesday afternoon and dug a separate entrance out of concern that the ground around the sinkhole opening was not stable. Pollard lives in a small neighborhood across the street from where her car and granddaughter were located, Limani said. The young girl "nodded off in the car and woke up. Grandma never came back," Limani said. The child stayed in the car until two troopers rescued her. It's not clear what happened to Pepper. In an era of rapid technological advancement and environmental change, American agriculture is undergoing a revolution that reaches far beyond the farm gate. From the food on consumer plates to the economic health of rural communities, the transformation of U.S. farming practices is reshaping the nation's landscape in ways both visible and hidden. LandTrust explores how these changes impact everyone, whether they live in the heartland or the heart of the city. The image of the small family farm, while still a reality for many, is increasingly giving way to larger, more technologically advanced operations. According to the USDA, the number of farms in the U.S. has fallen from 6.8 million in 1935 to about 2 million today, with the average farm size growing from 155 acres to 444 acres. This shift has profound implications for rural communities and the food system as a whole. Despite these changes, diversity in farming practices is on the rise. A landmark study published in Science , involving data from over 2,000 farms across 11 countries, found that diversifying farmland simultaneously delivers environmental and social benefits. This challenges the longstanding idea that practices boosting biodiversity must come at a cost to yields and food security. The adoption of precision agriculture technologies is transforming how farmers manage their land and resources. GPS-guided tractors, drone surveillance, and AI-powered crop management systems are becoming commonplace on many farms. These technologies allow farmers to apply water, fertilizers, and pesticides with pinpoint accuracy, reducing waste and environmental impact while improving yields. However, the digital divide remains a challenge. More than 22% of rural communities lack reliable broadband internet access, hindering the widespread implementation of AI and other advanced technologies in agriculture. While technology offers new opportunities, farmers are also facing significant economic challenges. The USDA's 2024 farm income forecast projects a 4.4% decline in net farm income from 2023, following a sharp 19.5% drop from 2022 to 2023. This financial pressure is compounded by rising production costs and market volatility. Climate variability adds another layer of complexity. Extreme weather events, changing precipitation patterns, and shifting growing seasons are forcing farmers to adapt quickly. These factors could reduce agricultural productivity by up to 25% over the coming decades without significant adaptation measures. But adapting requires additional financial resources, further straining farm profitability. In the face of these challenges, many farmers are turning to diversification as a strategy for resilience and profitability. The Science study mentioned earlier found that farms integrating several diversification methods supported more biodiversity while seeing simultaneous increases in human well-being and food security. Agritourism is one popular diversification strategy. In 2022, 28,600 U.S. farms reported agritourism income, averaging gross revenue of $44,000 from these activities. Activities like farm tours, pick-your-own operations, and seasonal festivals not only provide additional income but also foster a deeper connection between consumers and agriculture. The changing face of agriculture is directly impacting consumers. The rise of farm-to-table and local food movements reflects a growing interest in where our food comes from and how it's produced. If every U.S. household spent just $10 per week on locally grown food, it would generate billions of dollars for local economies. However, the larger challenges in agriculture can also lead to price fluctuations at the grocery store. The USDA's Economic Research Service projects that food-at-home prices will increase between 1.2% and 2.2% in 2024. Looking ahead, several innovations are poised to reshape agriculture: The transformation of American agriculture affects everyone, from the food we eat to the health of our environment and rural communities. Consumers have the power to support sustainable and diverse farming practices through our purchasing decisions. As citizens, they can advocate for policies that support farmers in adopting innovative and sustainable practices. The challenges facing agriculture are complex, but they also present opportunities for innovation and positive change. By understanding and engaging with these issues, everyone can play a part in shaping a more resilient, sustainable, and equitable food system for the future. This story was produced by LandTrust and reviewed and distributed by Stacker. Get local news delivered to your inbox!
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed the authorities to ensure third-party validation including quality assurance in all government procurements. While presiding over a meeting to examine public procurement and good governance, he also gave instructions to reform the Public Procurement Regulatory Authority (PPRA) and rid the body of all influence. He also directed to establish a committee – separate from the procurement agency – to address complaints related to the procurement process. PPRA redrafting regulatory framework The prime minister also stressed to appoint qualified, professional, and experienced experts at PPRA on merit. He said that “procurement of services and purchasing in all government institutions in a transparent way is the top priority of the government.” He also said that making sure that procurement in government institutions is transparent would help to increase the confidence of foreign investors in Pakistan. Sharif instructed all government departments to use e-Procurement (e-PADS) besides establishing special procurement cells in government departments for purchasing and acquiring services. “The transparency in government affairs is essential for national development,” he added. During the meeting, the prime minister was informed that the review of the PPRA Ordinance and related rules and regulations had been completed and the amendments would soon be presented to the federal cabinet for approval. The aim of these amendments is to ensure transparency in the procurement process and to align them with contemporary requirements, the meeting was told. Finance Minister Aurangzeb, Minister for Economic Affairs Ahad Khan Cheema, Petroleum Minister Dr Musadik Malik, Minister of State for Information Technology Shaza Fatima Khawaja, PPRA Board members, World Bank country director and other relevant high officials attended the meeting. Copyright Business Recorder, 2024
Some reacted positively on Wednesday to news that the provincial government is considering allowing nurse practitioners to oversee medical care at long term care homes, in the absence of a physician. “It is a welcome idea, to be able to have nurse practitioners in their homes,” said Elaine Shantz, the CEO of Craigholme Long-Term Care Home in Ailsa Craig. “We know that when we are providing care for seniors, a nurse practitioner is able to provide that care – and it adds to the medical resources of our team, and also allows us to have someone, a medical professional onsite,” she added. Nurse practitioners were allowed to fill the role of medical director during the pandemic, and now that change would be permanent under a proposal by Long-Term Care Minister Natalia Kusendova-Bashta. Lambton Kent Middlesex PC MPP Steve Pinsonneault says the move is to help with the doctor shortage. “There is a doctor shortage. They are going to fill that gap. And honestly, they’re doing it now. We’re already setting up facilities where they’re in there. They’re taking on patients,” said Pinsonneault. Both Pinsonnealt and Shantz spoke with CTV News at the ground-breaking for redevelopment of Craigholme LTC. Construction is underway to add 13 new and 83 redeveloped long term care beds. A crowd gathered for ground-breaking announcement at Craigholme Long Term Care Home in Ailsa Craig, Dec. 11, 2024 (Bryan Bicknell/CTV News London) “We will be building a beautiful, new 96 bed home. It will feature three home areas, modern administration space, and nursing stations, and a variety of program and service areas,” said Craigholme Board Chair Jennifer Gillies. North Middlesex Mayor Brian Ropp said it’s important for seniors from the community to be able to stay close to home when they move into long term care. “This is a part of the fabric of this community, this facility. And there’s many that a lot of us have known that have moved in here,” he explained. “Locally, people will be able to spend the rest of their lives in a long term care home that is in their community,” added Shantz The $38 million project was funded in part with a grant of more than $7 million from the provincial government. Construction is expected to be complete in early 2027. Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. 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Ont. woman whose father died in impaired driving collision warns others not to make same mistake An Ontario woman whose father died in an impaired driving collision when she was a baby is urging people to think twice before getting behind the wheel while impaired, saying the decision can affect multiple generations. $64,000 bank fraud suspect arrested Windsor police say a bank fraud suspect, who was wanted in Windsor, has been arrested in York Region. Northern Ontario Sudbury police make big drug bust at apartment connected to assault suspect As Sudbury police continue to investigate Tuesday's assault on Elm Street, a search of the apartment where some of the suspects were found uncovered $135,000 in drugs. Ontario man charged with sex trafficking underage girls from Sudbury, Kingston Two young girls, from Sudbury and Kingston, Ont., were rescued from sex trafficking in the GTA and their suspected abuser has been charged, but police fear there may be more victims. 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Many credit cards offer travel insurance as a perk, but do they provide you with enough coverage? Ottawa Council approves 3.9% tax hike in 2025 City of Ottawa budget, hikes senior monthly fares $9 City council has voted to approve the 2025 City of Ottawa budget that will include scaled back fares hikes for seniors and retain youth discount passes while raising taxes across the board for most homeowners. Driver receives $10K in fines for speeding 134 km/h over speed limit on Highway 174 in Ottawa, police say An Ottawa driver faces $10,000 in fines and is banned from driving for two years after being observed going 134 km/h over the speed limit on Highway 174. Canada Post workers rally at headquarters as strike enters fourth week Canada Post workers are continuing their fight for a deal as their strike stretches into its fourth week. 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Maritime weather: Rainy, windy weather moves through region More rain and wind are ahead for the Maritimes Wednesday through Thursday, with weather warnings in effect for parts of the region. Winnipeg Winnipeggers face 5.95 per cent property tax increase in budget Winnipeggers will be paying more property taxes than expected next year. Manitoba nurse found not criminally responsible for killing parents has licence to practice suspended A Manitoba nurse who was found not criminally responsible for killing his parents and attacking another nurse in a Winnipeg hospital has been suspended from practicing. Woman, 72, dies following crash on Highway 41: RCMP A 72-year-old woman is dead following a crash on an icy Manitoba highway Tuesday morning. 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Edmonton police acted reasonably in 2022 shooting that killed innocent man: police watchdog Alberta's police watchdog has cleared three Edmonton police officers in the death of a civilian in his apartment in 2022. Crash involving school buses ties up south Edmonton traffic Two school buses carrying children were involved in a crash in south Edmonton Wednesday morning. Regina Extreme cold warnings issued for Regina, Saskatoon and much of eastern Sask. Extreme cold warnings are now in effect as Saskatchewan enters a cold snap, which is expected to last until the end of the week. Sask. hockey coach convicted of historic sex crime back on day parole after 'behavioural concerns' A former WHL coach found guilty last year of sexually assaulting a teen boy is back on day parole. SaskPower bills to rise an average of 2.9% in 2025 due to carbon tax rate increase Residents in Saskatchewan will see a slight increase in their power bills come the new year, as the federal price on carbon is set rise. Saskatoon Cold weather in Saskatchewan spurs furnace breakdowns, carbon monoxide concerns The return of bitterly cold temperatures has first responders and HVAC technicians on stand-by, ready to respond to emergencies. Sask. hockey coach convicted of historic sex crime back on day parole after 'behavioural concerns' A former WHL coach found guilty last year of sexually assaulting a teen boy is back on day parole. 'Unfortunate coincidence': Two Saskatoon power outages not related, city says The city's two major power outages within a week were caused by different reasons, according to Saskatoon Light & Power (SL&P). Vancouver Distress call leads to discovery of camper's body on Vancouver Island Mounties say a 42-year-old man who was camping on Vancouver Island has been found dead after rescuers were alerted to a distress signal from his satellite communication device. Charges laid in New Westminster triple-stabbing Police in New Westminster say a 30-year-old suspect has been charged with three counts of aggravated assault in connection to a stabbing that occurred back in October. B.C. company appealing nearly $230K fine for failing to report transactions originating from Iran A Surrey-based "money services business" is appealing a roughly $230,000 fine levied against it by Canada's anti-money-laundering and terrorism financing regulator. Vancouver Island Distress call leads to discovery of camper's body on Vancouver Island Mounties say a 42-year-old man who was camping on Vancouver Island has been found dead after rescuers were alerted to a distress signal from his satellite communication device. No Santa, no Rudolph: B.C. mother questions lyric changes for son's school concert A Saanich, B.C., mom is questioning why her son came home from school with the words “Santa,” “Rudolph” and “Christmas” crossed out on a lyric sheet for his winter concert. Commercial truck driver fired, facing charges after parked cars struck in Metro Vancouver A commercial truck driver has been fired and is facing impaired driving charges after police say his tractor-trailer collided with four parked cars in Port Coquitlam, B.C. Stay ConnectedBSD Builders, Inc. Advanced Microgrid Solutions Receives California Seismic Certification for Uninterruptible Power SupplyResidents evacuate Poste Marchands in Port-au-Prince, Haiti, on December 9, 2024, after gangs took control of the region on December 7. – Nearly 200 people in Haiti were killed in brutal weekend violence reportedly orchestrated against voodoo practitioners, with the government on Monday, December 9, condemning a massacre of “unbearable cruelty.” (Photo by Clarens SIFFROY / Agence France-Presse) PORT-AU-PRINCE, Haiti — Gunmen in Haiti killed nine people in the latest spasm of violence by the Caribbean nation’s powerful gangs, a community leader said Wednesday. The gangsters attacked Tuesday evening in the town of Petite-Riviere in central Haiti, Bertide Horace, a spokeswoman for a community association in the surrounding Artibonite region, told Agence France-Presse. Two of the fatalities were adolescents and the attackers kidnapped an undisclosed number of people and set fire to houses, Horace said, adding: “We counted nine bodies.” Video footage of the bodies circulated on social media, as the attack angered residents of the town. The assault was seen as revenge by gangsters against locals who had helped officers retake control of a police headquarters, she added. READ: Nearly 200 dead in Haiti massacre, voodoo community reportedly targeted Haiti’s powerful gangs control most of the capital city Port-au-Prince and commit random acts of kidnapping, rape and other extreme violence despite the deployment of a Kenyan-led force that is trying to help the outgunned local police restore some semblance of order. Over the weekend, nearly 200 people were killed in Port-au-Prince as a gang leader convinced that his son’s illness stemmed from a voodoo spell attacked followers of the religion, according to an organization called the Committee for Peace and Development. The United Nations put the death toll at 184, including 127 elderly men and women. Around 5,000 people have died in the country’s unrest this year, according to the United Nations. READ: Trenches, drones: Haiti gangs adapt to fight Kenya-led police Haiti has suffered from decades of instability, but the situation escalated in February when gangs launched coordinated attacks in the capital to overthrow then-prime minister Ariel Henry. The medical charity Doctors without Borders (MSF) said Wednesday it would partially resume its activities in Port-au-Prince, less than a month after suspending its operations over threats to its staff. The United States meanwhile announced extended restrictions on US flights to Haiti, with the Federal Aviation Administration set to ban planes from operating under 10,000 feet around capital Port-au-Prince. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . The regulator had previously banned flights to Haiti after gangs shot at planes, but had eased restrictions on November 20. The new regulation goes into effect Thursday.
The U.S. stock indices failed to set any new record closes today, following yesterday's historic highs for the Dow, S&P 500, and Nasdaq. All three major indices ended the day lower, with the sharpest decline seen in the small-cap Russell 2000, which fell 1.25%. The Russell 2000 continues to seek a new record close, a milestone it hasn’t reached since November 2021. To achieve this, it needs to surpass 2442.74. Notably, on November 25, the index came within 0.73 points of that record but fell short. Last Friday, it rallied to 2434.72 but retreated before the session ended. The final numbers for the major indices shows: Dow Industrial Average -248.33 points or -0.55% at 44765.71 S&P -11.38 points were -0.19% at 6075.11 Nasdaq index -34.86 points or -0.18% at 19700.26 Russell 2000 -30.39 points or -1.25% at 2396.16 Below are some of the big winners today: American Airlines (AAL): +16.87% Roblox (RBLX): +8.07% GameStop Corp (GME): +5.92% Papa John's (PZZA): +4.39% Stellantis NV (STLA): +4.01% Tesla (TSLA): +3.23% United Airlines Holdings (UAL): +3.21% Rivian Automotive (RIVN): +3.18% Moderna (MRNA): +3.15% Palantir (PLTR): +2.89% Deutsche Bank AG (DB): +2.66% Delta Air Lines (DAL): +2.35% Merck & Co (MRK): +2.15% Chipotle Mexican Grill (CMG): +2.11% Below are some of the big losers today Uber Tech (UBER): -9.58% Chewy (CHWY): -7.19% Aspen Aerogels Inc (ASPN): -5.99% Intel (INTC): -5.47% Trump Media & Technology Group (DJT): -4.42% SoFi Technologies (SOFI): -4.29% Lam Research (LRCX): -3.90% Celsius (CELH): -3.73% Snap (SNAP): -3.68% Beyond Meat (BYND): -3.64% ARK Genomic Revolution (ARKG): -3.56% Goodrx (GDRX): -3.35% Block (SQ): -3.05% Ford Motor (F): -2.38% Robinhood Markets (HOOD): -2.70% Arm (ARM): -2.42%
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