NexPoint Real Estate Finance, Inc. Announces Series A Preferred Stock Dividend
JACKSONVILLE, Fla. — Greg McGarity had reason to be concerned. The Gator Bowl president kept a watchful eye on College Football Playoff scenarios all season and understood the fallout might affect his postseason matchup in Jacksonville. What if the Southeastern Conference got five teams into the expanded CFP? What if the Atlantic Coast Conference landed three spots? It was a math problem that was impossible to truly answer, even into late November. Four first-round playoff games, which will end with four good teams going home without a bowl game, had the potential to shake up the system. The good news for McGarity and other bowl organizers: Adding quality teams to power leagues — Oregon to the Big Ten, Texas to the SEC and SMU to the ACC — managed to ease much of the handwringing. McGarity and the Gator Bowl ended up with their highest-ranked team, No. 16 Ole Miss, in nearly two decades. People are also reading... "It really didn't lessen our pool much at all," McGarity said. "The SEC bowl pool strengthened with the addition of Texas and Oklahoma. You knew they were going to push traditional SEC teams up or down. Texas ended up pushing just about everyone down." The long waiting game was the latest twist for non-CFP bowls that have become adept at dealing with change. Efforts to match the top teams came and went in the 1990s and first decade of this century before the CFP became the first actual tournament in major college football. It was a four-team invitational — until this year, when the 12-team expanded format meant that four quality teams would not be in the mix for bowl games after they lose next week in the first round. "There's been a lot of things that we've kind of had to roll with," said Scott Ramsey, president of the Music City Bowl in Nashville, Tennessee. "I don't think the extra games changed our selection model to much degree. We used to look at the New York's Six before this, and that was 12 teams out of the bowl mix. The 12-team playoff is pretty much the same." Ramsey ended up with No. 23 Missouri against Iowa in his Dec. 30 bowl. A lot of so-called lesser bowl games do have high-profile teams — the ReliaQuest Bowl has No. 11 Alabama vs. Michigan (a rematch of last year's CFP semifinal), Texas A&M and USC will play in the Las Vegas Bowl while No. 14 South Carolina and No. 15 Miami, two CFP bubble teams, ended up in separate bowls in Orlando. "The stress of it is just the fact that the CFP takes that opening weekend," Las Vegas Bowl executive director John Saccenti said. "It kind of condenses the calendar a little bit." Bowl season opens Saturday with the Cricket Celebration Bowl. The first round of the CFP runs Dec. 20-21. It remains to be seen whether non-CFP bowls will see an impact from the new dynamic. They will know more by 2026, with a planned bowl reset looming. It could include CFP expansion from 12 to 14 teams and significant tweaks to the bowl system. More on-campus matchups? More diversity among cities selected to host semifinal and championship games? And would there be a trickle-down effect for everyone else? Demand for non-playoff bowls remains high, according to ESPN, despite increased focus on the expanded CFP and more players choosing to skip season finales to either enter the NCAA transfer portal or begin preparations for the NFL draft. "There's a natural appetite around the holidays for football and bowl games," Kurt Dargis, ESPN's senior director of programming and acquisitions, said at Sports Business Journal's Intercollegiate Athletics Forum last week in Las Vegas. "People still want to watch bowl games, regardless of what's going on with the playoff. ... It's obviously an unknown now with the expanded playoff, but we really feel like it's going to continue." The current bowl format runs through 2025. What lies ahead is anyone's guess. Could sponsors start paying athletes to play in bowl games? Could schools include hefty name, image and likeness incentives for players participating in bowls? Would conferences be willing to dump bowl tie-ins to provide a wider range of potential matchups? Are bowls ready to lean into more edginess like Pop-Tarts has done with its edible mascot? The path forward will be determined primarily by revenue, title sponsors, TV demand and ticket sales. "The one thing I have learned is we're going to serve our partners," Saccenti said. "We're going to be a part of the system that's there, and we're going to try to remain flexible and make sure that we're adjusting to what's going on in the world of postseason college football." Be the first to know Get local news delivered to your inbox!
Q3 Sales and operating results better than guidance Q3 Sales increase of 7% represents sequential improvement for the fifth consecutive quarter Raises full year 2024 outlook and provides fourth quarter guidance REYNOLDSBURG, Ohio, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”) (NYSE: VSCO) today reported financial results for the third quarter ended November 2, 2024. Chief Executive Officer Hillary Super commented, “I am very encouraged by the strength of our third quarter business and the positive, early customer response to our holiday merchandise assortments. Sales increased 7% for the quarter, with mid-single digit growth in North America and 20+% growth from our International business. Our sales performance was well ahead of our expectations, and our best quarterly sales growth since 2021. Our strength for the quarter was broad based across all regions, all channels, all major merchandise categories and importantly all brands - Victoria’s Secret, PINK and Adore Me - were up to last year. We won the major moments during the quarter, starting with PINK back to campus in August, followed by our VSX sport launch in September and finishing the quarter with the return of the VS Fashion Show in October. I am particularly optimistic because these results were powered by emotional products she loves and clear, elevated brand marketing and storytelling. Our strength in sales and disciplined inventory management translated to strong margins which were up to last year, and our teams continue to be relentless on controlling costs in our business. I want to thank our VS&Co team whose passion for our brands and commitment to our customers and our transformation fueled these results. It was a great quarter for me to have joined the company and a great quarter to be on the VS&Co team.” Hillary continued, “We are excited to see our momentum from the third quarter continue through Black Friday and Cyber Monday. Our merchandise offering and giftable product assortments are resonating with the customer and driving traffic both in stores and online. The strong product acceptance supported by our best-in-mall store experience and dozens of digital enhancements are driving solid conversion and basket size. As I travel with the teams, I have observed that our stores are often the busiest in the mall and am particularly impressed with how we continue to serve and engage our customers.” Third Quarter 2024 Results The Company reported net sales of $1.347 billion for the third quarter of 2024, an increase of 7% compared to net sales of $1.265 billion for the third quarter of 2023 and above our previously communicated guidance range of a net sales increase of low-single digits. Total comparable sales for the third quarter of 2024 increased 3%. The Company reported a net loss of $56 million, or $0.71 per share for the third quarter of 2024. This result compares to a net loss of $71 million, or $0.92 per share for the third quarter of 2023. Third quarter 2024 operating loss was $47 million compared to $67 million in the third quarter of 2023. Excluding the impact of the items described at the conclusion of this press release, third quarter 2024 adjusted net loss was $39 million, or $0.50 per diluted share, which was better than our previously communicated range of an adjusted net loss of $0.60 to $0.80 per share and better than last year’s third quarter adjusted net loss of $66 million, or $0.86 per share. Third quarter 2024 adjusted operating loss of $28 million was favorable to our previously communicated guidance of an adjusted operating loss in the range of $40 to $60 million, and last year’s third quarter adjusted operating loss of $60 million. Full Year and Fourth Quarter 2024 Outlook The Company is raising its full year outlook and is now forecasting net sales for the 52-week fiscal year 2024 to be up approximately 1% to 2%, compared to prior guidance of down approximately 1%, to a comparative 52-weeks from fiscal year 2023. The Company estimated the extra week in the fourth quarter of 2023 represented approximately $80 million in net sales. At this forecasted level of sales, adjusted operating income for fiscal year 2024 is now expected to be in the range of $315 million to $345 million, or favorable to prior guidance of $275 million to $300 million. The Company is forecasting net sales for the 13-week fourth quarter 2024 to increase approximately 2% to 4% to a comparative 13-weeks from the fourth quarter of 2023. At this forecasted level of sales, adjusted operating income for the fourth quarter of 2024 is expected to be in the range of $240 million to $270 million. Adjusted net income per diluted share for the fourth quarter of 2024 is estimated to be in the range of $2.00 to $2.30. Forecasted adjusted operating income and adjusted net income per diluted share for the fourth quarter and full year 2024 exclude the financial impact of purchase accounting items related to the Adore Me acquisition, including expense (income) related to changes in the estimated fair value of contingent consideration and performance-based payments, as well as the amortization of intangible assets. The Company is not able to provide a reconciliation of forward-looking adjusted operating income or adjusted net income per diluted share to the most directly comparable forward-looking GAAP financial measures because the Company is unable to provide a meaningful or accurate reconciliation or estimation of certain reconciling items without unreasonable effort, due to the inherent difficulty in forecasting the timing of, and quantifying, the various purchase accounting items that are necessary for such reconciliation. Quarterly Earnings Conference Call Victoria’s Secret & Co. will conduct its third quarter earnings call at 8:00 a.m. Eastern on Friday, December 6, 2024. To listen, call 1-800-619-9066 (international dial-in number: 1-212-519-0836); conference ID 5358727. For an audio replay, call 1-800-839-1334 (international replay number: 1-203-369-3831); conference ID 2485654 or log onto www.victoriassecretandco.com . The materials accompanying the earnings call have been posted on the Investors section of the Company’s website. The audio replay will be available approximately two hours after the conclusion of the call. About Victoria’s Secret & Co. Victoria’s Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as award-winning prestige fragrances and body care. VS&Co is comprised of market leading brands, Victoria’s Secret and PINK, that share a common purpose of supporting women in all they do, and Adore Me, a technology-led, digital first innovative intimates brand serving women of all sizes and budgets at all phases of life. We are committed to empowering our more than 30,000 associates across a global footprint of 1,380 retail stores in nearly 70 countries. We strive to provide the best products to help women express their confidence, sexiness and power and use our platform to celebrate the extraordinary diversity of women’s experiences. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements, and any future performance or financial results expressed or implied by such forward-looking statements are not guarantees of future performance. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “will,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “continue,” “potential” and any similar expressions are intended to identify forward-looking statements. Risks associated with the following factors, among others, could affect our results of operations and financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements: we may not realize all of the expected benefits of the spin-off from Bath & Body Works, Inc. (f/k/a L Brands, Inc.); general economic conditions, inflation, and changes in consumer confidence and consumer spending patterns; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events; our ability to successfully implement our strategic plan; difficulties arising from turnover in company leadership or other key positions; our ability to attract, develop and retain qualified associates and manage labor-related costs; our dependence on traffic to our stores and the availability of suitable store locations on satisfactory terms; our ability to successfully operate and expand internationally and related risks; the operations and performance of our franchisees, licensees, wholesalers and joint venture partners; our ability to successfully operate and grow our direct channel business; our ability to protect our reputation and the image and value of our brands; our ability to attract customers with marketing, advertising and promotional programs; the highly competitive nature of the retail industry and the segments in which we operate; consumer acceptance of our products and our ability to manage the life cycle of our brands, remain current with fashion trends, and develop and launch new merchandise, product lines and brands successfully; our ability to realize the potential benefits and synergies sought with the acquisition of AdoreMe, Inc.; our ability to incorporate artificial intelligence into our business operations successfully and ethically while effectively managing the associated risks; our ability to source materials and produce, distribute and sell merchandise on a global basis, including risks related to: political instability and geopolitical conflicts; environmental hazards and natural disasters; significant health hazards and pandemics; delays or disruptions in shipping and transportation and related pricing impacts; and disruption due to labor disputes; our geographic concentration of production and distribution facilities in central Ohio and Southeast Asia; the ability of our vendors to manufacture and deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations; fluctuations in freight, product input and energy costs; our and our third-party service providers’ ability to implement and maintain information technology systems and to protect associated data and system availability; our ability to maintain the security of customer, associate, third-party and company information; stock price volatility; shareholder activism matters; our ability to maintain our credit rating; our ability to comply with regulatory requirements; and legal, tax, trade and other regulatory matters. Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 22, 2024. Total Net Sales (Millions): 1 – Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales. Comparable Sales Increase (Decrease): NOTE: Please refer to our filings with the Securities and Exchange Commission for further discussion regarding our comparable sales calculation. 1 – Results include company-operated stores in the U.S. and Canada, consolidated joint venture stores in China and direct sales. 2 – Results include company-operated stores in the U.S. and Canada and consolidated joint venture stores in China. Total Stores: 1 – Includes twelve partner-operated stores at 11/2/24.
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