Cambodia committed to boosting regional media cooperation
Transcontinental Inc. Announces Results for the Fourth Quarter and Fiscal Year 2024
Elon Musk calls Trudeau 'insufferable' after remark on Kamala Harris defeat
BOC extends role as settlement bank for Sri Lanka’s USD clearing systemVoltaire once wrote, “L’oreille est le chemin du cœur.” – The ear is the way to the heart. Few would argue against the importance of listening. Yet, in reality, we often respond passively, offering merely superficial acknowledgment, instead of truly listening. We would rather have others listen to us, and the rise of social media has made it easier to demand just that. As a result, the world has become noisier. Thoughts are expressed more readily, and shared more widely, yet people are feeling lonelier, and less connected. Whether it is the anxiety and uneasiness in one’s heart, the misunderstandings and estrangements among family and friends, or political conflicts, a lack of listening cannot escape sharing in the blame. How long has it been since we stopped our busy steps and calmly talked with ourselves, listening to the true thoughts deep in our hearts? In this bustling world, we are always in a hurry, busy catering to a multitude of external norms and expectations, yet often forget to pause and listen to the voice within. Every day, we speak countless words, in meetings, messages, and emails, but how many of these words express our authentic selves? Very often, we either say things we don’t truly mean or, considering our environment, “rationally” divide our inner thoughts into what “should be said” and what “shouldn’t be said.” This makes it inevitable that our real desires and preferences are regularly restrained and suppressed. On the one hand, we have to become like everyone else, while on the other hand, we are rather reluctant to do so. As a result, we are afflicted with anxiety, nervousness, and hesitation. The heart is like a treasure house, hiding our most genuine desires, fears, dreams, and passions. Perhaps, if we take a moment and listen, we will hear the soft whisper of the voice that has been covered up by our busy lives, yearning to pursue the projects we abandoned due to life’s demands, and burning to show our true selves without fear. To be kind to ourselves starts with listening to ourselves. No longer blindly following the pace of others. Setting aside time for ourselves to be alone, feel the rhythm of our hearts, and let it guide our choices. Resisting the urge to deny or escape when our hearts feel anxious or uneasy, but gently soothing them and exploring the roots behind those emotions. Respecting our own feelings. Whether it’s choosing a career we love or ending a relationship that drains our energy, the comfort and peace of our hearts deserves to be given its due priority. Everything is constantly changing. You can’t step into the same river twice, Heraclitus said – and even if the river remained unchanged, the person stepping into it would not. Relatives and friends who were once close to us will inevitably develop ideas that collide with ours, in part simply due to differences in our lived experiences as time passes. It’s not uncommon that people become estranged from their parents and relatives, or part ways with friends because of differences in opinions, which fills what should have been beautiful stories with regrets. Often enough, the root cause is a failure to listen. Listening to those we care about is vital for maintaining strong emotional bonds. When loved ones share their experiences, attentive listening is the most precious gift we can give them. Listening to our parents talk about the past, we can find wisdom and hope in their stories. Our genuine attention will make them feel respected and cared for, and the family bond will thus become stronger. When friends confide their concerns to us, be they about troubles in relationships or problems at work, silent listening may calm their hearts better than any words of comfort. By listening, we offer them emotional support, letting them know that they are not alone. The United States just witnessed an astonishingly absurd election season, marked by an alarming level of political polarization. Democrats and Republicans are deeply entrenched in their respective positions, leaving little room for compromise. In Congress, legislative deadlocks are commonplace, as lawmakers from both parties prioritize partisan interests over the common good. This is especially evident in issues such as healthcare, immigration, and climate change. At the societal level, the public is also divided along political lines. People with different political views increasingly find it difficult to engage in rational discussions. Political polarization isn’t a uniquely American disease. It’s a global one that has afflicted societies and strained democracies from Brazil to Germany, and from Tanzania to Bangladesh. It often feeds on the words and actions of divisive leaders and infects the whole body of society, all the way down to the level of everyday interactions and relationships. Once entrenched, polarization tends to perpetuate itself, and there are no easy remedies. What’s an effective remedy depends on local context, with legal reforms being called for in some places, and change in political leadership in others. Although the problem is complex, listening is certain to be an essential part of its solution. Politicians, policymakers, and the public need to actively listen to the concerns and perspectives of those with opposing views. When politicians listen to each other, rather than simply dismissing the ideas of their political rivals, they can better understand the underlying reasons for different policy positions and strive to find common ground. Encouraging the public to listen to diverse viewpoints can help break down barriers, and foster a more informed electorate that is able to make decisions based on a comprehensive understanding of the issues, rather than being swayed by partisan rhetoric. By promoting a culture of listening at all levels of society, including the government, media, educational institutions, and the citizenry, we can hope to bridge political divides and move towards a more united and harmonious future. As we bid farewell to the old and usher in the new, opening the door to a hopeful 2025, let’s commit to listening – to ourselves, and to others.
Highlights (1) Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures. MONTREAL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the fourth quarter and fiscal year 2024, which ended October 27, 2024. "Once again, we posted solid quarterly results and therefore ended the fiscal year on a strong note," said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. "I am very pleased with the excellent results for fiscal 2024 and would like to thank our teams for their disciplined work in reducing costs and improving profitability. "In our Packaging Sector, despite the ongoing pressure on our medical market activities, we reported a 6.5% increase in adjusted operating earnings before depreciation and amortization for the quarter, mainly as a result of our cost reduction initiatives. For the fiscal year 2024, our adjusted operating earnings before depreciation and amortization amounted to $262.2 million, up 14.2% compared to the prior year. "In our Retail Services and Printing Sector, we recorded an increase in adjusted operating earnings before depreciation and amortization for a second consecutive quarter. The actions taken to improve our cost structure, a more favourable product mix, including the roll-out of raddar TM, as well as growth in our in-store marketing activities, continue to show results. For fiscal 2024, our adjusted operating earnings before depreciation and amortization stood at $201.0 million, an increase of 2.1% compared to the prior year. "Mainly as a result of the implementation of the program aimed at improving our profitability and our financial position, we posted a solid performance for fiscal 2024," added Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental. "In addition, we generated significant cash flows in fiscal 2024 which, combined with the monetization of some real estate assets, enabled us to improve our balance sheet by reducing our net indebtedness ratio to 1.71 times the adjusted operating earnings before depreciation and amortization while allocating $32.3 million to our share repurchase program." Financial Highlights Results for the Fourth Quarter of Fiscal 2024 Revenues decreased by $30.4 million, or 3.9%, from $779.7 million in the fourth quarter of 2023 to $749.3 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector and the Packaging Sector, partially mitigated by the favourable effect of exchange rate fluctuations. Operating earnings before depreciation and amortization increased by $8.6 million, or 7.0%, from $123.2 million in the fourth quarter of 2023 to $131.8 million in the fourth quarter of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Despite an increase in adjusted operating earnings before depreciation and amortization in the two main operating sectors, consolidated adjusted operating earnings before depreciation and amortization decreased by $3.3 million, or 2.3%, from $145.5 million in the fourth quarter of 2023 to $142.2 million in the fourth quarter of 2024. This decrease is mainly due to the unfavourable effect of the change in the incentive compensation expense, including the stock-based compensation expense. Net earnings attributable to shareholders of the Corporation increased by $6.2 million, or 14.9%, from $41.7 million in the fourth quarter of 2023 to $47.9 million in the fourth quarter of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.48 to $0.57, respectively. Adjusted net earnings attributable to shareholders of the Corporation decreased by $4.5 million, or 6.3%, from $71.8 million in the fourth quarter of 2023 to $67.3 million in the fourth quarter of 2024. This decrease is mainly due to the previously explained decrease in adjusted operating earnings before depreciation and amortization and higher income taxes, partially mitigated by the decrease in depreciation and amortization, and lower financial expenses. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $0.83 to $0.79, respectively. Results for Fiscal Year 2024 Revenues decreased by $127.7 million, or 4.3%, from $2,940.6 million in fiscal year 2023 to $2,812.9 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector as well as in the Packaging Sector. Operating earnings before depreciation and amortization increased by $25.1 million, or 6.3%, from $399.6 million in fiscal year 2023 to $424.7 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Adjusted operating earnings before depreciation and amortization increased by $22.9 million, or 5.1%, from $446.5 million in fiscal year 2023 to $469.4 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives, partially offset by lower volume. Net earnings attributable to shareholders of the Corporation increased by $35.5 million, or 41.4%, from $85.8 million in fiscal year 2023 to $121.3 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.99 to $1.41, respectively. Adjusted net earnings attributable to shareholders of the Corporation increased by $25.4 million, or 14.4%, from $176.0 million in fiscal year 2023 to $201.4 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in adjusted operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $2.03 to $2.34, respectively. For more detailed financial information, please see the Management’s Discussion and Analysis for the year ended October 27, 2024, as well as the financial statements in the “Investors” section of our website at www.tc.tc . Outlook In the Packaging Sector, our investments, including those related to sustainable packaging solutions, position us well for the future and should be a key driver of our long-term growth. In terms of profitability, we expect to generate organic growth in adjusted operating earnings before depreciation and amortization for fiscal 2025 compared to fiscal 2024. In the Retail Services and Printing Sector, we are encouraged by the roll-out of raddar TM and growth opportunities in our in-store marketing activities. Despite a decrease in revenues resulting from lower volume in our traditional activities and the roll-out of raddar TM, we expect adjusted operating earnings before depreciation and amortization for fiscal 2025 to be stable compared to fiscal 2024, excluding the impact of the labour conflict at Canada Post. Lastly, in addition to the amount received for the sale of our industrial packaging operations, we expect to continue generating significant cash flows from operating activities, which will enable us to reduce our net indebtedness while continuing to make strategic investments and return capital to our shareholders. Labour Conflict at Canada Post On November 15, 2024, the Canadian Union of Postal Workers initiated a national strike. As of December 11, 2024, this labour conflict at Canada Post, which remain unresolved, is disrupting the distribution services of flyers, including the raddar TM leaflet. As a result, the Corporation is incurring revenue losses in regions where raddar TM is not distributed through alternative networks, as well as additional costs, including the printing costs of undistributed flyers and the establishment of alternative distribution networks in certain regions of Quebec. As of December 11, 2024, the revenue losses, and consequently the profit losses, along with the additional costs, are estimated at approximately $7.0 million. Non-IFRS Financial Measures In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Accounting Standards ("IFRS") and the term "dollar", as well as the symbol "$" designate Canadian dollars. In addition, in this press release, we also use certain non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled "Reconciliation of Non-IFRS Financial Measures" and in Note 3, "Segmented Information", to the audited annual consolidated financial statements for the fiscal year ended October 27, 2024. Reconciliation of Non-IFRS Financial Measures The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many of our readers analyze the financial performance of the Corporation’s activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them. The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers. Dividend The Corporation's Board of Directors declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on January 20, 2025, to shareholders of record at the close of business on January 6, 2025. Normal Course Issuer Bid On June 12, 2024, the Corporation has been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between June 17, 2024 and June 16, 2025, or at an earlier date if the Corporation concludes or cancels the offer, up to 3,662,967 of its Class A Subordinate Voting Shares and up to 668,241 of its Class B Shares. The repurchases are made in the normal course of business at market prices through the Toronto Stock Exchange. During the fourth quarter of 2024, the Corporation repurchased and cancelled 900,459 Class A Subordinate Voting Shares at a weighted average price of $16.20 and 2,000 Class B Shares at a weighted average price of $16.39, for a total cash consideration of $14.6 million. During fiscal 2024, the Corporation repurchased and cancelled 2,060,217 Class A Subordinate Voting Shares at a weighted average price of $15.65 and 7,000 Class B Shares at a weighted average price of $15.66, for a total cash consideration of $32.3 million. On October 16, 2024, the Corporation authorized its broker to repurchase shares between October 28, 2024, and December 13, 2024, inclusively, in accordance with parameters set by the Corporation. Subsequent to the year ended October 27, 2024, the Corporation repurchased 413,278 Class A Subordinated Voting Shares and 2,400 Class B Shares for a total cash consideration of $7.0 million. Additional information Conference Call Upon releasing its results for the fourth quarter and fiscal 2024, the Corporation will hold a conference call for the financial community on December 12, 2024, at 8:00 a.m. The dial-in numbers are 1-289-514-5100 or 1-800-717-1738. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on TC Transcontinental’s website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC Transcontinental, at 514-954-3581. Profile TC Transcontinental is a leader in flexible packaging in North America and in retail services in Canada, and is Canada’s largest printer. The Corporation is also the leading Canadian French-language educational publishing group. Since 1976, TC Transcontinental's mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers. Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner. Transcontinental Inc. (TSX: TCL.A TCL.B), known as TC Transcontinental, has approximately 7,500 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental generated revenues of $2.8 billion during the fiscal year ended October 27, 2024. For more information, visit TC Transcontinental's website at www.tc.tc . Forward-looking Statements Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to the impact of digital product development and adoption, the impact of changes in the participants in the distribution of newspapers and printed advertising materials and the disruption in their activities resulting mainly from labour disputes, including at Canada Post, the impact of regulations or legislation regarding door-to-door distribution on the printing of paper flyers or printed advertising materials, inflation and recession risks, economic conditions and geopolitical uncertainty, environmental risks as well as adoption of new regulations or amendments and changes to consumption habits, risk of an operational disruption that could be harmful to its ability to meet deadlines, the worldwide outbreak of a disease, a virus or any other contagious disease could have an adverse impact on the Corporation’s operations, the ability to generate organic long-term growth and face competition, a significant increase in the cost of raw materials, the availability of those materials and energy consumption could have an adverse impact on the Corporation’s activities, the ability to complete acquisitions and properly integrate them, cybersecurity, data protection, warehousing and usage, the impact of digital product development and adoption on the demand for printed products other than flyers, the failure of patents, trademarks and confidentiality agreements to protect intellectual property, a difficulty to attract and retain employees in the main operating sectors, the safety and quality of packaging products used in the food industry, bad debts from certain customers, import and export controls, duties, tariffs or taxes, exchange rate fluctuations, increase in market interest rates with respect to our financial instruments as well as availability of capital at a reasonable cost, the legal risks related to its activities and the compliance of its activities with applicable regulations, the impact of major market fluctuations on the solvency of defined benefit pension plans, changes in tax legislation and disputes with tax authorities or amendments to statutory tax rates in force, the impact of impairment tests on the value of assets and a conflict of interest between the controlling shareholder and other shareholders. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the fiscal year ended October 27, 2024 and in the latest Annual Information Form . Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of December 11, 2024. The forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of applicable Canadian securities legislation. The forward-looking statements in this release are based on current expectations and information available as at December 11, 2024. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities. For information:If Tar Heels fans needed further proof a deal for Bill Belichick might be imminent ... look no further than his girlfriend's Instagram page -- she just followed two UNC cheer accounts. Jordon Hudson -- a former college cheerleader who still competes on the mats -- added @carolinacheerleading and @unc_allgirlcheer to her following list on Wednesday ... a clue that Belichick could be inching toward officially being named the next head coach of the Tar Heels football team. The first account Jordon subscribed to describes itself as the "official Instagram for the University of North Carolina cheerleading program," while the second touts itself to be the landing page for UNC's competitive club cheerleading squad. It, of course, doesn't mean Belichick's a lock for Chapel Hill -- but it's now the second time this week Hudson has offered up some clues on her social media page that a signed contract could be close. You'll recall, on Monday, she told a North Carolina fan she'd let Bill know they wanted him at UNC -- all while including a winky face and a blue heart. Belichick -- whose father actually helped coach UNC in the 1950s -- confirmed late Monday morning he has been in talks with UNC officials about the open job ... and reportedly, the two sides have mutual interest in one another. Still, no pen has reached paper yet ... but if it does -- it's clear Jordon, and maybe a bunch more in Carolina blue, wouldn't mind hitting a few flips over it.
OKLAHOMA CITY — A proposal to open Oklahoma primaries is drawing criticism. Earlier this week, supporters announced State Question 835 that seeks to obtain 172,993 signatures to get the issue on the November 2026 ballot. Under the proposal, Oklahoma primaries would be open to all voters with the top two vote getters advancing to the general election. Supporters said they expect a challenge to the measure. Gov. Kevin Stitt on social media voiced his opposition. “Oklahomans made decisions at the polls that these third party groups don’t like – so now they want to upend the way we run our elections,” Stitt said. “Open primaries are a hard no in Oklahoma.” Likewise, Lt. Gov Matt Pinnell, former Oklahoma Republican Party chairman, opposes the proposal. “At best, the push to mandate open primaries is a solution in search of a problem, and at worst, it is a thinly veiled attempt to weaken Republican voters in choosing the nominees to represent our party,” Pinnell said. “Oklahoma is a conservative state, and Republicans hold all the statewide and federally elected positions and super majorities in the Legislature for a simple reason: our values and principles represent the will of our state voters.” But not all Republicans have panned the idea. Oklahoma City Mayor David Holt, a former Republican state senator, embraced it. He said the system in which a mayor is elected allows all residents to vote. “Our voters get to see all the candidates and our candidates have to face all voters,” Holt said. “As a result, our leadership delivers unity and consensus outcomes that are clearly moving us forward.” The state question is being backed by Oklahoma United, a nonpartisan organization that says the change will increase voter participation, reduce polarization and force candidates to be responsive to all voters. It will also benefit independent voters, who can’t vote in Republican or Libertarian primaries. Democrats currently allow independents to vote in their primaries. The idea is not new. In 2017, the Oklahoma Academy recommended a top-two election system. Its report said a top-two system could increase turnout, reduce partisanship and “eliminate fringe special interest involvement in campaigns because candidates would be forced to respond to more moderate, general voters rather than play to the extremes of either party.” The Oklahoma Academy is a nonpartisan group that works to educate Oklahomans about public policy. Republican political consultant Fount Holland said he doubted Oklahoma voters would approve the proposal should it make the ballot. “At the end of the day, it is about moderating the Republican primary,” Holland said. He said the Republican Party takes things to the extreme, which is not the best way to govern. Holland said no one enters the Republican primary as a moderate or very few can survive campaigning as a moderate. “They might be moderate, but they don’t campaign that way,” Holland said. He said he tells his clients to run to win. If approved, the measure would be advantageous to Democrats or people who want a more moderate group of elected officials, Holland said. Republican Superintendent Ryan Walters is considered by many to be ultra-conservative, while his predecessor Joy Hofmeister was considered a moderate member of the GOP, said Holland, who worked on her two successful races for superintendent. Walters has focussed on putting Bibles in the classroom and removing some books from schools, while Hofmeister prioritized across-the-board teacher pay increases and boosting counseling services in schools. Hofmeister ultimately switched parties and made an unsuccessful run as a Democrat for governor. “If you hate politics the way they are, then you need to be on our team, because we want to change it and we want to make it better,” said Margaret Kobos, Oklahoma United CEO and Founder. She was asked about the partisan reaction to the proposal. She said it misses the point because the issue is about people and not political parties. Rep. Andy Fugate, D-Del City, supports the measure, saying it takes power away from the political parties and gives it to the people. “Every voter. Every election,” he said. “That is the way democracy is supposed to work.”
Converting strong start into NDCA finals return now the challenge for CBsDrop in Boxing Day footfall ‘signals return to declining pre-pandemic levels’By A Correspondent The ruling Zanu PF party’s festive season message has been met with widespread criticism and outrage from Zimbabweans who feel insulted by the party’s attempt to wish them a “joyous and peaceful festive season” amidst the country’s economic crisis. In a statement, Zanu PF Secretary Obert Mpofu said, “The Zanu PF... join our party supporters in wishing the people of our great nation, Zimbabwe a joyous and peaceful festive season as well as a prosperous 2025.” Mpofu’s message continued, “May the Festive Season be filled with laughter, love and warmth and may the new year bring with it a renewed sense of patriotism and pride in our beloved nation.” However, many Zimbabweans feel that the message is tone-deaf and insensitive to the struggles they face daily. The country has been plagued by economic instability, high inflation, and shortages of basic goods, leaving many citizens struggling to make ends meet. Zimbabwe has a long history of political and economic turmoil, dating back to the colonial era 1. The country gained independence in 1980, but has since been ruled by the Zanu PF party, which has been accused of authoritarianism and human rights abuses. As the country heads into the new year, many Zimbabweans are skeptical about the prospects for improvement. The Zanu PF’s festive season message has only added to their frustration and sense of disillusionment with the ruling party. In a year that promises to bring more challenges and uncertainties, Zimbabweans are calling for genuine action and solutions from their leaders, rather than empty words and festive greetings.
House approves $895B defense bill with military pay raise, ban on transgender care for minors
49ers coach Kyle Shanahan expresses confidence in struggling kicker Jake MoodyThe slump in the number of people heading to the shops during Boxing Day sales signals a return to declining pre-pandemic levels, an analyst has said. Boxing Day shopper footfall was down 7.9% from last year across all UK retail destinations up until 5pm, MRI Software’s OnLocation Footfall Index found. However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first “proper Christmas” period without Covid-19 pandemic restrictions, an analyst at the retail technology company said. It found £4.6 billion will be spent overall on the festive sales. Before the pandemic the number of Boxing Day shoppers on the streets had been declining year on year. The last uplift recorded by MRI was in 2015. Jenni Matthews, marketing and insights director at MRI Software, told the PA news agency: “We’ve got to bear in mind that (last year) was our first proper Christmas without any (Covid-19) restrictions or limitations. “Figures have come out that things have stabilised, we’re almost back to what we saw pre-pandemic.” There were year-on-year declines in footfall anywhere between 5% and 12% before Covid-19 restrictions, she said. MRI found 12% fewer people were out shopping on Boxing Day in 2019 than in 2018, and there were 3% fewer in 2018 than in 2017, Ms Matthews added. She said: “It’s the shift to online shopping, it’s the convenience, you’ve got the family days that take place on Christmas Day and Boxing Day.” People are also increasingly stocking-up before Christmas, Ms Matthews said, and MRI found an 18% increase in footfall at all UK retail destinations on Christmas Eve this year compared with 2023. Ms Matthews said: “We see the shops are full of people all the way up to Christmas Eve, so they’ve probably got a couple of good days of food, goodies, everything that they need, and they don’t really need to go out again until later on in that week. “We did see that big boost on Christmas Eve. It looks like shoppers may have concentrated much of their spending in that pre-Christmas rush.” Many online sales kicked off between December 23 and the night of Christmas Day and “a lot of people would have grabbed those bargains from the comfort of their own home”, she said. She added: “I feel like it’s becoming more and more common that people are grabbing the bargains pre-Christmas.” Footfall is expected to rise on December 27 as people emerge from family visits and shops re-open, including Next, Marks and Spencer and John Lewis that all shut for Boxing Day. It will also be payday for some as it is the last Friday of the month. A study by Barclays Consumer Spend had forecast that shoppers would spend £236 each on average in the Boxing Day sales this year, but that the majority of purchases would be made online. Nearly half of respondents said the cost-of-living crisis will affect their post-Christmas shopping but the forecast average spend is still £50 more per person than it was before the pandemic, with some of that figure because of inflation, Barclays said. Amid the financial pressures, many people are planning to buy practical, perishable and essential items such as food and kitchenware. A total of 65% of shoppers are expecting to spend the majority of their sales budget online. Last year, Barclays found 63.9% of Boxing Day retail purchases were made online. However, a quarter of respondents aim to spend mostly in store – an 11% rise compared with last year. Karen Johnson, head of retail at Barclays, said: “Despite the ongoing cost-of-living pressures, it is encouraging to hear that consumers will be actively participating in the post-Christmas sales. “This year, we’re likely to see a shift towards practicality and sustainability, with more shoppers looking to bag bargains on kitchen appliances and second-hand goods.” Consumers choose in-store shopping largely because they enjoy the social aspect and touching items before they buy, Barclays said, adding that high streets and shopping centres are the most popular destinations.