Employer: Theater Royal Winchester, section of Play to the Crowd Category: Behind-the-Scenes & Technical Theater Employment Type: Full-time Compensation and Perks: £23,409 – £25,208 (with chances for additional hours)
Locale Region: Hampshire City: Winchester
Job Description
Agreement: Enduring, full-time Salary: £23,409 – £25,208 (with chances for extra hours) Hours: 36 hours weekly Area: Theater Royal Winchester, Winchester, Hampshire
Concerning Our Organization: Theater Royal Winchester is a heritage theater of medium size. It is a component of Play to the Crowd, an arts and education charity, that also includes Hat Fair – an annual international Outdoor Arts festival; and Playmakers – a year-round program of creative learning, participation, community projects, and youth work.
The position: The Theater Technician will collaborate as part of a small resident technical team located at Theater Royal Winchester providing exceptional technical assistance for all the organization’s events, both within the theater and beyond.
The Theater Technician will offer practical support to visiting companies working on Load-Ins, Load-Outs, and performances to the utmost standards of safety, quality, and efficiency.
About you: You will be enthusiastic about your role and will always aim for the highest standards. Passion and commitment are essential.
You must have expertise in programming universal and smart lighting on an ETC lighting console; you should be able to display a proficient understanding of audio and AV configurations; and possess knowledge of theatrical protocols and processes to guarantee a secure working environment.
Play to the Crowd is a fair employer that encourages applications from a broad range of backgrounds, cultures, and experiences, and is willing to consider job sharing arrangements. Expiration Date and Time: 02/12/2024 09:00
Online poker site CoinPoker has released a proof of reserves (PoR) report showing that user deposits are covered 1:1 in cold wallets, visible on the blockchain, alongside additional reserves in hot wallets to process instant withdrawals.
Praising the move by the crypto-based poker site to increase transparency, former Austrian footballer and poker professional Mario Mosböck has partnered with the site as a new official ambassador, alongside British pro Patrick Leonard.
In an X post, Mario Mosböck stated the pair’s ‘mission is to guide the new leadership group to build the world’s best online poker site.’
Users can read CoinPoker’s proof of reserves report here. Building A Top Online Poker Site With Cryptocurrency
Founded in 2017, CoinPoker is a relatively new crypto poker room and casino, but increasingly ranked among the top online poker sites by the likes of Card Player Magazine, PokerScout and Techopedia.
Unlike conventional internet poker sites that use fiat currency, on CoinPoker players bet with Tether (USDT) and the site is able to take advantage of the blockchain to show user funds are safe and segregated.
Online poker was rocked by the Full Tilt Poker scandal in 2011, in which user funds were co-mingled with operating funds, and the company went insolvent in the industry’s ‘Black Friday’.
Many top poker sites increasingly accept cryptocurrencies as a deposit method, but CoinPoker is among a small and growing contingent to go ‘all in’ and embrace it for all actions at the poker table. Players can deposit USDT, Bitcoin, Ethereum, Solana, Polygon, Binance Coin or its own native token CHP which unlocks 33% rakeback for holders.
Goldman argues that dollar debt will outperform as potential US election volatility bolsters the greenback and leads to policy changes that could hurt developing-nation assets. Fidelity says local-currency assets will perform better as the Federal Reserve starts to cut interest rates.
The clash between two of the top global financial firms mirrors the growing uncertainties that lie ahead for investors due to the tumultuous US presidential vote in November, and the debate over how fast the Fed will ease monetary policy.
“Total returns of emerging-market dollar bonds are likely to prove more resilient than local-currency EM bonds as we move through the remainder of the year,” said Kamakshya Trivedi, head of global foreign-exchange and interest rates at Goldman Sachs in London.
“Even a benign macro markets outlook and Fed cuts are likely to increasingly take a back-seat to the US elections – which may potentially re-set the policy landscape in a way that is unfriendly to EM local currency assets,” he said.
Emerging-market dollar bonds have outpaced their local-currency peers this year, returning about 4.3% versus 1.4%, according to Bloomberg indexes. While both gauges have seen similar returns from price appreciation and coupon payments, the local bonds have been dragged down by a currency loss of 3.2%.
Goldman’s Trivedi says emerging-market local bonds may see some support from the recent disinflationary trend, but the fact that a number of their central banks have already cut rates means there’s less room for further easing ahead.
“With EM central banks deeper into their cutting cycles, this backdrop may not provide much comfort for the asset class in the second half of the year given the potential headwinds that may emanate from US-election related volatility,” he said.
Fidelity’s View
For its part, Fidelity says local bonds are likely to beat their dollar-based peers as Fed rate cuts weigh on the dollar. Another positive is that elections in some of the largest emerging countries that were an earlier source of concern, have been successfully navigated.
“With the Fed soon to commence its easing cycle, the stars are aligning for EM rates and FX to perform better,” said George Efstathopoulos, a portfolio manager at Fidelity in Singapore. “EM local election-risk premia has subsided now that index heavyweights such as Indonesia, India, Mexico have already gone through their election cycles.”
A number of emerging-market economies have become more resilient due to their better growth and inflation outlooks, improving debt profiles and a lower proportion of external debt — making them less vulnerable to dollar fluctuations, Efstathopoulos said.
Goldman isn’t alone in favoring dollar-denominated debt.
“I favor EM hard-currency bonds due to their lower currency risk,” said Rajeev De Mello, a global asset portfolio manager at Gama Asset Management in Geneva. “As we enter an uncertain US election season, I anticipate an increase in market volatility, further supporting the defensive nature of EM hard-currency bonds.”
A Donald Trump election victory may lead to great protectionism as the former president has said he may impose tariffs of 60% on imports from China, and 10% duties on the rest of the world. Trump has also pledged to cut taxes, raising the prospect of a higher US fiscal deficit and Treasury yields, that may boost the dollar.
“Emerging markets could face challenges if US protectionism increases,” Gama’s De Mello said. “This could lead to a depreciation of EM currencies and force EM central banks to maintain policy rates at higher levels than they would otherwise.”
NatWest Markets Plc agrees the US election could be challenging for emerging market local-currency debt.
“We are yet to know Trump’s full economic agenda so most traders are left using Trump’s 2017 first presidential term as a playbook for any second term,” said Eimear Daly, an emerging-market strategist at NatWest Markets Plc in London. Traders will be particularly wary over taking exposure in currencies such as the Mexican peso and Chinese yuan, she said.
Dollar Tree, Inc. (NASDAQ: DLTR) today announced that the Company has initiated a formal review of strategic alternatives of the Company’s Family Dollar business segment, which could include among others, a potential sale, spin off or other disposition of the business.
“Dollar Tree has been on a multi-year journey to help the Company fully achieve its potential,” said Rick Dreiling, Chairman and Chief Executive Officer, Dollar Tree, Inc. “Last year, we announced a comprehensive review of the Family Dollar portfolio, including the planned closure of approximately 970 underperforming Family Dollar stores to focus on enhanced investments in remaining Family Dollar stores that present favorable opportunities for long-term growth and transformation, with more attractive returns on capital. We are already beginning to see progress in this targeted strategy in the streamlined Family Dollar banner. At the same time, we continue to aggressively grow the Dollar Tree banner through compelling initiatives like our expanded multi-price offerings, significant planned new store openings across the United States, and accretive transactions like our recent successful bid to acquire up to 170 stores from 99 Cents Only. The unique needs of each banner at this time – transformation at Family Dollar and growth acceleration at Dollar Tree – lead us to the decision to conduct a thorough review of strategic alternatives for the Family Dollar business. Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.”
Dollar Tree has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome. The Company does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or necessary.
Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell LLP as its legal advisor to assist in this review.
Dollar Tree, Inc. (NASDAQ: DLTR) today reported financial results for its first quarter ended May 4, 2024.
“We are pleased to deliver first quarter adjusted EPS results that are towards the high end of our outlook range,” said Rick Dreiling, Chairman and Chief Executive Officer. “At Dollar Tree we remain focused on rapidly rolling out our next generation of multi-price stores and at Family Dollar we are taking the steps necessary to position the business for long-term success.”
Chief Financial Officer Jeff Davis added, “Our operating performance was solid despite a soft Easter season for Dollar Tree. The results reflect our operating discipline and careful expense management throughout the quarter.”
Additional Business Highlights
Opened 116 new Dollar Tree and 41 new Family Dollar stores
Converted 926 Dollar Tree stores to in-line multi-price format
Generated $696 million of net cash provided by operating activities
Generated $224 million of free cash flow
Repurchased 2.5 million shares for $313 million
First Quarter 2024 Key Operating Results (unaudited)
(Compared to same period fiscal 2023)
Q1Fiscal 2024
Change
Consolidated Net Sales
$7.63B
4.2%
Same-Store Net Sales Growth:
Dollar Tree Segment
1.7%
Family Dollar Segment
0.1%
Enterprise
1.0%
Operating Income
$420.6M
0.2%
Diluted EPS
$1.38
2.2%
Adjusted Operating Income1
$435.6M
-3.1%
Adjusted Diluted EPS1
$1.43
-2.7%
1Adjustments are related to store closure costs and legal reserves. See “Reconciliation of Non-GAAP Financial Measures” below for detailed schedules of these charges.
First Quarter Results
Unless otherwise noted, all comparisons are to the prior year’s first quarter, ended April 29, 2023.
Consolidated net sales increased 4.2% to $7.63 billion. Enterprise same-store net sales increased 1.0%, driven by a 2.1% increase in traffic, offset by a 1.1% decrease in average ticket. Dollar Tree same-store net sales increased 1.7%, driven by a 2.8% increase in traffic, offset by a 1.1% decrease in average ticket. Family Dollar’s same-store net sales increased 0.1%, driven by a 0.9% increase in traffic, offset by a 0.8% decrease in average ticket. Same-store net sales results for the Family Dollar segment do not include any stores that were closed during the first quarter as part of our previously announced portfolio optimization.
Gross profit increased 5.3% to $2.35 billion and gross margin expanded 30 basis points to 30.8%. Gross margin expansion was driven primarily by a decrease in freight costs, partially offset by a higher mix of lower-margin consumables sales, and higher shrink.
Selling, general and administrative expenses were 25.3% of total revenue, compared to 24.8%. The increase was driven primarily by temporary labor in the Dollar Tree segment to support our multi-price rollout, higher depreciation expense, and severance and retention-related costs related to store closures in the Family Dollar segment, partially offset by lower legal costs in the Family Dollar segment.
On a non-GAAP basis, which excludes store closing costs and the litigation accruals, adjusted selling, general and administrative costs were 25.1% of total revenue, compared to 24.4%.
Operating income increased 0.2% to $420.6 million and operating margin declined 20 basis points to 5.5%. On a non-GAAP basis, adjusted operating income decreased 3.1% to $435.6 million and adjusted operating margin declined 40 basis points to 5.7%.
The Company’s effective tax rate was 24.2% compared to 24.1%. On a non-GAAP basis, the adjusted effective tax rate was 24.2% compared to 23.3%.
Net income was $300.1 million and diluted earnings per share was $1.38. On a non-GAAP basis, adjusted net income was $311.5 million and adjusted diluted EPS was $1.43.
The company repurchased 2.5 million shares for $313 million, including applicable excise tax.
Review of Strategic Alternatives for Family Dollar
In a separate press release today, the Company announced that it has initiated a formal review of strategic alternatives for the Company’s Family Dollar business segment, which could include among others, a potential sale, spin-off or other disposition of the business.
The Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome. The Company does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or necessary.
Tornado Damage to Distribution Center Located in Marietta, Oklahoma
On April 28, 2024, a tornado destroyed the Company’s distribution center in Marietta, Oklahoma. Based on the significant damage sustained by the facility, the inventory contained in the facility and the facility itself are not salvageable. The Company incurred losses totaling $117.0 million as of May 4, 2024, consisting of $70.0 million related to damaged inventory and $47.0 million related to property and equipment. Our distribution center insurance policies include significant property and inventory coverage, and we believe the aforementioned incurred losses will be fully offset by insurance recoveries.
Expected insurance recoveries for business interruption and redevelopment costs greater than the losses recognized cannot be estimated at this time.
The foregoing losses and expected insurance recoveries are based on information currently available to us. We continue to assess these estimates and will recognize any changes to these estimates in the period(s) in which they are determined. The final losses, insurance recoveries, and net charges could vary from these estimates.
Portfolio Optimization Review
During the fourth quarter of fiscal 2023, the Company announced that it had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. As a result of this review, the Company announced that it planned to close approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores would be closed over the next several years at the end of each store’s current lease term.
By the end of the first quarter of fiscal 2024, the Company had closed approximately 550 stores as part of the portfolio optimization and expects to close an additional 150 stores by the end of fiscal 2024.
Second Quarter and Fiscal 2024 Outlook
“Our updated guidance reflects incremental transportation and other expenses related to the loss of our Marietta distribution center. Otherwise, the net impact of freight, shrink, mix, and SNAP on our full year outlook remains consistent with the expectations we outlined last quarter. Our growth initiatives remain on track, and we continue to be pleased with their results.” Davis added.
The Company is reiterating its full-year fiscal 2024 consolidated net sales outlook range of $31.0 billion to $32.0 billion. The Company expects to deliver comparable net sales growth in the low-to-mid-single digits for the enterprise, mid-single-digits in the Dollar Tree segment, and low-single-digits in the Family Dollar segment.
Adjusted diluted EPS is expected to range from $6.50 to $7.00.
Our fiscal 2024 outlook reflects approximately $0.20 to $0.30 of incremental transportation and other costs related to the loss of our Marietta distribution center.
The Company expects consolidated net sales for the second quarter will range from $7.3 billion to $7.6 billion, based on comparable net sales growth in the low-single-digits for the enterprise, 2.0 to 4.0 percent for the Dollar Tree segment, and approximately flat for the Family Dollar segment.
Adjusted diluted EPS for the quarter is estimated to be in the range of $1.00 to $1.10.
Our second quarter outlook reflects approximately $0.10 of incremental transportation and other costs related to the loss of our Marietta distribution center.
While share repurchases are not included in the outlook, the Company has $1.04 billion remaining under its $2.5 billion share repurchase authorization as of May 4, 2024.
Conference Call Information
On Wednesday, June 5, 2024, the Company will host a conference call to discuss its earnings results at 8:00 a.m. Eastern Time. The telephone number for the call is 877-407-3943. A recorded version of the call will be available for seven days after the call and may be accessed by dialing 877-660-6853. The access code is 13746375. A webcast of the call is also accessible through the Investor Relations portion of the Company’s website.
Supplemental financial information for the First Quarter is available on the Investor Relations portion of the Company’s website, at https://corporate.dollartree.com/investors.
Dollar Tree, a Fortune 200 Company, operated 16,397 stores across 48 states and five Canadian provinces as of May 4, 2024. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. To learn more about the Company, visit www.DollarTree.com.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). From time-to-time, the Company supplements the reporting of its financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP financial measures we have disclosed include adjusted selling, general and administrative expenses; adjusted selling, general and administrative expense rate; adjusted operating income; adjusted operating income margin; adjusted net income; adjusted diluted earnings per share; adjusted effective tax rate; and free cash flow.
Reconciliations of the non-GAAP financial measures to the corresponding amounts prepared in accordance with GAAP appears in the tables under the heading “Reconciliation of Non-GAAP Financial Measures” below. These tables provide additional information regarding the adjusted measures.
The International Monetary Fund (IMF) has projected Nigeria’s economy will rise to at least $1.85 trillion in purchasing power parity terms by 2029.
PPP is a metric used to compare the value of different currencies and their ability to buy the same things. It is used for comparing economic productivity and standards of living between countries.
The prediction by the Washington-based institution suggests a significant growth trajectory for Nigeria’s economy over the next five years.
According to data compiled by the IMF, Nigeria’s gross domestic product in PPP terms has been on the increase and is projected to rise from $1.44 trillion in 2024 to $1.85 trillion in 2029.
In 2025, the country’s gross domestic product (GDP) in PPP terms is projected to stand at $1.52 trillion and increase to $1.58 trillion in 2026.
IMF projected the growth will continue in 2027 to $1.67 trillion, and $1.75 trillion in 2028.
The data shows a consistent growth trend, with a notable increase of 5.5 percent expected in 2029.
IMF also forecasted Nigeria’s share of global GDP based on PPP to reach 0.78 percent by 2029.
This represents a slight increase from 0.77 percent in 2023, indicating a steady growth trajectory for the country’s economy.
Nigeria’s purchasing power has declined due to the high cost of living and soaring inflation.
The inflation rate has been on an upward trend rising from 22.41 percent in May 2023 to 33.69 percent in April 2024, while food inflation has climbed to 40.53 percent from 24.82 percent within the same period.
In the past one year, the GDP growth rate has experienced fluctuations.
In the second quarter (Q2) of 2023, GDP was 2.51 percent (year-on-year) in real terms, falling below the 3.54 percent reported in the same quarter the previous year.
In Q3 last year, the GDP grew by 2.54 percent (year-on-year) in real terms, higher than the 2.25 percent recorded in the third quarter of 2022.
However, in Q4 2023, the GDP growth rate stood at 3.46 percent (year-on-year) in real terms, compared to the 3.52 percent recorded in the corresponding period in 2022.
The fluctuation in growth movement continued in Q1 2024, as the GDP growth rate was 2.98 percent (year-on-year) in real terms, relative to the 2.31 percent recorded in the first quarter of 2023.
